Whether your company explores, drills, trades or markets petroleum or natural gas, your profitability is closely tied to the oil and gas industry’s unique tax situation and operational nuances. But you may be missing out on tax benefits, investment capital or growth opportunities if your advisors are not familiar with the intricacies of the industry’s tax incentives and operational environment.
The sophisticated tax expertise of our accountants allows our clients to take advantage of federal tax benefits — such as the intangible drilling costs (IDC) tax deduction, percentage depletion deduction and the small producers tax exemption — while staying on top of variations in state taxation. We also produce quality financial statements that banks and other capital sources trust.
But our advantage is based on more than technical excellence. We have a collection of seasoned industry leaders working closely with our clients to provide insights and answers that drive success, from choosing a tax-efficient entity structure to detailed transactions support during a merger or acquisition.
Recent regulatory changes have provided significant tax savings opportunities for the oil and gas industry, in addition to some changes that could negatively impact those who don’t plan ahead. It’s important to map a strategic tax plan now to capture tax savings and minimize the negative impacts of lost tax breaks.Wesley Middleton, Managing Partner, CPA