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Colorado Message Board

Williams' Severance Tax Amended Forms

  • 01/08/2012 8:32 PM
    Quote
    Message # 790225
    Anonymous
    For the last 8 years, I have been working diligently to get the oil and gas companies to provide the royalty owners the proper information to file severance taxes and not pay more than the laws allow.  After many years, Williams has reviewed their forms and finally have just recently sent out corrected 2008 forms reflecting the amount of income that is actually subject to tax in Colorado.  They have also sent out checks for prior years' overcharge of taxes. Please get the 2008 form to your accountant and have them file an amended severance tax return so that you can get your refunds. I am still working on getting this accomplished with all of the other companies doing business in the state of Colorado.
  • 01/09/2012 4:00 PM
    Quote
    Reply # 790789 on 790225
    Anonymous

    Congratulations!!!!! on your diligence paying off with the companies.... and them making things right with royalty owners in regards to severance tax filings.  This is great news especially if other companies follow  suit.  Am I correct in adding that the 2008 Amended Severance Tax Return has to be filed by April 2012 in order to claim a refund?  When you mention checks issued for prior years' overcharges on taxes, would that be for incorrect 2009 and 2010 years?  Do you expect royalty owners to have to file amended returns for those years as well?   On behalf of royalty owners in our state of CO, thanks a  million for all your accomplishments on our behalf and here's to your future accomplishments ahead!

     
  • 01/09/2012 4:26 PM
    Quote
    Reply # 790811 on 790225
    Anonymous
    There is no reason to wait until the deadline of April, 2012 to get those amended 2008 returns filed.  Actually, us accountants have more time to devote to the amendments right now than in April.  The checks that were issued were for the years prior to 2008 cause we can't amend those any longer.  Kudos for Williams getting the 2009 forms done correctly when they were originally sent, so this should be the only amendment necessary.


    Last modified: 01/09/2012 4:27 PM | Anonymous
  • 01/10/2012 11:58 AM
    Quote
    Reply # 791439 on 790225
    Anonymous
    Why do royalty owners have to have an accountant file this form?
  • 01/10/2012 12:31 PM
    Quote
    Reply # 791469 on 790225
    Anonymous
    Oh, indeed, if you are someone who normally files their own returns, the Severance Tax amended forms are easily found on the Colorado.gov website and I always encourage folks to do their own filing.  For those of you that use an accountant, it is they that have the details of the original return as filed and you probably have confidence in them to prepare your financial information correctly.  Just get 'er done:  either by doing your own amendment or with the help of your usual tax prep person.
 
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