Blog

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 […]

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 volumes are produced. This is due to a variety of factors, including […]

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.

The Social Security Administration (SSA) has said it will restart its mismatch letter notification program to help reduce errors related to employees’ Social Security Numbers (SSNs).  Beginning next spring, the SSA plans to notify each employer that provides it with […]

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 […]

The Tax Cuts and Jobs Act (TCJA) introduced flat 21% federal income tax rate for C corporations for tax years beginning in 2018 and beyond. Under prior law, profitable C corporations paid up to 35%. This change has caused many business […]