In the wake of the “Fiscal Cliff” deal in early January, I’ve received numerous calls from owners of mineral rights asking how the new law will affect them. I’ve put together the following summary to help mineral rights owners understand the recent legislation, known as the “American Taxpayer Relief Act of 2012.”
3.8% Medicare Surtax for Taxpayers with Income over $200,000 or $250,000. The new 3.8% surtax will affect single taxpayers with income over $200,000 and…Continue
Added by Shannon McNulty, J.D., LL.M. on March 13, 2013 at 6:10pm — No Comments
It's not the amount of money up front that you get, nor is it the royalty % that ought to rivet your attention. The real question is how much of whatever you get will you be able to keep? I just finished paying .43 cents on the dollar back to the government- that's a hefty bite out of the proceeds before any royalties have started to flow.
The expertise of knowledgeable accountants should have been sufficient. It was not. I have been getting all sorts of conflicting…Continue