Feds fine oil company for failing to report production

Fuel Fix ^ | April 9, 2014 | Associated Press

[thackney]

The federal government is fining an Artesia oil man more than $700,000 for failing to submit reports on production on its federal leases in New Mexico.

The Department of the Interior’s Office of Natural Resources Revenue said Tuesday it has assessed Louis Fulton, doing business as C.F.M. Oil Company, a $717,136 civil penalty.

[thackney]

This is why the federal data on energy production tends to be fairly accurate.

The fines are steep when caught not reporting. If your reporting is related to taxing, expect to be eventually caught.

[mountainlion]

I would expect that false reporting and under reporting are as wide spread where big money is involved whether in stock market, campaign funding... anything involving income tax, even the FED banking system.

[ckilmer]

Likely true in Mexico and points south where only about 65% of the taxable economy or less is actually taxed. Less so in the USA where over 90% of the taxable economy is actually taxed.

[thackney]

and audited every single year. This is not an area the skimp on the magnifying glasses.

[mountainlion]

Truth and Honesty are truly the best option. Give to Caesar what is Caesar’s and try to hang on to the rest.

[txrefugee]

When can we fine the HHS Dept. for failing to give us the report on how many have paid for ObamaCare? This accounting was part of the law that no one read.