Insights: Energy and Natural Resources
Once You File Your Tax Return, Consider These Three Issues
The tax filing deadline for 2021 tax returns is April 18 this year. After your 2021 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations: 1. You can throw some tax records away now You should hang onto tax records related…
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There Still May Be Time to Cut Your Tax Bill With an IRA
If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA right up until the April 18, 2022, filing date and benefit from the tax…
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Surviving the Downturn: Cutting Costs
Suttle & Stalnaker, PLLC is pleased to publish this four-part series providing guidance to the energy sector as we navigate the COVID-19 pandemic and beyond. Chris Deweese, CPA, CGMA Member, Suttle & Stalnaker, PLLC If you are in the energy market, you already know what recent market conditions and COVID-19 have done to the…
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The tax implications if your business engages in environmental cleanup
If your company faces the need to “re-mediate” or clean up environmental contamination, the money you spend can be deductible on your tax return as ordinary and necessary business expenses. Of course, you want to claim the maximum immediate income tax benefits possible for the expenses you incur. These expenses may include the actual cleanup…
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For best results, start your strategic planning early
Time flies when you’re having fun — and running a business. Although it’s probably too early to start chilling a bottle of bubbly for New Year’s Eve, it’s certainly not too early for business owners to start doing some strategic planning for next year. Here are some ways to get started. Begin with your financials…
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3 Ways Technology can Enhance Your Internal Audit
The concept of the Internal Audit (IA) has been around for centuries and can take many forms, depending on the business. While most businesses utilize the IA function as merely a compliance task – checking the box or to comply with the standards of Sarbanes Oxley or some other regulatory agency- many businesses overlook the…
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IRS Announces Marginal Well Credit
The Internal Revenue Service (IRS) recently issued Notice 2019-37, which announced that the marginal well credit (MWC) on qualified natural gas production from qualifying wells would be $0.00 per mcf for tax years beginning with calendar year 2018. For the purpose of this credit, marginal production is defined as domestic natural gas produced during any…
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Navigating the Qualified Business Income Deduction
One of the most talked about provisions of the Tax Cuts and Jobs Act of 2017 is the Qualified Business Income Deduction, a new tax benefit allowing entrepreneurs, self-employed individuals and investors to deduct 20 % of their business income in calculating their income tax. This was a significant change to the taxation of flow-through…
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Revenue Recognition for Royalty Payments
Do you receive royalty payments from lessees? The way you account for these transactions could be changing if you follow U.S. generally accepted accounting principles (GAAP) to prepare your financial statements. Beginning in 2019, nonpublic businesses will need to implement Accounting Standards Update No. 2014-09 Revenue from Contracts with Customers (Topic 606) and the related…
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What type of expenses can’t be written off by your business?
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in…
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