Insights: Energy and Natural Resources
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…Read More
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…Read More
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…Read More
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…Read More
SUBSCRIBE TO OUR NEWSLETTER
Receive timely news and updates from our newsletter.