Category Archives for Oil and Gas Taxes

#018-Updates On State Legislative Initiatives

In today’s episode, Tom and Phil are going over some new bills and initiatives by state. They discuss legislation on fracking and taxes at both the state and federal level. They also talk about the suspension of new oil and gas leasing permits put in place by the Biden administration, and how the shutdown of the Keystone Pipeline could affect communities.

Highlights:

1:27 Hydraulic fracturing

3:03 New bills in Oklahoma

5:49 Senate Bill 181 in Colorado

7:06 Bills with Ad Valorem tax changes in Colorado and Wyoming

8:34 North Dakota Senate Bill 2328

10:57 Biden suspension on new oil and gas leasing permits

11:19 Updates on the Keystone pipeline

About SherWare, Inc.

If you’re enjoying this episode, please subscribe to our podcast and share with a friend! We also love ratings and reviews on Apple podcasts.

SherWare creates software to simplify your accounting needs so you have more time to do the things that matter. We serve independent oil and gas operators, accountants and investors with a platform to manage their distributions and joint-interest billings on a platform — and we’re the only software on the market that can integrate with your QuickBooks company.
Click here to watch a demo of the software in action right now.

About COPAS:

COPAS provides expertise for the oil and gas industry through the development of Model Form Accounting Procedures, publications, and education. We are a forum for the active exchange of ideas which result in innovative business and accounting solutions.

Find a society near you.

www.copas.org

#016-PPP And 1099 Updates That Could Affect Your 2020 Taxes

In today’s episode, Tom and Phil are talking about some changes that were included in the new stimulus bill that was just released by Congress. Companies can now apply for a second round of the Payment Protection Loan but there are some new requirements. They also discuss some changes that were made to the 1099 form and how that may affect filing and reporting your 2020 taxes.

Highlights:

1:38 Changes in 1099 filing and reporting in 2020

2:57 The new 1099 form 

3:33 Tom and Phil reminisce on the year 1982

7:36 New guidance from Congress on the Paycheck Protection Loan

8:24 Changes in eligibility for the PPP loan

9:57 New maximum loan amount

11:04 Simplified loan forgiveness

About SherWare, Inc.

If you’re enjoying this episode, please subscribe to our podcast and share with a friend! We also love ratings and reviews on Apple podcasts.

SherWare creates software to simplify your accounting needs so you have more time to do the things that matter. We serve independent oil and gas operators, accountants and investors with a platform to manage their distributions and joint-interest billings on a platform — and we’re the only software on the market that can integrate with your QuickBooks company.
Click here to watch a demo of the software in action right now.

About COPAS:

COPAS provides expertise for the oil and gas industry through the development of Model Form Accounting Procedures, publications, and education. We are a forum for the active exchange of ideas which result in innovative business and accounting solutions.

Find a society near you.

www.copas.org

#009 – Year-End Tax Benefits & Strategies Butch Rogers

In today’s episode, Tom and Phil are joined by Butch Rogers, Certified Public Accountant. They discuss possible tax benefits that may be helpful to oil producers when filing taxes this year. They also cover some of the tax changes we may see under the new administration, along with the most recent updates on the Paycheck Protection Loan.

Highlights:

2:47   Butch’s motivation to stay in school to get a “sit down” job

5:57   Changes in law, IRS rulings, and court cases impacting the oil and gas industry

13:54 Potential Tax Benefits for oil producers after the downturn in the oil and gas industry

18:50 The latest updates on PPP loan forgiveness

25:37 Impact of tax legislation under the Biden Administration

31:07 How increased tax rates could actually drive more investments into the industry

About Butch Rogers:

Robert “Butch” Rogers is a Certified Public Accountant with a Master’s Degree in Taxation from Texas Tech University. He is a CPA in Wooster, Ohio and is a partner in the CPA firm MBR Partners, Inc.

Butch has over 35 years experience working in and with clients in the oil and gas industry. As a college student he worked as a roustabout in West Texas. Upon graduating from college he worked for Gulf Oil as a business administration trainee, working in the Midland, Texas district office and the Monahans, Texas field office. He gained valuable oil and gas tax experience working with Coopers and Lybrand in Lubbock, Texas. During his time as a practicing CPA, Butch served a number of small independent producers as a trusted tax and business advisor.

His speaking experience includes conducting continuing education seminars and webinars for various state societies of CPAs, Ohio Oil and Gas Association, COPAS, and Bisk Education.

Connect with Butch:

[email protected]

www.mbrpartnerscpa.com

About SherWare, Inc.

If you’re enjoying this episode, please subscribe to our podcast and share with a friend! We also love ratings and reviews on Apple podcasts.

SherWare creates software to simplify your accounting needs so you have more time to do the things that matter. We serve independent oil and gas operators, accountants and investors with a platform to manage their distributions and joint-interest billings on a platform — and we’re the only software on the market that can integrate with your QuickBooks company.
Click here to watch a demo of the software in action right now.

About COPAS:

COPAS provides expertise for the oil and gas industry through the development of Model Form Accounting Procedures, publications, and education. We are a forum for the active exchange of ideas which result in innovative business and accounting solutions.

Find a society near you.

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