Landowners who are or will receive gas income are entering a new world of tax rules. Even before jumping into leases it is wise to think ahead of time about the all the tax implications. There is unique terminology and special tax policies just for the oil and gas industry. Terms such as depletion, economic interest, and the variety of payments (lease, damage, delay rental, shut-in, royalty, production, etc) can be daunting. However, understanding these concepts can potentially save lots of money in taxes.
Landowners need to consider their taxable income now and in the future. This may require additional tax and even estate planning to shelter some of the immediate tax burden. There is no substitute for good tax advice when dealing with this new found wealth. At a minimum, the taxpayer should speak to a well-qualified financial adviser and understand what options they have for reporting gas income and expenses. Penn State extension is offering day-long gas taxation and finance workshops in the following locations:
October 17 – Greensburg
October 18- Dubois
October 20 – Mill Hall
October 21 – Towanda
Topics that will be covered include: gas valuation and appraisal, tax treatment of natural gas and estate planning. These workshops are geared for financial advisors, attorneys, accountants, financial planners, tax preparers, and small-business owners to help clients maximize their individual goals. Landowners are also welcome.
The program will run from 8:00 AM to 4.00 PM. The $110 per person fee will cover breaks, lunch and all course materials. The workshop will provide 8 hours of Board of Accountancy credits, forestry (CFE) credits or CLE credits for attorneys. For registration and more information go tohttp://www.cvent.com/d/mcqn18
Contact Mike Jacobson for program details at 814-865-3994 Email: firstname.lastname@example.org
or for registration: 877-489-1398 ExtensionCVENT@ag.psu.edu
Posted at PSU.edu