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Online Manual

Surviving the Challenges of Oil and Gas Taxation in Texas

The oil and gas industry in Texas continues to expand ... understanding the taxation of this industry is a must for any tax professional. Those who work in the oil and gas industry and related fields face frequent questions regarding taxation of the oil and gas industry. These reference materials are designed to provide businesses, individuals and professionals affected by this dynamic industry with an overview of the state and national tax issues facing the oil and gas industry. Learn the techniques to avoid or minimize tax liability, and provide valuable tips for navigating audits. Stay at the forefront of this growing industry - order today. Benefits for You •Correctly identify and apply sales tax exemptions •Successfully handle audits and appeals •Identifying taxable services in the oil and gas industry •Recent developments and changes in Texas oil and gas severance tax Learning Objectives •You will be able to describe taxable services in the oil and gas industry. •You will be able to identify exemptions for the oil and gas industry. •You will be able to discuss severance taxes. •You will be able to review Texas franchise tax.
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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

Overview
  • Economic Development in Texas
  • Applicable Texas State Taxes for the Oil and Gas Industry
  • Sales and Use Tax
  • Well Servicing Tax
  • Tax Issues in Processing Fuel Products
  • Direct and Consolidated Reporting Requirements
Taxable Services in the Oil and Gas Industry
  • Common Taxable Services
  • Contracting Issues
  • Mixed Services
  • Real Property Services
  • Oil, Gas and Well-Related Services
  • Well Servicing Tax
  • Sales and Use Tax
Exemptions for the Oil and Gas Industry
  • Types of Exemptions
  • Claiming Exemptions
  • Manufacturing Exemptions for Fuel Production
  • Gas and Electricity Exemptions
  • Resale Exemptions
  • The Drill Pipe Rule
  • Drop Shipments (Third-Party Sales)
  • Export Sales
Severance Taxes
  • Oil Production Tax
  • Gas Severance Tax
  • When Severance Taxes Apply
  • Who Pays the Tax
  • Registration and Reporting Requirements
  • Cost Allocation
  • Allowable and Disallowed Marketing Costs
  • Temporary Exemptions
Selected Issues
  • IFTA Registration and Reporting
  • Equipment Surcharges
  • Other Selected Issues
Texas Franchise Tax
  • Contractor Issues
  • Cost of Goods Sold Eligibility
  • Apportionment Issues
  • Rate Qualifications
  • Industry Deductions and Credits
Texas State Tax Audits and Controversies
  • Tax Research
  • Managing Audits
  • Comptroller Advice
  • Voluntary Disclosures
  • Challenging Audit Results
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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

Online Manual

This program format 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, Tax Law, Texas Board of Legal Specialization
  • Founder of Mondrik & Associates, www.mondriklaw.com
  • Represents taxpayers in resolving state and federal tax controversies and litigation
  • Conducts regular seminars and workshops on Texas, multistate, and federal tax controversies
  • Author of several publications related to the areas of state and federal taxation
  • Chair, TSCPA Federal Tax Policy Committee
  • Treasurer, State Bar of Texas Tax Section
  • J.D. degree, with honors, University of Texas School of Law; B.B.A. degree in accounting, University of Texas
  • Can be contacted at 512-542-9300 or [email protected]
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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: 392176
Published 2014
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