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How We Help

Oil & Gas Companies

Complex bookkeeping and documentation requirements in the energy sector bar businesses and private stakeholders from their full earning potential. Polston Tax’s energy accounting services and tax resolution professionals can help.

We provide energy representation and advisory services that help businesses navigate accounting and tax matters specific to oil and gas. Our professionals develop solutions that manage project-based reporting, sporadic revenue streams, intricate stakeholder contracts, asset depreciation and energy price volatility.

With our support, your business will maintain flexibility while avoiding unnecessary costs and retaining a greater proportion of revenue.

Claim These Oil and Gas Tax Credits

The energy sector, including oil and gas, brings several complex tax requirements, but you can still reduce your tax liability through federal and state incentives.

These credits reward oil and gas companies for beneficial activities like domestic production and environmentally friendly practices. With the many incentives, a tax company like Polston Tax can help you find ones applicable to your industry.

State Credits

Several oil and gas industry states arrange incentives for exploration, production, drilling costs and investments in new facilities. You may qualify for these perks if you work in the oil and gas industry in Alaska, Louisiana, New Mexico or Wyoming.

Federal Credits

A few national reductions include:

Credit for producing fuel from a nonconventional source:

You might qualify for this credit if you produce oil from shale and tar sands, or gas from sources like biomass or coal seams.

Carbon oxide sequestration credit:

If you invest in carbon capture and storage technologies to reduce greenhouse gas emissions from oil and gas p

Enhanced oil recovery credit:

Oil companies that employ techniques to get more crude oil from existing wells may qualify for a tax reduction.

Investment credit:

This incentive applies particularly to energy, gasification and advanced coal projects, so your energy business may be eligible.

Our Services for the Energy Sector

We will connect you with certified public accountants (CPAs) and tax attorneys with extensive energy sector experience. Work with us for gas industry consulting opportunities, accounting services and tax resolutio

Bookkeeping Planning and Management

Our professional accountants optimize bookkeeping strategies through tax and accounting services tailored to the energy sector. Work with us to manage payables, record deductibles, file joint interest billing statements, streamline revenue distribution checks and more.

Satisfy Securities and Exchange Commission (SEC) requirements for revenue disclosure when interacting with joint ventures, private royalty interests and varied pricing structures.

Record expenses such as exploration, development, production and drilling within a full cost or successful efforts accounting structure.

Test for and resolve impairment to ensure balance sheet accuracy and tax compliance.

Distribute and file tax documents relevant to the energy sector, including Internal Revenue Service (IRS) Form 1120, Form 1065, Form 4562, Form 1040 and Financial Industry Regulatory Authority (FINRA) Form T.

Enact an oil and gas tax planning strategy that ensures compliance with relevant tax requirements and seizes reduction opportunities through deductions, such as reserve percentage or cost depletion.

Tax Resolution Services

The energy sector’s strict tax requirements impact stakeholders at every level. Large corporations and partnerships oversee complex accounting books that create the possibility for reporting oversight. Private landowners and independent contractors balance daily responsibilities with royalty and compensation bookkeeping. Polston Tax will support you when the IRS requests an audit or produces a claim.

Our experienced tax attorneys will defend your interests and help improve your standing with the IRS and state revenue departments. Partner with us for comprehensive tax resolution services:

IRS Appeals

Audit Representation

Bank Levy Prevention

Currently Not Collectible Filing

Installment Agreements

Offers in Compromise

IRS Status Investigation

Tax Penalty Abatement

Sales Tax Representation

Polston Tax Resolution & Accounting Group Photo

Working With Polston Tax

We simplify accounting and tax resolution to achieve positive financial outcomes for energy sector stakeholders:

Initial consultation: Discuss your situation and our capabilities with an account manager.
Strategist meeting: Weigh specific accounting, tax preparation or resolution options that will advance your strategy.
IRS analysis: We will perform an IRS inquiry that confirms your present standing.
Plan development: Produce an actionable strategy to control your tax obligations.
Implementation: Accountants and tax attorneys execute your strategy and adapt when necessary.

With over 100 combined years of tax planning and resolution experience, Polston Tax is a leading partner for energy sector clients. We are a single source for numerous accounting and tax services that provide peace of mind.

Testimonials

Hear From Our Happy Clients

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Moved from Texas to Oklahoma back in 2014 and needed some advice and support in handling a tax issue. Polston Tax was very responsive and professional in handling request. Highly recommend this company that will provide a detailed full consultation.

Carey Roberts

I contacted Polson back before the coof koof hit and shut everything down. i knew up front that nobody can wave a magic wan and have everything resolved in short order and a very short time, much less if various government offices closed.

Everything was explained upfront and they did a great job of keeping me in the loop and we pushed through with the journey.

David Williams

We’ve Got You Covered!

Need a Tax Professional That Knows Your Industry?

Polston Tax professionals have knowledge and experience in the unique challenges faced by highly regulated businesses in the Agriculture, Automotive, Construction, Transportation industries and more!

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Transportation

Polston Tax provides transportation accounting services and tax resolution support. Our logistics tax planning and bookkeeping capabilities can increase revenue retention.

Automotive

Polston Tax’s accountants and tax attorneys provide solutions that respond to unique automotive industry requirements. With our support, you can confidently manage revenue, tax obligations and audits.

Construction

Businesses, contractors and sub-contractors in the construction industry grapple with elaborate reporting and tax requirements. Polston Tax will insulate you against violations and defend your interest during Internal Revenue Service (IRS) disputes.

Additional Readings

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Understanding IRS Forms: 1099-C

A 1099-C form is used for reporting debt cancellation as income to the Internal Revenue Service (IRS) and the individual or entity receiving the canceled debt. It is crucial for tax reporting and compliance. Key aspects of this form include information that affects an individual’s annual tax return and when to file or send it out.

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If you’re a small business owner, you’ve probably heard about sales tax. Knowing how to collect, record and remit sales tax can be complicated, especially as your business grows. Keeping up with changing tax regulations can also be challenging. Paying sales tax for your small business is essential because failing to do so can result in fines and even jail time. This guide covers the basics of sales tax, how to stay compliant and what you can expect during an audit.

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Oil and Gas Tax Services