LME cannot furnish tax advice and recommend that you consult with a tax professional versed in oil and gas accounting regarding your ability to deduct these costs for income tax purposes.

If you have questions regarding the contents of your 1099 form, please call Accounting Department at 412-595-8700 or 866-833-8884 to speak with a representative. Remember, LME is unable to furnish tax advice and recommends that you consult with a tax professional about how to report this income.

As required by the IRS, the amount reported on the 1099 form is the gross income before taxes and other deductions allowed under your lease. This will match the total gross amounts shown on your check stubs throughout the year.

Per IRS regulations, LME issues 1099 forms annually to report royalty, production, and rental payments. We are required to mail these forms by January 31 to all payees who meet the reporting requirements established by the IRS. As of 2014, the minimum amount reportable to the IRS for royalties is ten dollars ($10.00), and for other types of income, the minimum reportable amount is six hundred dollars ($600.00).

The W-9 form is available on the IRS website or via the 'Forms' section of the Owners Portal. If you would like a copy of the W-9 form mailed to you, please call 412-595-8700 or 866-833-8884 to speak with one of our customer service representatives.

The IRS requires that LME obtain the Social Security number or tax identification number of all payees. Without a Social Security or tax identification number, your payments will be subject to a non-refundable, 24% withholding under IRS regulations. In addition, if the IRS name and tax identification number does not match the Social Security Administration name and tax identification number, IRS regulations may require withholding.  To avoid backup withholding, please scan the completed W-9 f...