In recent years the oil and gas industry has experienced a drop in global demand for crude oil and natural gas. However, prices have recently stabilized and companies in the industry are still responsible for income, state and other taxes. TAVAS has provided Strategic Tax Planning services to the following engaged within the oil and gas industry:
- FRAC support
- Oil field engineering services/consulting
- Oil rig manufacturers
- Field equipment leasing companies
- Well builders and completers
- Site preparation and maintenance
- Mudlogging
- Drilling/Boring
- Oil field support (water hauling)
- Wireline services
- Pipeline construction
- Oil & Gas exploration
- High volume mud & sludge pumping
- Environmental service providers
In applying specialized knowledge in issues particular to oil and gas services for over a decade, some areas of focus are crucial during the Strategic Tax Planning process:
- Domestic production activities deduction
- Depletion
- Accounting Methodologies
- Intangible drilling costs (IDC)
- Asset exposure protection
- Employment tax reduction opportunities
With a broad background in many facets of the oil and gas industry, TAVAS is well-positioned to provide specialized services to small and medium-sized businesses. With the competitive nature in opportunity within the industry, minimizing taxes and protecting assets is imperative to any owner engaged in the oil or gas industry.