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IOL News
4 days ago
- Politics
- IOL News
Parliament seeks clarity on funding of the National Dialogue
Mmusi Maimane, chairperson of Standing Committee on Appropriations, said the committee has formally written to National Treasury requesting clarity on the budget vote funding the National Dialogue and an impact assessment report on programmes that may be affected by diverted funds. Image: Picture: Timothy Bernard / Independent Newspapers Chairperson of the Appropriations Committee Mmusi Maimane has written to the National Treasury to enquire about the funding for the National Dialogue, which has no direct allocation in the recently approved Budget. Maimane said he was concerned how the National Dialogue will be funded and implemented. 'While the National Dialogue is vital for our democracy, we are deeply troubled by the absence of a concrete funding strategy. There is no dedicated allocation in the national budget and, in an already constrained fiscal environment, we cannot afford to divert resources from other critical priorities,' he said. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Maimane also said any funding model must be sustainable, accountable and must not place additional burdens on taxpayers. His statement comes as President Cyril Ramaphosa's spokesperson Vincent Magwenya said all budgetary processes regarding the National Convention were consistent with the Public Finance Management Act. The costs of the first two-day convention this weekend will be funded from the budgets of National Economic Development and Labour Council (Nedlac) and the Presidency. Unisa is hosting the first National Convention and will provide associated goods and services free of charge. 'The Inter-Ministerial Committee, which is chaired by Deputy President Paul Mashatile and comprises all relevant government departments to coordinate government's contribution towards the National Dialogue, has been working to mobilise resources for the convention and manage costs,' said Magwenya. He also said all procurement and management of public funds will adhere to the Public Finance Management Act and applicable Treasury Regulations. 'All funds will be accounted for through the normal public finance mechanisms,' he said. Responding to parliamentary questions from DA chief whip George Michalakis, Mashatile said the Inter-Ministerial Committee has tasked the National Treasury, together with other departments such as The Presidency; Justice and Constitutional Development; Employment and Labour; and Sport, Arts and Culture, to review the estimated budget. 'The budget of the National Convention and the National Dialogue has not yet been finalised,' he said. The initial R700m budget for the National Dialogue has been widely criticised. Some reports have suggested that government planned to contribute 60% of the projected R450m cost of the National Dialogue. Maimane said the committee has formally written to National Treasury requesting clarity on the budget vote funding the National Dialogue and an impact assessment report on programmes that may be affected by diverted funds. The committee wants a detailed plan to mitigate any negative consequences on service delivery as well as a comprehensive report on a list of programmes that will be affected by the funding of the National Dialogue. He said South Africans deserved more transparency and fiscal responsibility. 'Without these, the National Dialogue risks becoming another missed opportunity.' Maimane said it was also troubling to learn that important voices were stepping away from the process. 'If the Dialogue proceeds, how can South Africans trust that it will deliver meaningful, inclusive outcomes? We need assurance that all perspectives especially those most affected will be heard.'
Business Wire
05-08-2025
- Business
- Business Wire
TXO Partners Declares a Second Quarter 2025 Distribution of $0.45 on Common Units; Files Quarterly Report on Form 10-Q
FORT WORTH, Texas--(BUSINESS WIRE)--TXO Partners, L.P. (NYSE, NYSE Texas: TXO) announced today that the Board of Directors of its general partner declared a distribution of $0.45 per common unit for the quarter ended June 30, 2025. The quarterly distribution will be paid on August 22, 2025, to eligible unitholders of record as of the close of trading on August 15, 2025. 'TXO Partners is focused on the longevity and durability of our unique production and distribution partnership within the energy sector. We prioritize financial discipline while building for the future with long-lived legacy properties,' commented Brent W. Clum, Co-Chief Executive Officer & CFO. 'For the owners, we are proud to deliver $0.45 per unit this quarter and look forward to the active development projects spanning our portfolio, particularly in three key areas—the Williston Basin, the Permian Basin and Mancos Shale.' Gary D. Simpson, Co-Chief Executive Officer, added, 'With the closing of the White Rock transaction last week, we continue to enhance the underlying value of TXO with captured exploitation opportunities and an ever-expanding oil resource base in the Bakken. Coupled with last year's return to the Elm Coulee field, this recent addition expands our production volumes to greater than 10,000 barrels of oil per day. Our 100-plus horizontal drilling locations allow for not only growth visibility but also for planning our pace of distributions over the coming years.' 