Course Number: 2020110522
2 CE hours
Instructor: Jimmy Martens, JD, CPA, Founding Partner, Martens, Todd, Leonard & Ahlrich
Nonmembers CPAs pay an additional $21.25 per credit hour for CE classes; nonmember CPAs will be held responsible for paying this additional amount.
This presentation discusses how the Texas Sales & Use Tax and Well Servicing Tax rules apply to the Oilfield Services industry at every stage of the oilfield process.
We start at the very beginning — determining areas of interest & seismic exploration.
We then proceed through lease acquisition, site development followed by the drilling and completion of an oil well.
After discussing the rules for producing wells, we end with work-overs and plugging and abandoning a well.
Attendees will learn not just the tax rules, but how oil wells are drilled and completed as producing wells.
Course Objective(s): Attendees will gain an understanding of the tax rules associated with the Oilfield Services industry as well as how oil wells are drilled and completed as producing wells.
Prerequisites: The method of presentation is online instruction and the program level is basic . There are no prerequisites for this course nor is there any advanced preparation required