Insights: Energy and Natural Resources

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…

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Navigating the Qualified Business Income Deduction

July 2, 2019

One of the most talked about provisions of the Tax Cuts and Jobs Act of 2017 is the Qualified Business Income Deduction, a new tax benefit allowing entrepreneurs, self-employed individuals and investors to deduct 20 % of their business income in calculating their income tax.  This was a significant change to the taxation of flow-through…

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Revenue Recognition for Royalty Payments

May 14, 2019

Do you receive royalty payments from lessees? The way you account for these transactions could be changing if you follow U.S. generally accepted accounting principles (GAAP) to prepare your financial statements. Beginning in 2019, nonpublic businesses will need to implement Accounting Standards Update No. 2014-09 Revenue from Contracts with Customers (Topic 606) and the related…

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What type of expenses can’t be written off by your business?

May 6, 2019

If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in…

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West Virginia Steam Coal Severance Tax Decrease

April 24, 2019

In the closing moments of the recent legislative session at the West Virginia Capitol, Gov. Jim Justice signed a bill that will decrease severance tax on thermal (steam) coal from 5% to 3%.  This decrease will be implemented over the next three years and works out to about 40 cents per ton.  Additionally, this savings…

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Overview of West Virginia Coal Association 2019 Winter Symposium

March 12, 2019

On January 30th, the West Virginia Coal Association held its 46th annual Coal Symposium to recognize safe producers, provide legislative updates, and discuss the global and statewide industry forecast.  While the overall tone of this year’s Symposium was more optimistic than in previous years, an air of caution persisted among the 400+ in attendance. We’ve…

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