Good Points guys. To hedge against any audit risk, i would simply reccomend that you hold back the money that the IRS could potentially come back for in a Conservatively manged portfolio or even a Savings account for that matter. That way you keep the money in your pocket instead of giving it to the IRS upfront.
I think that the IRS is going to red flag us because our income is going rise so dramatically. I am just going to pay what I owe and not have to worry about an audit later.
Everyone's thoughts on this will be different i suppose. Randy, you bring up an interesting point of getting "caught" by the IRS. What actually happens in that case is worth asking your tax accountant as well. If that answer is minimal provided you still have the money to pay the IRS and havent spent it then one might be more inclined to move forward with a tax saving strategy.
As I understand it, and I could be wrong, you only have to pay 110% of whatever your previous years taxes were by December 31st of the year the money came in. Then you have until April of 2013 to pay the rest. Also, for certain talk to an accountant about your new found wealth. There are things that can be deducted depending on all the schedules that you currently fill out.
It certainly makes sense to keep the balance of the potential tax liability in the bank or some other liquid account (no pun intended) but beware of the tax penalties - they can be substantial. Especially if it takes the IRS a year or two to conduct the audit and make a determination.
Hire a certified public accountant (CPA), and preferably one with an advanced degree in the area of taxation. Some claim to be experts, but the one's with appropriate credentials really are.
I would not rely on what your neighbor up the road says unless he/she is willing to represent you in tax court.
Paying to meet with a CPA would be better than shelling out money for interest and penalties for not making tax payments on time according to the Internal Revenue Code, and less expensive too. As the saying goes "an ounce of prevention is worth a pound of cure."
I am going to hire a good CPA and a good Certified Financial Planner. We have done very well by hiring WKGD. I am smart enough to know what I am good at and what I need to hire the pros for. A mistake here could cost you dearly.
Mike, I see that they have three separate permits, Gue Spencer twp sec 19, Musk Meigs twp sec 14, Noble Brookfield twp sec 20 but I don't see how they could hit Noble Co from the Gue pad.. its 3 miles to the south. The Gue pad is along the Musk/Gue line but the map does not show the bore entering Musk. I have not found the actual permits posted yet on these three wells. Do you have other info on these?
Steve I just looked at the permit list and it looks like new pads Brookfield sec 28 979' NL & 369' WL. Have you heard any thing about the well they are drilling in Spencer ? Thanks Mike
I guess the pad is in sec 28 and the bore goes into sec 20. The only two on the permit list for Noble are Brookfield & Seneca twps. My info just comes from whats posted on the DNR site and it says they are waiting on the drilling rig in Spencer. I wish they would post the permits when they show up on the permit list.. and a link to the permit from the activity page.
Can anyone adivse me the difference between an affidavit of forfeiture and an affidavit of abandonment? Also, isn't a notice of affidavit needed 30 days before the affid. of forfeiture or abandonment is sent? Any help on this would be appreciated. Thanks Mrs. Ruth Dickson
William, Shell is taking leases at the Southeastern Equipment Training building on RT 40 East .. NOW.. if that's what you mean about "meetings" ?? Lots of info on here about it and more..
4 NE townships $5350, rest $5000. Royalty is 20% on the gross. Much better lease. 5 year renewal at 110%. Leasing only the Utica. Better water and damage protections. Gulfport is still adding if you contact KWGD with your parcel info. they'll let you know.
My lawyer had both leases in hand and he said one wasn't really any better than the other. Shell was better on one thing and Gulfport was better on another.
If your lawyer has the leases why ask this group what you should know already?
I've read them both carefully, I am not a lawyer. KWGD's lease has more landowner protections and limits on what is leased. A landowner can choose either and sleep well at night.
John, p.m. me with your e mail address & I will send you specific differences in the two leases. The KWGD lease has definite advantages to the landowner.
Has Hilcorp been active in Guernsey previously? I believe this is the first time I have really heard much about them around here. Getting into the game (in Gue. Co) a little bit late aren't they?
