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The recent pandemic has further impacted the Oil and Gas Industry on top of already struggling prices. While reading a recent article from Forbes – “The Next Relief Bill – Congress Eyes R&D Tax Credit” I was reminded of the […]

Important changes to the Child Tax Credit will help many families get advance payments of the credit starting this summer. You can also Opt-Out, but hurry the first Unenrollment Deadline is 6/28/21.

In Notice 2021-34, the IRS has released the reference price and credit amount for the production of natural gas from marginal wells. For tax years beginning in the calendar year 2020, the marginal well tax credit is $0.66 per Mcf. […]

Loans are now available for eligible small businesses through the Small Business Administration’s Paycheck Protection Program. Learn more about the loan qualifications and terms here.

The most recent action by the Treasury extending the tax filing deadline from April 15 to July 15 has provided much-needed relief from compliance matters. It has allowed CPA’s to focus on much more and pertinent issues facing small businesses. […]

One significant but often overlooked part of GAAP-compliant financial statements are the footnotes and disclosures that accompany the numbers. It’s easy to ignore these when you are in a rush to “see how the year went” and “see how much […]

Where do I account for Hedging Transactions? It's complicated.

By Andy Griffin, CPA, Supervisor and Keith A. Arner, CPA, CVA, Partner“Do I really need to spend money to have an engineer prepare a reserve report for me?” As an oil and gas producer, you may have asked this question […]

By Sandra Orcutt, EA, Supervisor Although the so-called “kiddie tax” will be easier to calculate thanks to the Tax Cuts and Jobs Act (TCJA) of 2017, the unearned income of eligible children (or grandchildren) could be taxed at a higher […]

By Andy Griffin, CPA, Supervisor and Keith A. Arner, CPA, CVA, Partner  In the world of oil and gas, we know that production cash receipts and income tend to lag a month or two (or sometimes three) behind when the […]

By Andy Griffin, CPA, Supervisor and Keith A. Arner, CPA, CVA, Partner As we’ve described previously, one of the components of “getting back in the game” for small independent E&P companies is producing financial statements that are compliant with Generally Accepted Accounting […]

Financial statements are often required for E&P companies to obtain financing or enter into credit facilities. This blog post is the first in a series to identify common reporting questions for oil & gas accounting.