Energy & Resources

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ASU 2018-01 Lessens the Blow of Accounting for Land Easements Under New Lease Requirements

Back in February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), to increase ... read more >

Pa. Legislators Hope to Cut Permit Red Tape, Smooth Path for Drillers

The Pennsylvania Department of Environmental Protection (DEP) claims it will render a decision on a drilling permit for new well within 45 days of application. ... read more >

Rewind: Schneider Downs Energy and Natural Resources Industry Group 2017 Recap

Schneider Downs’ Energy and Natural Resources Industry Group provides specialized financial advice and services to our clients in the oil and gas, ... read more >

Tax Reform: A New Deduction for Individuals - 20% Qualified Business Income Deduction

The Tax Cuts and Jobs Act provided non-corporate taxpayers (e.g., S-corporations, partnerships, limited liability companies, and sole proprietorships) ... read more >

Geological and Geophysical Costs Now Amortizable Over 24 Months for Certain Non-E&P Companies

Generally, any geological and geophysical (G&G) expenses paid or incurred in connection with the exploration for, or development of, oil or gas within ... read more >

New PA Withholding Requirement on Royalties, Bonus Payments, Rents and other Business Income

Under Act 43 of 2017, anyone that pays Pennsylvania-source non-employee compensation or business income to a non-resident individual or disregarded entity ... read more >

Like-Kind Exchange Repealed for Equipment - Opportunity Still Exists for Mineral Rights

Effective after December 31, 2017, the Tax Cuts and Jobs Act repealed the favorable tax deferral treatment to company cars, drilling rigs, mining equipment ... read more >

Marginal Well Credit Creates Major Opportunity to Reduce Taxes

The marginal well credit (MWC), generally unavailable since its enactment in the early 2000s due to price limitations, is now available for natural gas ... read more >

Annual Oil and Gas Update Sheds Light on Current State of the Industry

The oil and gas industry in the United States has been somewhat depressed of late, with a decline in the number of active rigs from the record highs of ... read more >