Sales and Use Tax Overview for Oil and Gas Clients in Top Producing States

Sales and use tax can significantly impact your oil and gas company. Are you aware of these financial impacts?

In an article from Accounting Web, author Brent Watson writes, “This article is intended to provide a high level overview of how these taxes typically affect producers in states with substantial oil and gas activity”.

In the article, Watson discusses:

  • Texas
  • Oklahoma
  • Wyoming
  • North Dakota
  • Colorado

Watson continues, “In times of falling prices, monitoring sales tax expenditures and vendor tax collection is especially important. Because laws are complex, and large outlays of sales tax can easily be incurred during drilling, completion and daily operations, opportunities to both avoid exposure and more often, to reduce overpayments of tax, abound”.

To read more, see the full article from Brent Watson in Accounting Web.