June 2018, Vol. 245, No. 6

Features

Oil and Gas Industry Faces Key Changes with New Tax Law

by Pat Hanley, Certified Public Accountant, Moss Adams The Tax Cuts and Jobs Act (TCJA) outlines many changes for taxpayers in the oil and gas industry. It generally lowers income tax rates for individual taxpayers, significantly reduces the income tax rate for corporations, and eliminates the corporate alternative minimum tax (AMT). It also provides a large new tax deduction for most owners of pass-through entities and significantly increases individual AMT and estate tax exemptions. Taxpayers in the oil and gas industry, specifically including gathering and pipeline companies, exploration and production companies, and oilfield service companies are affected because they hold their asset

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