Many oil and gas companies have sought debt reduction through bankruptcy protection or debt restructuring in response to financial difficulty brought on by the COVID-19 pandemic. When considering options to reduce debt, companies should understand the tax consequences that these actions can bring. This is particularly true for partnerships, which…
Jon R. Roberts, CPA, Partner, Tax Service, has more than a decade of public accounting experience, with a focus on serving oil and gas exploration, production and service companies. He has extensive experience in federal and state taxation of partnerships, corporations, S corporations and limited liability companies, as well as serving their individual owners. Roberts is also experienced in tax planning for business and individual clients and providing tax services for closely held family groups. A certified public accountant, he is a member of the Texas Society of Certified Public Accountants (TSCPA), American Institute of Certified Public Accountants (AICPA) and the Wednesday Tax Forum. Roberts earned a Bachelor of Business Administration in accounting from Abilene Christian University.
Jon Pezzi, CPA, Partner, Tax Service, has more than 13 years of public accounting experience which includes federal and state taxation of partnerships, corporations, S corporations and limited liability companies. His focus is on providing tax consulting for mergers and acquisitions, including tax structuring and tax due diligence. Pezzi also has experience handling multi-state taxation issues and public company taxation issues, including ASC 740 issues. He is a certified public accountant in Texas and Virginia. Pezzi earned a Master of Science in accounting with a concentration in tax consulting from the University of Virginia, as well as a Bachelor of Science in accounting from Ohio State University.
Oil and gas operations are commonly found in remote locations far from company headquarters. Now, it's possible to monitor pump operations, collate and analyze seismic data, and track employees around the world from almost anywhere. Whether employees are in the office or in the field, the internet and related applications enable a greater multidirectional flow of information – and control – than ever before.