Texas Sales Tax for the Oilfield Services Industry

Overview

This course explains how the Texas sales & use tax and well servicing tax rules apply to the oilfield services industry at all stages of the drilling and completion processes. The course starts with determining an area of interest, then proceeds through the drilling and completion of a well. After discussing the rules for producing fields, we conclude with tax rules for workover, plugging, and abandonment. We also review the Comptroller’s recent change in taxing policies for oilfield services, including flowback, directional drilling, and others.

Major Topics

• Texas Tax Overview
• Texas Sales Tax Rules
• Texas Well Servicing Tax
• Taxing Oilfield Services
• Oilfield Related Exemptions

Learning Objectives

Understand how the taxing process works with:

• Seismic and Site Work
• Drilling and Completion
• Well-Servicing Issues
• Operating Producing Fields

Prerequisites

None

Advanced Preparation

None

Level of Knowledge

Basic

Instructional Delivery Method

Group Internet Based

CPE Credit

Participants will earn 4.0 CPE credits

Field of Study

Taxes

Registration Requirement

Pre-registration is required for this event. To register, please visit our website at tx.cpa or contact our office at 800.428.0272. Participant credit is given based on actual attendance time. For live events, late arrivals and/or early departures will be captured manually and notated on the physical sign in sheet or will be captured by the attendance monitoring application. For webinars, late arrivals and/or early departures will be captured by the submission of participant codes within the attendance monitoring application within the webinar broadcasting application.

Refunds and Cancellations

Registration changes can be made by calling 800-428-0272 or 972-687-8500 (option 2) or by emailing learning@tx.cpa. No shows forfeit the entire registration fee.

Cancellations for in-person conferences and events received at least 10 business days prior to the start of the event are eligible for a full refund. Cancellations received less than 10 business days prior to the start of the program are subject to a 50% cancellation fee due to facility, food and beverage fees being incurred.

Cancellations for webinars, webcasts, and online programs received at least five business days prior to the start of the program will be eligible for a full refund. Cancellations received less than five business days in advance of the program are subject to a 25% cancellation fee.

The Texas Society of CPAs is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of Continuing Professional Education (CPE) on the National Registry of CPE Sponsors. Boards of Accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.