Whether your company explores, drills, trades or markets petroleum or natural gas, your profitability is closely tied to the industry’s unique tax situation. But you may be missing out on tax benefits—or even vital investment capital—if your accountants are not familiar with the intricacies of the industry’s tax incentives. 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 work closely with our clients to provide ideas and answers that drive success, from choosing a tax-efficient entity structure to minimizing the tax liability created by a merger or acquisition. We also educate our clients and their investors on oil and gas accounting and taxation concepts and invite investors to contact us directly with questions about their K-1s.
If you’re looking for ways to minimize taxes and maximize profit, talk to one of our industry experts today.