Can someone let me know about the average cost of having a good accounting firm do your taxes? A firm tha actually knows about Texas oil accounting. Thanks.
There are too many variables to estimate, such as the overall complexity of your return, amount of data and how organized it is when given to CPA, and whether you file only federal return or also a state return. Texas does not have any return due unless you own in an entity (instead of individually) and have to file a franchise tax form. So you need CPA who understands federal income taxes for oil and gas and not necessarily someone located in Texas. You do need someone who understands your state tax rules as they vary from state to state.
Hi Paul,
We use an accountant CPA/Tax Attorney out of Dallas to do the taxes. She charges about $3500 but that is for a number of 1099’s. Make sure you get the depletion allowance from whom-ever does your taxes.
Good luck.
Hi Tennis, on another post you said " For eminent domain projects, such as 42 inch line… It often pays to use an eminent domain attorney specializing in landowner representation for best payment and legal form. The fee is limited to a percentage of the increased payment above the original offer and Not an a hourly charge." Is there one that you know of that does this ? Can you please share info ? Thanks~!!!
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