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
Family Business Succession Planning
I’m often asked by my clients, “How do I transition my company to the next generation?”. In order for a succession to be successful, it needs to work for both parties. Clients are advised early in our business relationship about […] Read More
Ohio Tax Amnesty is January 1, 2018, through February 15, 2018, for Individuals and Businesses
Avoid ALL penalties and HALF of your interest! If you have unpaid taxes, Ohio Tax Amnesty could help you avoid 100% of penalties and 50% of interest due. Ohio Tax Amnesty will help you achieve a fresh start and settle […] Read More
Credit for Production of Natural Gas from Marginal Wells – Why it’s not too late to claim!
This past fall Notice 2017-51 was issued by the IRS to provide guidance on the marginal well production credit. The notice computed the credit amount for calendar year 2016 at $0.14 per mcf as well as provided guidance on claiming […] Read More
Artificial Intelligence (AI)…Coming soon to the big screen!
By Sarah Yost, Senior Accountant, QuickBooks Online ProAdvisor Terminator, WALL-E, Short Circuit and your accounting firm – what do these things have in common? Artificial intelligence (AI). What is AI? “AI is a machine or computer software that acts with […] Read More