'Our model is anchored with strong capital allocation focus, robust operating margins and diligence with commodity hedging. We proactively financed this recent purchase with our May equity raise and an upsized credit facility, all providing strategic confidence and stability,' further stated Mr. Clum. 'All together, we are constructing TXO Partners to thrive in the volatile marketplace of today and over the long-haul.' Quarterly Report on Form 10-Q TXO's financial statements and related footnotes will be available in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, which TXO will file with the Securities and Exchange Commission (SEC) today. The 10-Q will be available on TXO's Investor Relations website at or on the SEC's website at Non-U.S. Withholding Information This press release is intended to be a qualified notice under Treasury Regulations Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100%) of TXO's distribution to foreign unitholders as being attributable to income that is effectively connected with a United States trade or business. Accordingly, TXO's distributions to foreign unitholders are subject to federal income tax withholding at the highest applicable effective tax rate. For purposes of Treasury Regulations Section 1.1446(f)-4(c)(2)(iii), brokers and nominees should treat one hundred percent (100%) of the distributions as being in excess of cumulative net income for purposes of determining the amount to withhold. Nominees, and not TXO, are treated as withholding agents responsible for any necessary withholding on amounts received by them on behalf of foreign unitholders. About TXO Partners, L.P. TXO Partners, L.P. is a master limited partnership focused on the acquisition, development, optimization and exploitation of conventional oil, natural gas, and natural gas liquid reserves in North America. TXO's current acreage positions are concentrated in the Permian Basin of West Texas and New Mexico, the San Juan Basin of New Mexico and Colorado and the Williston Basin of Montana and North Dakota. Cautionary Statement Concerning Forward-Looking Statements Certain statements contained in this press release constitute 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the words such as 'may,' 'assume,' 'forecast,' 'could,' 'should,' 'will,' 'plan,' 'believe,' 'anticipate,' 'intend,' 'estimate,' 'expect,' 'project,' 'budget' and similar expressions, although not all forward-looking statements contain such identifying words. These forward-looking statements include our ability to manage our cashflow, our ability to execute our strategy, the timing, amount and area of focus of future investments in our assets and the impacts of future commodity price changes. These forward-looking statements are based on management's current belief, based on currently available information, as to the outcome and timing of future events at the time such statement was made, and it is possible that the results described in this press release will not be achieved. Our assumptions and future performance are subject to a wide range of business risks, uncertainties and factors, including, without limitation, the following: our ability to meet distribution expectations and projections; the volatility of oil, natural gas and NGL prices; our ability to safely and efficiently operate TXO's assets; our ability to integrate the acquired assets and realize the anticipated benefits of the acquisition; uncertainties about our estimated oil, natural gas and NGL reserves, including the impact of commodity price declines on the economic producibility of such reserves, and in projecting future rates of production; and the risks and other factors disclosed in TXO's filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, TXO does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for TXO to predict all such factors.
Forbes
29-04-2025
- Business
- Forbes
CPAs Have Survived Another Tax Season—And Frankly, They Deserve A Parade
(Photo Illustration by) Getty Images Well, folks, we did it. Or more accurately, they did it. Our nation's Certified Public Accountants (and other tax return preparers)—those brave souls fluent in the ancient language of Schedule Cs and 1099s—have once again made it through tax season with their sanity mostly intact and only minimal crying in supply closets. Let us take a moment to thank these unsung heroes of April now that many of them have returned to their office following a two week vacation. While the rest of us were panicking over whether that dog-walking side hustle counted as self-employment (it does), CPAs were calmly navigating the Byzantine maze of the Internal Revenue Code, which, let's be honest, makes IKEA instructions look rudimentary and easy. Let's talk about the Internal Revenue