WGD is having a meeting Thursday night, 11/3 at Pritchard Laughlin for Guernsey Cty landowners in Monroe, Washington, Londonberry, Madison, Oxford, Center, Jefferson, and Wills townships interested in getting in on the Gulfport Lease. The first 5 townships above are at $5,350 & 20% gross royalty. The last three townships above are at $5,000 & 20 gross royalty. Extremely landowner friendly lease. All legal fees paid by Gulfport. See attachment.....KWGD.pdf
I figure if anyone was interested, they would have opened the attachment anyways... & I am sure that we have all mistyped something on here at some point!
Hey... has anyone else had a pop-up on the site yet asking for a donation to help with operating costs for the site? I just had one come up when I clicked into Ohio Landowners a few minutes ago & was just wondering if it was legit, or some type of scam...
Most of them yes... & just as with most of the major players in Social Networking... If this becomes a pay site, I would imagine that someone, somewhere will offer an alternative. Just look at Facebook & the threats that have always overcast them of becoming a pay site. The admin has stated that it is free & always will be, but you also have Google + standing in wait just in case people do want to migrate. Just like most did from Myspace over to Facebook...
The site only makes money off the ads if the members click on them. I run a networking site like this one. So if you wanna help, click on an ad everytime you come to the site.
I am not totally opposed to giving back to the site... I have definitely learned a lot here, as well as met some very nice & helpful people. I just think that the publisher, or whoever is soliciting the donations, should let it be known that they are doing so. I had posted a topic on this on the main page and it appears to have been removed. Not quite sure I understand why? I was just asking if it was a legit request for donations, or if someone was potentially scamming... Kind of makes one think!
Here is a Google Earth Map that I made of the current well permits. You will need Google Earth to view it. You can click on each well and download the Survey Plat PDF and the Well Permit TIFF files. If anyone wants to help me with this map I plan adding more wells as they are permitted. If anyone in the area of one these wells wants to take photos of the well we could add those to the map.
Brian Sutphin
Oct 20, 2011
Philip Brutz
Oct 20, 2011
Brian Sutphin
Everyone's thoughts on this will be different i suppose. Randy, you bring up an interesting point of getting "caught" by the IRS. What actually happens in that case is worth asking your tax accountant as well. If that answer is minimal provided you still have the money to pay the IRS and havent spent it then one might be more inclined to move forward with a tax saving strategy.
Oct 20, 2011
Jon Henderson
As I understand it, and I could be wrong, you only have to pay 110% of whatever your previous years taxes were by December 31st of the year the money came in. Then you have until April of 2013 to pay the rest. Also, for certain talk to an accountant about your new found wealth. There are things that can be deducted depending on all the schedules that you currently fill out.
Oct 20, 2011
John kamm
Oct 20, 2011
Anthony Hunter
Hire a certified public accountant (CPA), and preferably one with an advanced degree in the area of taxation. Some claim to be experts, but the one's with appropriate credentials really are.
I would not rely on what your neighbor up the road says unless he/she is willing to represent you in tax court.
Paying to meet with a CPA would be better than shelling out money for interest and penalties for not making tax payments on time according to the Internal Revenue Code, and less expensive too. As the saying goes "an ounce of prevention is worth a pound of cure."
Oct 20, 2011
Brian Sutphin
Good Advice Anthony
Oct 20, 2011
Philip Brutz
Oct 20, 2011
Nelson Roe
Hey Philip,
I have been talking with Brian through PM & it sounds like he may actually be a good one to talk to when that time comes.
Oct 20, 2011
Nelson Roe
Oct 22, 2011
Steven Gardner
Oct 23, 2011
Steven Gardner
Oct 23, 2011
michael j belaj
Oct 23, 2011
Steven Gardner
Oct 23, 2011
Philip Brutz
Here is couple of articles from today's Plain Dealer.
http://www.cleveland.com/business/index.ssf/2011/10/gas_companies_s...
http://www.cleveland.com/business/index.ssf/2011/10/oil_drilling_bo...
