Insights & Resources

In the oil and gas industry, an asset might be sold outright or as a disregarded entity, which is treated the same for federal income tax purposes.

Beneficial Ownership Information (BOI) reporting, a mandate of the Corporate Transparency Act (CTA), continues to be complicated.

Received a Schedule K-1 with upstream oil income? Learn the five key steps to ensure accurate reporting, including deductions for IDC, depletion and asset sales.

Learn about depletion deductions for oil & gas investors. Understand percentage and cost depletion, key tax benefits and the impact on taxable income.

IRS Notice 2024-52 confirmed the Marginal Well Credit applies in 2024, offering $0.77 per Mcf for qualified natural gas from marginal wells.

Discover how gas stations with c-stores qualify for bonus depreciation under the retail motor fuel outlet exception.

Oil and gas prices have had their ups and down in recent years. Severance tax credits for “marginal” wells are available but are set to expire soon. Learn more.

Federal and state governments issued fuel tax relief after Hurricane Helene, including IRS dyed diesel penalty waivers, temporary licensing and IFTA suspensions.

Start planning your succession today with a family limited partnership that can help transfer business ownership while retaining control and enjoying tax benefits.

Set up a SIMPLE IRA for your small business before October 1, 2024, to access tax benefits within a retirement plan that attracts employees promotes retention.