In the News Now:
President Biden's Build Back Better has hit a snag until 2022. Senate Majority Leader Charles Schulmer said on the Senate floor this morning:
“The president requested more time to continue his negotiations, and so we will keep working with him, hand in hand, to bring this bill over the finish line and deliver on these much-needed provisions.”
Your NARO PAC has the following Memorandum approved by the NARO National Executive Committee:
Click Here to download the Memo
HOW TO PREPARE AN EASY END OF YEAR AUDIT
by Matt Sands, NARO Colorado President
Before I dive into the specifics of a quick and easy check that all
royalty owners should do before filing your state & federal income
tax return, let’s talk about what we mean when we say “royalty audit”. A
royalty audit is simply the process of double checking your royalty
statements against production data reported to the state oil and gas
commission and posted oil & gas prices. In other words, it is the
process of auditing the royalty payments from the operator to make sure
they are correct (or that they at least seem correct given available
you didn’t receive a 1099, work with your accountant to determine what
you should report to the IRS. Even small royalty interests usually
receive a 1099 so you can also contact the company’s owner relations
department to find out the status as it may have not been issued yet.
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