Many private companies were formed years ago using what was known as a Subchapter S election, which refers to the optional treatment of an otherwise taxable C corporation as (generally) a passthrough entity. These structures...more
New Mexico recently enacted legislation qualifying pass-through entities to make an annual election to pay an entity-level state tax for taxable years beginning on or after January 1, 2022. Here’s what it means for your oil...more
6/1/2022
/ Exceptions ,
Income Taxes ,
Limited Liability Company (LLC) ,
Oil & Gas ,
Partnerships ,
Pass-Through Entities ,
Required Forms ,
State Taxes ,
Tax Exempt Entities ,
Tax Returns ,
Withholding Tax
SPACs, or so-called “blank check companies”, are an alternative and expedient route to going public, but the financial reporting, tax, and governance aspects of the SPAC’s future investments must be considered.
Previously...more
The Treasury Department and the IRS recently provided practical administrative guidance for carbon capture and sequestration tax credits, but what are the broader implications for future energy production?...more
Many oil and gas companies and their investors are looking at declaring bankruptcy, which creditors may think they’re ready for. But, they must take income tax considerations into account, says Opportune LLP Managing Director...more
Find out why upstream oil and gas investors should take into account income tax considerations during and after a restructuring event. ...more
Find out why some energy companies are considering potential oil and gas impairments amid low oil and gas pricing, and what key considerations go into conducting these impairments in order to comply with debt covenants and...more
2/14/2020
/ Business Assets ,
Corporate Governance ,
Corporate Taxes ,
Crude Oil ,
Disclosure Requirements ,
Financial Statements ,
Future Impairment ,
Futures ,
GAAP ,
Natural Gas ,
Oil & Gas ,
Privately Held Corporations ,
Property Valuation ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Valuation
The Tax Cuts and Jobs Act of 2017 (“The Act”) is just over a year old and tax practitioners, taxpayers and commentators are still working to digest the actual effect of many of its sweeping changes. While one of the central...more
On May 28, 2014, FASB and IASB jointly announced new financial accounting standards for revenue recognition, titled “Revenue from Contracts with Customers (Topic 606).” For publicly-traded entities, Topic 606 was required to...more
6/8/2018
/ Accounting Standards ,
Business Entities ,
Business Taxes ,
Corporate Taxes ,
FASB ,
Financial Accounting ,
Financial Statements ,
IASB ,
Income Taxes ,
IRS ,
New Rules ,
Publicly-Traded Companies ,
Tax Cuts and Jobs Act