Sales Taxes

Petroleum Accounting Consultants, PLLC has developed a proven methodology for reviewing invoices for sales taxes that have been inappropriately charged.

The state of Texas has very complex sales tax laws that identify specific charges as being not subject to sales tax or subject to sales tax. The Texas sales tax law can be found at Texas Sales Tax Code.

If you don’t feel the desire to read hundreds of pages of sales tax rules contact our office and we can arrange to perform a sales tax audit for you.We will review your invoices to identify invoices where sales tax was incorrectly charged and file the proper paperwork with the state of Texas to request a refund of the sales taxes erroneously paid.

Each oil and gas producing state has statute of limitations regarding the amount of time that can elapse before a refund claim is submitted. For example, the state of Texas has a four year statute of limitations while Oklahoma limits refund claims to three years. Don’t let the statute of limitations run out on your refund contact our office today.

Oil and gas companies who have production in Texas may be able to save money on sales taxes by self-remitting their sales taxes. The sales tax rate for the state of Texas can have as many as four separate taxes.

1. State sales tax 6.25%
2. Municipal sales tax
3. County sales tax
4. Transit sales tax The municipal, county and transit sales tax can be no more than 2%, thus raising the potential amount of sales tax you will pay to 8.25%.

Our consultants can provide you with more information regarding when sales are subject to municipal, county and transit sales tax. We can provide you with a strategy and help you implement it that could save you thousands of sales tax dollars.

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"It is a pleasure for me to recommend Petroleum Accounting Consultants, PLLC. They performed research of our files, preparation of data and preparation of the applications for properties that qualify for a refund of gross production taxes. The professionalism, the work ethic, with a minimum disruption of our normal work has made the tedious research necessary to apply for the refunds a reasonable project for a small firm such as ours."

Bird Oil & Gas, Inc. - Billy C. Griffin, P.E.

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Severance Taxes

An cost effective alternative to hiring your own accounting staff to complete your severance tax reporting requirements is to hire Petroleum Accounting Consultants, PLLC.

Our consultants can complete your severance tax returns and save you money on salary expense and payroll tax expense. More importantly our consultants are familiar with the various severance tax incentives offered by oil and gas producing states and can take advantage of them, which will save you money on your severance taxes.

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