It is becoming increasingly more difficult for oil and gas companies to understand the every changing Texas severance tax regulations. Texas law provides several opportunities for oil and gas companies to obtain a severance tax refund most oil and gas companies don't even know they are eligible to get a severance tax refund. Small Oil and gas operators typically don't have the internal resources available to dedicate to learning about and obtaining these refunds. On the 20th of each month another month of severance tax refunds expire as the State of Texas has a four year statute of limitations on severance tax refunds.
Since 2002 Petroleum Accounting Consultants has been obtaining severance tax refunds for oil and gas operators during that Petroleum Accounting Consultants has recovered over $37 million in severance tax refunds. Our severance tax consultants are continually trained and up-dated on all the new severance tax developments.
While working with well over 100 oil and gas operators, over the past ten years, we have developed a methodology for our reviews that limits the time we need from internal staff to about one to two hours. Our clients' are always amazed at the return the receive on their investment of a couple of hours.
Since we perform our oil and gas severance tax reviews on a contingency fee basis oil and gas operators have nothing to lose to find out if their wells qualify for a refund. For more information on how Petroleum Accounting Consultants can help you with obtaining your severance tax refunds please fill out the form below.
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