Code, aka the IRS's cookbook of suffering. It's over 70,000 pages long with its corresponding explanatory Treasury Regulations. That's longer than the Harry Potter series, Game of Thrones, and War and Peace combined—with less magic and more audit threats. Inside this monstrous tome are rules about rules, exceptions to exceptions, and provisions so mind-bendingly convoluted they make the Matrix seem like a basic algebra class. There's an entire section that dictates how to depreciate a racehorse over three years (true story), but try finding a simple explanation of whether your crypto losses offset your W-2 income. Go ahead. We'll wait. CPAs, however, eat this spaghetti code for breakfast. They don't flinch when the IRS decides that a home office deduction requires a degree in architectural drafting and the patience of a saint. They smile politely when we bring them shoeboxes of receipts, sticky notes, and a half-eaten protein bar with 'Tax Stuff?' scrawled on it. To be a CPA during tax season is to endure more oddball client confessions than a bartender during happy hour. 'So, I got paid in crypto for selling NFTs of my cat's facial expressions, but I also drove for Uber in the evenings, and my mom pays me $50 a week to water her succulents—do I need to file a Schedule K?' Bless their number-loving hearts, CPAs don't even blink. They nod thoughtfully, adjust their glasses (all CPAs are issued glasses, whether they need them or not—it's part of the oath), and proceed to turn that steaming pile of financial confusion into a coherent return that hopefully won't get you flagged by the IRS's Robocop-auditor algorithm. From January to mid-April, CPAs exist in a caffeine-fueled dimension where weekends are theoretical and sleep is just something that happens to other people. Their world is color-coded in Excel, and they can recite deduction limits like lullabies. They dream in form numbers. "Sweet dreams, Form 1040. Nighty night, Schedule E." During tax season, their social lives vanish, their families leave snacks outside their home office doors like they're feeding a raccoon, and their only human contact is the client who emails 'Just one more quick thing!' at 11:58 PM on April 14th. Once the deadline passes, CPAs emerge, blinking into the sunlight like groundhogs who've been doing QuickBooks in the dark for four months. They walk outside, unsure of what day it is, and rediscover the joy of grass, birdsong, and not having to explain 'Why you can't write off your dog as a dependent' for the 19th time in a week. Some celebrate with a well-deserved spa day. Others collapse into a couch and binge-watch Netflix until their brains reboot. There are rumors of one CPA who retired and opened a goat sanctuary. Frankly, it tracks. The truth is, we should be thanking CPAs like we thank firefighters, teachers, and baristas who can spell our names right on the first try. Without them, we'd all be buried in late penalties, drowning in IRS jargon, and wondering if we can pay our taxes in leftover Bed Bath & Beyond coupons. CPAs protect us from audits, help us find deductions we didn't know existed (hello, energy-efficient water heater!), and often act as part financial advisor, part therapist, and part detective. They are the Watson to our tax-based Sherlock meltdown. So next time you see a CPA, buy them a coffee. Or a whiskey. Or maybe just give them a long, respectful nod, like two war veterans recognizing each other across a crowded room. Because tax season may be over (unless to filed for an extension), but the trauma lives on.
Forbes
18-04-2025
- Business
- Forbes
Executor Beware: Personal Liability For Unpaid Estate Tax And More
Serving as the executor of an estate is not just an administrative duty. It involves significant legal responsibilities, particularly when it comes to ensuring that all tax obligations of the deceased are properly addressed. Executors must locate the estate's assets, assess debts and liabilities, and make distributions to beneficiaries. Critically, they must do all this while complying with federal tax laws. Failure to satisfy estate tax for example, can result in personal liability for unpaid tax, even if the executor lacked bad faith. The U.S. estate tax is a separate and distinct tax liability assessed on the transfer of the decedent's assets at death. It is not an 'income' tax, but a 'transfer' tax. This transfer tax is asserted against the estate of the individual who passed away, not against the recipient of the inheritance or bequest. Estate tax is assessed on the value of property in the decedent's estate and applies differently to U.S. versus non-U.S. decedents. Executors can be held personally liable for unpaid estate taxes under a strict liability standard. This risk is grounded in both the Internal Revenue Code and the Federal Claims Priority Act. These rules establish that an executor who makes distributions from the estate before satisfying estate tax liability may become personally liable for the unpaid estate tax. Importantly, this liability does not require the executor to have knowledge of the tax owed. The mere act of distributing assets, for example, to estate beneficiaries before settling the tax debt can trigger personal liability if the IRS is unable to collect the tax from the estate. Under IRC Section 2203, the term "executor" means "the executor or administrator of the decedent, or, if there is no executor or administrator appointed, qualified, and acting within the United States, then any person in actual or constructive possession of any property of the decedent." When a U.S. executor is not appointed, who can be treated as an executor under this broad definition will come as a surprise. Relevant Treasury Regulations clarify that such statutory executors can include, among others, the decedent's agents and representatives, safe-deposit companies, warehouse companies, and other custodians of property in the U.S., brokers holding, as collateral, securities belonging to the decedent, and U.S. debtors of the decedent. How can it happen that an executor is not appointed to administer the estate of a deceased individual? Here are a few examples: If all assets are owned jointly with survivor rights, these assets will pass outside of probate and thus no executor will be appointed for the estate. In such an instance the statutory "executor" would include a joint owner of the property. Similarly, an accidental executor can be the trustee of a revocable trust after the grantor has passed away. In many cases, the estate of a nonresident alien decedent will not have an executor appointed in the U.S. to deal with U.S.-situs assets. This means that other parties will be treated as the executor for tax purposes, and this can include heirs of the decedent's estate. In these cases, while not officially appointed as executors, each of the parties will meet the tax law definition since each will be 'in actual or constructive possession of any property of the decedent." Once treated as an estate "executor", they will have potential personal liability for any unpaid estate tax. For this reason, savvy brokerage firms and other financial institutions will not release assets to the heirs without assurance from the IRS (usually in the form of a Federal Transfer Certificate) that estate taxes have been paid. Personal liability for the decedent's unpaid income or gift taxes is governed by a more nuanced standard. While the FCPA still applies, the trigger for liability is different. Courts have consistently held that an executor may be held personally liable for a decedent's unpaid income or gift taxes only if two conditions are met: 1. The executor had actual or constructive knowledge of the decedent's tax liability; and 2. The executor distributed estate assets to other creditors or beneficiaries before paying the government. In such cases, personal liability arises from a failure to prioritize the government's claim when the executor knew or should have known of its existence. Unlike estate tax liability, which can attach strictly upon asset distribution, liability for income or gift taxes hinges on fault or negligence. To minimize personal exposure, executors should notify the IRS of their fiduciary role by filing IRS Form 56 (Notice Concerning Fiduciary Relationship). Although not mandatory, this form ensures IRS correspondence will reach the executor at the correct address. The same form should also be used to notify the IRS when the fiduciary relationship ends and all duties as administrator of the estate have been completed. Executors concerned about possible outstanding income or gift tax liabilities of the decedent can request a prompt assessment by filing IRS Form 4810 (Request for Prompt Assessment for Income and Gift Taxes). This will shorten the statute of limitations for IRS assessments of tax. A U.S.-based executor may seek discharge from personal liability for estate, gift, or income taxes by filing IRS Form 5495 (Request for Discharge From Personal Liability Under Internal Revenue Code Section 2204 or 6905). The executor will be discharged from personal liability for any tax deficiency 9 months after the IRS' receipt of the request for discharge or the earlier payment of any amount determined by the IRS to be owed. The responsibilities of an executor extend far beyond asset management. U.S. tax laws impose a real and sometimes harsh risk of personal liability, particularly in cases involving unpaid estate taxes, where no knowledge of the liability is necessary for the executor's personal liability to attach. For unpaid income or gift taxes, actual or constructive knowledge is required, but that offers little comfort to executors who fail to take precautionary steps. Executors should seek professional guidance, file the appropriate forms, and avoid premature distributions until all tax obligations have been conclusively settled. Stay on top of tax matters around the globe. Reach me at vljeker@ Visit my US tax blog It is an invaluable guide in all areas of U.S. international tax. Stay on top of legislative developments and tax reform (including estate tax developments) and keep ahead of U.S. tax changes impacting your life, family or business.
