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Texas State Taxation Update for the Oil and Gas Industry

Make sure you are up-to-date on the latest Texas oil and gas taxation rules and regulations.

Effective 9/1/2015, the Texas legislature modified and repealed taxes related to the oil and gas industry. Technological advances in drilling continue to raise taxability issues. Recent rulings and case law may have a significant effect on the applicability of various state taxes and related exemptions, such as the manufacturing exemption, the franchise tax cost of goods sold deduction, and potential exclusions for flow-through revenues, in this changing environment. Glenn Hegar took over as Texas Comptroller in 2015. The Comptrollerís office has increased its activity and is busy conducting audits of taxpayers in the industry. This topic is designed to update professionals on Texas state tax issues facing the oil and gas industry, and will address Texas state tax issues throughout the stages of production and sale, including sales and use tax, well services tax, well severance taxes, and the franchise (margin) tax.

Runtime: 97 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Sales and Use (and Well Servicing) Tax

  • Stages of Drilling and Production: Taxable (and Nontaxable) Services
  • Manufacturing Exemption for Oil and Gas
  • Real Estate and Tangible Personal Property
  • Well Servicing Tax

Franchise Tax Issues

  • Manufacturing and Production
  • Transportation
  • Cost of Goods Sold Updates
  • Combined Reporting Issues
  • Special Oil and Gas Provisions

Other Tax Issues

  • Production/Severance Taxes
  • Fuel Tax
  • Claiming Exemptions
  • Reporting Requirements
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on January 18, 2016.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • CAC 0.5
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Christina A. Mondrik, Esq., CPA

Christina A. Mondrik, Esq., CPA

Mondrik & Associates

  • Board Certified in Tax Law by the Texas Board of Legal Specialization
  • Founder of Mondrik & Associates
  • State and Federal Tax Controversies and Litigation
  • Conducts regular seminars and workshops on state and federal tax
  • B.B.A. degree in accounting, University of Texas at Austin; J.D. degree, University of Texas School of Law
  • Chair, Federal Tax Policy Committee, Texas Society of CPAs
  • Secretary, Texas State Bar Tax Section
  • Sales and Use Tax Subcommittee Chair, State and Local Tax Committee, ABA Section of Taxation
  • Can be contacted at [email protected] or (512) 542-9300
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 397037
Published 2016
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