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.Read More
<p>Please be aware that LME is unable to furnish tax advice and recommends that you consult with a tax professional versed in oil and gas accounting regarding the reporting obligations for your royalty and/or other income payments.</p>
How do I contact you if I have questions about my 1099?
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.Read More
Why does my 1099 statement show more than I actually received?
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.Read More
Will I receive a 1099 from LME?
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).Read More
How can I obtain a W-9 form?
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.Read More
I did not request backup withholding, so why did you deduct it from my check?
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...Read More