Enhancing the R&D Tax Credit would have a positive impact on the Oil and Gas Industry
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 […] Read More
Important Changes to the Advance Child Tax Credit Payments in 2021
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. Read More
Marginal Well Tax Credit Beginning in Calendar Year 2020
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. […] Read More
The Small Business Administration launches the Paycheck Protection Program
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. Read More
COVID 19 Tax Updates
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. […] Read More
How do Footnotes and Disclosures Expand My Numbers?
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 […] Read More
Where do I account for Hedging Transactions?
Where do I account for Hedging Transactions? It's complicated. Read More
Why You Need a Reserve Report
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 […] Read More
2018 Kiddie Tax on Child’s Unearned Income May Be Higher
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 […] Read More
E&P Estimating for Accrued Revenue and Related Expenses
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 […] Read More
What's This Asset Retirement Obligation I Keep Hearing About?
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 […] Read More
Get Back in the Game: E&P Financial Reporting
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. Read More