IRS Provides Helpful Tips on Reporting Shale Drilling Income

Tax day. Yuck. The IRS has issued a helpful guide for landowners in the Marcellus and Utica Shale (or anywhere for that matter) called "Tips on Reporting Natural Resource Income" that will lists IRS publications that can help. It appears their list of resources page (see below) was posted on the IRS site on April 11--not really time enough to do much about it now except to quickly file an amended return (if you've already filed) or an extension (if you haven't filed). As painful as it is, landowners should review the information below—at least scan it—to be sure you're not overlooking something important.

From lease bonus payments to royalties to "depletion deductions," the IRS has it covered...

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