TX Sales & Use Tax for the Oilfield Services Industry: March 28, 2019

  • Midland, TX
  • 12:00 pm – 3:30 pm
  • $199

4 CPE Credits. Increased production from fracking in Texas and other states has both generated substantial refund opportunities and prompted Texas to escalate Oilfield Service company audits. Recent rulings affecting this industry have contributed to these issues as well.

This 4-hour course is designed to educate professionals on the Texas sales tax issues prominent in the Oilfield Services industry. By completing this course you will gain a working knowledge of Texas’ sales tax rules as they apply to various phases of the Oilfield Services process from seismic analysis, the acquisition and preparation of drilling sites, drilling and completing the well and those related to a producing oil field. Learn how to minimize the likelihood of adverse tax assessments and discover refund opportunities. Discuss audit concerns and strategies and your options in contesting any adverse assessments.

  • Field of Study: Taxes
  • Prerequisite: None
  • Program Level: Basic
  • Delivery Method: Group-Live

AGENDA

  • 11:30 a.m. – 12:00 p.m. – Registration
  • 12:00 p.m. – 12:10 p.m. Texas Tax Overview
  • • Sales & Use Tax
  • • Well Servicing Tax
  • 12:10 p.m. – 1:20 p.m. Texas Sales Tax Rules
  • • Taxable Materials, Supplies & Equipment
  • • Renting Oilfield Equipment
  • • Operator Leases
  • • Real v. Tangible Personal Property
  • • Taxable Oilfield Services
  • 1:20 p.m. – 1:30 p.m. Texas Well Servicing Tax
  • • Testing, Cementing, Shooting, Fracturing
  • & Acidizing
  • • Interplay with Sales Tax
  • 1:30 p.m. – 1:40 p.m. Break
  • 1:40 p.m. – 3:10 p.m. Taxing Oilfield Services
  • • Determining an Area of Interest
  • • Acquiring Oilfield Leases
  • • Moving Equipment & Rigging Up
  • • Drilling the Well
  • • Completing the Well
  • • Operating the Producing Oilfield
  • • Workover Costs
  • • Plugging & Abandoning the Well
  • 3:10 p.m. – 3:30 p.m. Oilfield Tax Exemptions
  • • Surface v. Subsurface Equipment
  • • Proppant & Fracking Chemicals
  • • Utility Costs
  • • Offshore Exemptions

Date

3/28/2019

Where

Midland, TX

Venue

  • DoubleTree by Hilton
  • 117 West Wall St.
  • Midland, TX 79701

Price

$199

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LAT Seminars is registered with the National Association of state Boards of Accountancy (NASBA) as a sponsor of continuing professional educations on the National Registry of CPE Sponsors. State boards of accountancy have final authority of 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: learningmarket.org