Yahoo
05-03-2025
- Business
- Yahoo
TXO Partners Declares a Fourth Quarter 2024 Distribution of $0.61 on Common Units; Provides 2025 Distribution Outlook and Files Annual Report on Form 10-K
FORT WORTH, Texas, March 04, 2025--(BUSINESS WIRE)--TXO Partners, L.P. (NYSE: TXO) announced today that the Board of Directors of its general partner declared a distribution of $0.61 per common unit for the quarter ended December 31, 2024. The quarterly distribution will be paid on March 21, 2025, to eligible unitholders of record as of the close of trading on March 14, 2025. "As a unique production and distribution business, TXO focuses on delivering returns to our holders through both cash distribution and value creation per unit. We strive to grow our distributions every year, and since going public in January 2023, TXO has delivered $4.49 per unit to holders," stated Bob R. Simpson, Chairman and CEO. "Given our outlook, we are targeting a full-year distribution in excess of $2.45 per unit for the year ahead. " "Financial stewardship is the key component of the TXO strategy," further commented President of Business Operations and CFO, Brent Clum. "Our intentional capital allocation generates cash flow through efficient operations which in turn drive distributions and value creation per unit for our holders. As well, we are always on the lookout for accretive opportunities to grow within our operating footprint. We view the business of TXO through the lens of life-long owners, focusing on steady long-term success." Gary D. Simpson, President of Development and Production, continues, "With our long-lived assets, our technical teams have identified a rich inventory of development opportunities across the Permian, San Juan and Williston Basins. As we plan future capital programs, we are evaluating resource in excess of 50 million barrels of oil, along with the additional 3 Tcfe of natural gas potential in our Mancos Shale position. We believe this captured potential in aggregate represents multiples of our current booked reserve base. Specifically, the scope of development activities includes CO2 expansion, waterflood enhancements and drilling programs in all our producing basins. Ultimately, our goal is outstanding returns driven by confident investment with ongoing production and reserve stability." Annual Report on Form 10-K TXO's financial statements and related footnotes will be available in the Annual Report on Form 10-K for the year ended December 31, 2024, which TXO will file with the Securities and Exchange Commission (SEC) today. The 10-K will be available on TXO's Investor Relations website at or on the SEC's website at TXO unitholders may request a printed copy free of charge of the Annual Report on Form 10-K by emailing IR@ or by writing to Investor Relations, 400 West 7th Street, Fort Worth, Texas 76102. Non-U.S. Withholding Information This press release is intended to be a qualified notice under Treasury Regulations Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100%) of TXO's distribution to foreign unitholders as being attributable to income that is effectively connected with a United States trade or business. Accordingly, TXO's distributions to foreign unitholders are subject to federal income tax withholding at the highest applicable effective tax rate. For purposes of Treasury Regulations Section 1.1446(f)-4(c)(2)(iii), brokers and nominees should treat one hundred percent (100%) of the distributions as being in excess of cumulative net income for purposes of determining the amount to withhold. Nominees, and not TXO, are treated as withholding agents responsible for any necessary withholding on amounts received by them on behalf of foreign unitholders. About TXO Partners, L.P. TXO Partners, L.P. is a master limited partnership focused on the acquisition, development, optimization and exploitation of conventional oil, natural gas, and natural gas liquid reserves in North America. TXO's current acreage positions are concentrated in the Permian Basin of West Texas and New Mexico, the San Juan Basin of New Mexico and Colorado and the Williston Basin of Montana and North Dakota. Cautionary Statement Concerning Forward-Looking Statements Certain statements contained in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the words such as "may," "assume," "forecast," "could," "should," "will," "plan," "believe," "anticipate," "intend," "estimate," "expect," "project," "budget" and similar expressions, although not all forward-looking statements contain such identifying words. These forward-looking statements include our 2025 distribution outlook, the resource potential of our Mancos Shale position in the San Juan Basin and other future development opportunities, the future production and potential economic value of our Mancos Shale position, the impacts of our Mancos Shale position on our reserves and production, our ability to maintain or increase oil production and reserves, our ability to execute our strategy, the timing, amount and area of focus of future investments in our assets and the impacts of future commodity price changes. These forward-looking statements are based on management's current belief, based on currently available information, as to the outcome and timing of future events at the time such statement was made, and it is possible that the results described in this press release will not be achieved. Our assumptions and future performance are subject to a wide range of business risks, uncertainties and factors, including, without limitation, the following: our ability to meet distribution expectations and projections; the volatility of oil, natural gas and NGL prices; our ability to safely and efficiently operate TXO's assets; uncertainties about our estimated oil, natural gas and NGL reserves, including the impact of commodity price declines on the economic producibility of such reserves, and in projecting future rates of production; and the risks and other factors disclosed in TXO's filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, TXO does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for TXO to predict all such factors. Cautionary Note to Investors The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC's definitions for such terms. TXO may use certain broader terms such as "resource potential," "natural gas potential" and "captured potential" in its communications to investors that the SEC's guidelines strictly prohibit TXO from including in filings with the SEC. These types of estimates do not represent, and are not intended to represent, any category of reserves based on SEC definitions, are by their nature more speculative than estimates of proved, probably and possible reserves and do not constitute "reserves" within the meaning of the SEC's rules. These estimates are subject to greater uncertainties, and accordingly, are subject to a substantially greater risk of actually being realized. Investors are urged to consider closely the disclosures and risk factors in the reports TXO files with the SEC. View source version on Contacts TXO PartnersBrent W. ClumPresident, Business Operations & CFO817.334.7800ir@ Sign in to access your portfolio
