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.

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.

With 2024 coming to a close, time is running out for manufacturing companies to take advantage of many year-end tax benefits.

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.

Accounting for CCS projects is a nuanced challenge, especially concerning lease considerations under ASC 842. This article aims to illuminate these complexities.

A summary of changes to R&E expenditure tax treatment in the proposed Tax Relief for American Families and Workers Act of 2024.