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lat-seminars

Tax Courses for CPE credit

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April 27, 2023

Course Countdown:

 

Texas & Louisiana Sales and Use Tax for the Oilfield Services Industry

CPE Credit Hours: 8.0

Program Level: Basic

Program Prerequisite: None

Advanced Preparation: None

Course Presenter (Texas): Jimmy Martens

Course Presenter (Louisiana): Gary Dressler

Course Time: 8:30 am - 4:00 pm

Location: New Orleans

This course explains how the Texas & Louisiana sales and use tax plus well servicing tax rules apply to the oilfield services industry at all stages of the drilling and completion processes. This course starts with determining an area of interest, then proceeds through the drilling and completion of a well. After discussing the rules for producing fields, we conclude with tax rules for workover, and plugging & abandonment. We also review the Comptrollers recent change in taxing policies for oilfield services, including flowback, directional drilling, and others.

Learning Objectives

  • Seismic and Site Work
  • Drilling and Completion
  • Well-Servicing Issues
  • Operating Producing Fields
  • Workover

  • Time Topics Issues Covered
    8:30 Texas Sales and Use Tax Overview
  • Texas Sales & Use Tax
  • Well Servicing Tax
  • 8:40 Texas Sales Tax Rules
  • Taxable Materials, Supplies, and Equipment
  • Renting Oilfield Equipment
  • Operator Leases
  • Real v. Tangible Personal Property
  • Texas Sales & Use Tax
  • Taxable Oilfield Services
  • 9:30 Texas Well Servicing Tax
  • Testing, Cementing, Shooting, Fracturing, and Acidizing
  • Non-taxable Services
  • Interplay with Sales Tax
  • 10:00 Break 10 Minute Break
    10:10 Taxing Oilfield Services
  • Determining an Area of Interest
  • Acquiring Oilfield Leases
  • Moving Equipment & Rigging Up
  • Drilling the Well
  • Operating the Producing Oilfield
  • Workover Costs
  • Plugging & Abandoning the Well
  • 11:40 Oilfield Tax Exemptions
  • Surface v. Subsurface Equipment
  • Proppant & Fracking Chemicals
  • Utility Costs
  • Offshore Exemptions
  • 12:00 Lunch Provided for In-Person Attendees
    12:30 Louisiana Tax Overview
  • Sales & Use Tax
  • Taxable Goods and Services
  • Lease Tax and Leases
  • Local Sales, Use, and Lease Tax
  • 1:00 Louisiana Sales Tax Issues
  • Seismic/Geophysical Work
  • Leases – for Re-lease, Offshore, and Inter-Parish
  • First Use Offshore
  • Repairs – Offshore Drilling and Exploration
  • Immovable Property
  • Compression Services/Leases
  • Oilfield Services
  • 2:00 Break 10 Minute Break
    2:10 Louisiana Sales Tax Issues – Cont’d
  • Seismic/Geophysical Work
  • Leases – for Re-lease, Offshore, and Inter-Parish
  • First Use Offshore
  • Repairs – Offshore Drilling and Exploration
  • Immovable Property
  • Compression Services/Leases
  • Oilfield Services
  • 3:00 Handling Louisiana Audits
  • Statute of Limitations
  • Credit for Taxes Paid
  • Managed Audits
  • Pre-Audit Planning
  • Dealing with the Louisiana or Parish Auditor

    • NASBA Statement

      LAT Seminars is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority over the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket