Oil and Gas
The oil and gas industry is constantly changing due to new technologies, market conditions, and exploration opportunities.
Combine that with the large amount of regulation and compliance and it can be a tough industry to find success in. The formula for success in drilling, exploration, operation, and production varies according to a wide variety of variables. However, the common theme among all companies in the industry is finding new and innovative ways to manage compliance issues while reducing risk and identifying new opportunities. To ensure your company is in the best position, it is essential to work with a CPA firm that offers more than traditional tax and audit compliance, but one that is familiar with industry issues and challenges as well. Let’s face it; almost any CPA firm can prepare a tax return or conduct an audit. However, far fewer are able to provide tax guidance on acquiring mineral interests, well drilling and operations, and plugging a well once it runs dry. The truth is, each of these situations has a unique type of tax treatment that should be considered. If a provider does not have experience in your industry, then the amount of help they can offer is truly limited. Hanson & Co. is a CPA firm that works with oil and gas companies in Denver and across the Front Range.
Our Oil & Gas Services Include
- Financial Statement Audits
- Transactional Audit Services
- Agreed Upon Procedures
- Well Drilling Cost Audits
- Depletion, Depreciation and Amortization
- Tax Planning and Compliance
- Transaction Review/Analysis
- Monthly Accounting Services
- Joint Interest Billing Accounting
- Financial Statement Preparation
Looking for an experienced firm that understands the issues and challenges faced by oil and gas businesses and its shareholders? If so, then contact us today! For additional information on our oil and gas experience, please contact Hanson & Co. at (303) 388-1010, or click here to contact us.
The latest from Hanson & Co.
Colorado is the latest state to give pass-through entity owners and shareholders a workaround for the federal $10,000 cap on state and local tax (SALT) deduction.
When the actual expense method is used for deducting the business use of a vehicle, the cost of the vehicle is depreciated under MACRS using a 5-year recovery period.
Many Denver business owners and families will be happy to learn that sometime later this year residents will receive a state dividend payment.