I do not live in the state of Oklahoma but am looking for a service there that would receive my mail including royalty checks, OCC filings & mineral rights correspondence. The checks would need to be deposited and all mail scanned and uploaded to me. My accountant does this currently but I would like to find a professional service that can do just this for me while providing me with an OK mailing address. Any suggestions?
Why dont you just have them send all that info to your accountant? Guess Im saying, I dont see the point of settting up all this in Oklahoma if you dont live there?
All of my mineral rights are there and are in an Oklahoma trust. There are other reasons as well but that’s a big part of it. Im also going to be changing my accountant, so I’m trying to plan ahead.
My guess is she is trying to get around the state withholding 5% for out of state owners. That forces them to file Oklahoma state tax returns to get that money back.
Thank you for that helpful reply, Todd! I’m actually trustee for my mother’s trust and she resides in Oklahoma. As her trust already files taxes in OK, I didn’t know there was a 5% withholding for non-residents. I live part of the year outside the US and thus need help with my mail.
You need a Lockbox type service that can also handle documents. Contact Stephanie firstapproach.com
Glad I could be of help. Have you inquired from those parties sending checks if they offer Direct Deposit? Most do, but some don’t so that is a pain. Secondly, you might inquire at the bank that you use in Oklahoma if they can handle these things for you. Most do with a fee and if they are versed in oil & gas, they will know what to do with all of the OCC filings. Of course you can hire an accountant that is willing to do all these things for you and knows the oil & gas business. Asking them to handle affairs of the Trust could open them to liability that they don’t want. Another option is a Minerals Management Company. I don’t know of any personally, but searching the internet should provide you several options to choose from. There may be some in the Directories tab at the top of this page. Good Luck.
Thats not going to work and illegal according to my accountant. I moved to Scottsdale a few years ago as my primary residence and my accountant spent a lot of time looking into this. Not to mention, setting up a PO Box wont change residency from what Ive been told. Out of state payers pay 1/2 a percent less than residents. I just emailed my accountant, If this all has changed in the last 3 years, Id love to hear about it as it would save me a lot of money.
I am absolutely not interested in doing anything illegal or that would put me in the crosshairs of the IRS or OK tax authorities. Right now, the trust’s beneficiary is an OK resident and all is on the up-and-up. However, because of my cross-border residency, I am already planning for the not-too-distant future when I will inherit the mineral rights from my mother and am speaking to a few different OK attorneys. I do need an accountant that is very well-versed in Oil & Gas and has international experience. My current CPA is fine but not for the next step. Nearly all of my checks are already on ACH but I still get 4-5 a month from operators that are old school.
I am trying to get everything set up for the next step and also avoid having to notify 25 different operators multiple times. Right now I’m NOT considering First Approach because they are in Texas. I appreciate the suggestions here. As mentioned, it’s probably better to focus on the CPA and get them to handle the mail. If anyone has an excellent CPA in Oklahoma City or Tulsa to recommend, I’m all ears.