Oct 23, 2011
Brian Sutphin
Those articles make you feel good about the possibilities for the people of Ohio.
I also read this article on Yahoo about the boom town North Dakota.
http://finance.yahoo.com/news/Americas-Boomtown-North-cnnm-14240530...
Oct 23, 2011
Jeanette Krunich
Oct 24, 2011
Steven Gardner
Oct 24, 2011
Ruth Dickson
Oct 26, 2011
william r rinehart
Has anyone heard Shell oil being in Cambridge for meetings?
Bill
Oct 27, 2011
Steven Gardner
William, Shell is taking leases at the Southeastern Equipment Training building on RT 40 East .. NOW.. if that's what you mean about "meetings" ?? Lots of info on here about it and more..
Oct 27, 2011
John
Oct 27, 2011
F Donia
Oct 27, 2011
John
Oct 27, 2011
F Donia
If your lawyer has the leases why ask this group what you should know already?
I've read them both carefully, I am not a lawyer. KWGD's lease has more landowner protections and limits on what is leased. A landowner can choose either and sleep well at night.
Oct 27, 2011
John
Oct 27, 2011
scott peterson
Oct 27, 2011
Raymond Jenkins
Oct 28, 2011
Nelson Roe
Oct 28, 2011
Raymond Jenkins
I recieved my first letter about 2 weeks ago,there reps phone number is 205/936/8685 if any one is interested.
Oct 29, 2011
scott peterson
WGD is having a meeting Thursday night, 11/3 at Pritchard Laughlin for Guernsey Cty landowners in Monroe, Washington, Londonberry, Madison, Oxford, Center, Jefferson, and Wills townships interested in getting in on the Gulfport Lease. The first 5 townships above are at $5,350 & 20% gross royalty. The last three townships above are at $5,000 & 20 gross royalty. Extremely landowner friendly lease. All legal fees paid by Gulfport. See attachment.....KWGD.pdf
Oct 31, 2011
Nelson Roe
Nov 1, 2011
scott peterson
Nov 1, 2011
Nelson Roe
Nov 1, 2011
Nelson Roe
Nov 1, 2011
Jeremy
I had it come up on mine also. I also see where the Monroe Co group is now going to have to pay to join if I understood the email correctly.
Nov 1, 2011
Brian Sutphin
Nov 1, 2011
Nelson Roe
Nov 1, 2011
Mr. Bill
Nov 1, 2011
Philip Brutz
Nov 1, 2011
Nelson Roe
Nov 1, 2011
Philip Brutz
Nov 1, 2011
Shower Bath
How does $15,000 per acre sound? See link below for the Chesapeake JV info.
http://www.chk.com/News/Articles/Pages/1626065.aspx
Randy
Nov 3, 2011
Shower Bath
Here's some very current/relevent ifo regarding Gulfport, Chesapeake, Enervest, and Rexx. See the link below...
http://seekingalpha.com/article/305950-utica-shale-players-conferen...
Randy
Nov 8, 2011
Shower Bath
Interesting articles to read, if you have the time. See link....
http://www.eaglefordshale.com/news/
Randy
Nov 9, 2011
Chris Smith
Randall-the articles are great. Keep them coming
Nov 9, 2011
Philip Brutz
Here is a Google Earth Map that I made of the current well permits. You will need Google Earth to view it. You can click on each well and download the Survey Plat PDF and the Well Permit TIFF files. If anyone wants to help me with this map I plan adding more wells as they are permitted. If anyone in the area of one these wells wants to take photos of the well we could add those to the map.
Guernsey%20Co.%20gas%20wells.kmz
Nov 10, 2011
DM
That's great! How many acres was in the group?
Nov 10, 2011
scott peterson
Jim is there a min acreage requirement per landowner? That is Beaver only in Noble too, right?
Nov 10, 2011
scott peterson
Jim, is there an acreage limitation? The release does not stipulate.
Nov 10, 2011