Instructions for Form SEV-401 Schedule B Oil - Tax Computation and Exemption Schedule - West Virginia

This document contains official instructions for Form SEV-401 Schedule B, Oil - Tax Computation and Exemption Schedule - a form released and collected by the West Virginia State Tax Department.

FAQ

Q: What is Form SEV-401 Schedule B?A: Form SEV-401 Schedule B is a tax form used in West Virginia for computing oil taxes and claiming exemptions.

Q: What is the purpose of Schedule B?A: The purpose of Schedule B is to calculate the amount of oil taxes owed and to claim any applicable exemptions.

Q: Who needs to file Schedule B?A: Anyone engaged in the production, severance, or sale of oil in West Virginia needs to file Schedule B.

Q: What information is required on Schedule B?A: Schedule B requires information such as the total production or severance of oil, applicable tax rates, and any exemptions claimed.

Q: How is the tax amount calculated on Schedule B?A: The tax amount is calculated by multiplying the total production or severance of oil by the applicable tax rate.

Q: What exemptions can be claimed on Schedule B?A: Exemptions for oil taxes in West Virginia include the exemption for oil produced in certain geological formations and the exemption for enhanced oil recovery operations.

Q: When is the deadline for filing Schedule B?A: The deadline for filing Schedule B is typically the same as the deadline for filing your West Virginia tax return, which is April 15th of the following year.

Q: Are there any penalties for not filing Schedule B?A: Yes, there may be penalties for not filing Schedule B or for underreporting the amount of oil production or severance.