Insights: Energy and Natural Resources

Checking in on Your Accounts Payable Processes

June 15, 2022

Accounts payable is a critical area of concern for every business. However, as a back-office function, it doesn’t always get the attention it deserves. Once in place, accounts payable processes tend to get taken for granted. Following are some tips and best practices for improving your company’s approach. Be strategic Too often, businesses take a…

Read More

Standard Mileage Rates Increase

June 13, 2022

As gas prices continue to soar, the Internal Revenue Service (IRS) announced on June 9 an increase in the optional standard mileage rate for the final six months of 2022. Starting July 1 through December 31, 2022, the standard mileage rate for the business use of employees’ vehicles will increase four cents from 58.5 cents…

Read More

The Tax Mechanics Involved in the Sale of Trade or Business Property

April 26, 2022

There are many rules that can potentially apply to the sale of business property. Thus, to simplify the discussion, let’s assume that the property you want to sell is land or depreciable property used in your business, and has been held by you for more than a year. (There are different rules for property held…

Read More

Once You File Your Tax Return, Consider These Three Issues

April 14, 2022

The tax filing deadline for 2021 tax returns is April 18 this year. After your 2021 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations: 1. You can throw some tax records away now You should hang onto tax records related…

Read More

There Still May Be Time to Cut Your Tax Bill With an IRA

March 10, 2022

If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA right up until the April 18, 2022, filing date and benefit from the tax…

Read More
cutting costs

Surviving the Downturn: Cutting Costs

August 25, 2020

Suttle & Stalnaker, PLLC is pleased to publish this four-part series providing guidance to the energy sector as we navigate the COVID-19 pandemic and beyond.   Chris Deweese, CPA, CGMA Member, Suttle & Stalnaker, PLLC If you are in the energy market, you already know what recent market conditions and COVID-19 have done to the…

Read More

The tax implications if your business engages in environmental cleanup

November 25, 2019

If your company faces the need to “re-mediate” or clean up environmental contamination, the money you spend can be deductible on your tax return as ordinary and necessary business expenses. Of course, you want to claim the maximum immediate income tax benefits possible for the expenses you incur. These expenses may include the actual cleanup…

Read More

For best results, start your strategic planning early

September 11, 2019

Time flies when you’re having fun — and running a business. Although it’s probably too early to start chilling a bottle of bubbly for New Year’s Eve, it’s certainly not too early for business owners to start doing some strategic planning for next year. Here are some ways to get started. Begin with your financials…

Read More
02_07_18_838151864_bb_560x292.jpg

3 Ways Technology can Enhance Your Internal Audit

August 28, 2019

The concept of the Internal Audit (IA) has been around for centuries and can take many forms, depending on the business. While most businesses utilize the IA function as merely a compliance task – checking the box or to comply with the standards of Sarbanes Oxley or some other regulatory agency-   many businesses overlook the…

Read More

IRS Announces Marginal Well Credit

July 10, 2019

The Internal Revenue Service (IRS) recently issued Notice 2019-37, which announced that the marginal well credit (MWC) on qualified natural gas production from qualifying wells would be $0.00 per mcf for tax years beginning with calendar year 2018. For the purpose of this credit, marginal production is defined as domestic natural gas produced during any…

Read More

SUBSCRIBE TO OUR NEWSLETTER

Receive timely news and updates from our newsletter.

  • This field is for validation purposes and should be left unchanged.