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rakhi.v, Tax Attorney
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Experience:  Have graduated in Law with specialization & emphasis in Financial Laws and has working experience of over a decade.
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Are the oil exractors to report severance and taxes on march

Customer Question

are the oil exractors to report severance and taxes on march i each year?
Submitted: 7 months ago.
Category: Tax
Expert:  rakhi.v replied 7 months ago.
Dear Friend,Hello and welcome. Thank you for providing an opportunity to assist you. YES, they are to report Severance Taxes as of March each year. Severance tax and operation expenses should be detailed on an Authorization for Expenditures (AFE) statement provided by the exploration company. Please refer the following IRS resource. https://www.irs.gov/uac/Newsroom/Tips-on-Reporting-Natural-Resource-Income I am sure this would help. You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question. Warm Regards,

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