The mission of our Oil & Gas Tax Services is to provide melded engineer technical and business and commercial development experience to produce ideas and strategies related to the petroleum industry’s financial and tax matters. Our services include but are not limited to the following:
Tax Matter |
Issue(s) |
Service |
| Petroleum Industry Overview and Tax Matters | Inexperienced staff, specific issue(s) awareness and/or treatment | Seminar
|
| Depletion | Property Definition for Depletion Purposes | Seminar
|
| Depletable Basis | Evaluation, Analysis, Determination, Confirmation of allocation of costs between leasehold and equipment |
|
| Reserve Estimates | Evaluation, Analysis, Determination, Confirmation Review of reserve categories as they apply to depletion deductions proved
Unproved Reserves
|
|
| Proven Property Transfers for Percentage Depletion Purposes | Evaluation, Analysis, Determination, Confirmation if or when deductions can be taken by transferees |
|
| Cost and Percentage Depletion | Calculation, Evaluation, Analysis, Determination, Confirmation | |
| Intangible Drilling Costs (IDC) | Capital vs. Expense | Evaluation, Analysis, Determination, Confirmation |
| Timing of Deduction | Evaluation, Analysis, Determination, Confirmation
Prepaid Expenses Contract Provisions
|
|
| Partnerships | Evaluation, Analysis, Determination, Confirmation
|
|
| Carried Interest Arrangements | Evaluation, Analysis, Determination, Confirmation of carrying and carried parties’ agreement |
|
| Bottom-hole and Dry-hole Contributions | Evaluation, Determination, Confirmation of abandonment or property retention status | |
| Lease and Leasehold Costs | Geological and Geophysical (G&G) Expenditures | Evaluation, Analysis, Determination, Confirmation of Capital Costs versus ExpenseAllocation of Expenditures |
| Delay Rentals | Evaluation of payments to determine whether delay rentals, lease bonus, royalty payments | |
| Top Leasing | Evaluation, Determination, Confirmation of EXPIRATIONS AND RENEWALS of leases | |
| Acquisitions | Evaluation, Analysis of Allocation of G&G Expenditures, Leasehold and Equipment Costs | |
| Sales, Exchanges and Other Dispositions | ||
| Sale of Lease Equipment | Evaluation, Analysis of Allocation between Leasehold and Equipment costs | |
| Production Payments | Evaluation, Analysis, Determination, Confirmation of compliance to production payments derived as per arrangement |
|
| Worthless Minerals | Evaluation, Analysis, Determination, Confirmation of transactions and identifiable events |
|
| Lease Abandonment | Evaluation, Analysis, Determination, Confirmation of expiration under lease terms, lease forfeit, top lease, establishing a time of worthlessness |
|
| Sublease | Evaluation, Analysis, Determination, Confirmation of retention or nonretention of nonoperating interest. |
|
| Enhanced Oil Recovery (EOR) Credit | “Unapproved” EOR Methods | Technical Support in Identification to reflect advances in technology |
| Qualified Expenditures and Credit Amount | Identification and Estimate | |
| Private Letter Ruling Request | Technical Support in Preparation for ruling for a decision on a method. | |
| Contract Compliance | Expense Overpayments, Revenue Underpayments | Evaluation and Analysis of high impact Joint Operating, Partnership, Lease and Purchase/Sales agreements of revenues and expenses derived |
For more information contact us.
Your Trusted Partner for Oil & Gas Tax Expert Services in Texas: Inovativ Solutions
Inovativ Solutions, your trusted partner for oil & gas tax expert services in Texas, deeply understands the unique tax and legal challenges of the oil & gas industry. We offer comprehensive consulting and advisory services tailored to your needs. Whether you need general oil & gas tax services or specific oil & gas expert witness services, we can help.
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Comprehensive Tax Services
Our experts specialize in providing comprehensive oil & gas tax services in Texas, focusing on helping businesses maximize their profitability while ensuring compliance with complex tax laws. Whether you’re a small operator or a multinational corporation, our team has the expertise to assist with numerous tax matters.
Count on Our Expansive Knowledge
Inovativ Solutions offers oil & gas expert witness services in Texas. Our professionals possess deep industry knowledge and litigation experience to provide credible, concise, and compelling testimonies in various technical and legal disputes you may face.
We Help You Save Money
We can help you navigate the intricacies of oil & gas tax credit services in Texas. These credits can significantly offset your operational expenses, but understanding and applying them can be complex. Our team will guide you through the process, helping you understand your eligibility, claim credits, and strategically plan your finances.
FAQ
What are the different oil & gas tax services provided by Inovativ Solutions in Texas?
Inovativ Solutions provides various tax services for the oil & gas industry, including tax consulting, tax planning, tax credit services, and expert witness services.
Why should I choose Inovativ Solutions for oil & gas tax services in Texas?
Inovativ Solutions combines deep industry knowledge with legal expertise to provide tailored solutions that maximize profitability while ensuring compliance with complex tax laws.
How does Inovativ Solutions help with oil & gas tax credits in Texas?
Inovativ Solutions guides businesses through understanding and applying for tax credits, offsetting operational expenses, and strategically planning finances for future sustainability and growth.