In today’s episode, Brent Watson, Principal at SALTA, PLLC, is here talking to us about the benefits and savings of being really attentive to sales and use taxes. Brent walks us through how operators can avoid overpaying on taxes, what to avoid and how one small operator saved over $275,000 by hiring a consulting firm to manage their taxes and review their purchases.
1:44 Why should oil and gas well operators care about sales and use tax?
6:13 Differences in tax situations by different states
8:58 Recouping Sales and Use Taxes
10:27 The greatest opportunities to save on sales and uses taxes
11:43 House Bill 430 in Ohio
15:08 Exemptions allowed in some states like Colorado, Kansas, Ohio, New York, Pennsylvania
17:27 A Limited exemption in Louisiana
18:50 Taxes on completion activities versus operational activities
22:47 What to look for when processing invoices
25:17 When you should bring in an outside consultant
About Brent Watson:
Brent is the Principal at SALTA, PLLC, which he founded in September, 2017 after leaving Grant Thornton LLP. Brent has 31 years of practice in sales tax, property tax, and tax incentive programs. Brent has specialized in working with clients to improve compliance through educating personnel and establishing or improving sales tax processes. Brent has established rapport with taxing authorities to effectively resolve tax issues on behalf of clients especially in Arkansas, Oklahoma, and Texas.
He launched the non-income tax group at Tyson Foods in 1990, then led that group for ten years. Brent has fourteen years of experience as a consultant and has extensive experience in the manufacturing, oil and gas, construction, and multi-state retailing industries. Brent has taught seminars for Lorman Education Services, is a frequent speaker for the Oklahoma Society of CPAs and COPAS; and has authored numerous articles in the OSCPA Focus magazine as well as the COPAS Accounts magazine. Brent is a certified Avalara implementation partner.
Brent is a member of the Institute for Professionals in Taxation, Oklahoma Society of Certified Public Accountants, and the Tulsa Chapter of the Oklahoma Society.
Connect with Brent:
About SherWare, Inc.
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SherWare creates software to simplify your accounting needs so you have more time to do the things that matter. We serve independent oil and gas operators, accountants and investors with a platform to manage their distributions and joint-interest billings on a platform -- and we’re the only software on the market that can integrate with your QuickBooks company.
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COPAS provides expertise for the oil and gas industry through the development of Model Form Accounting Procedures, publications, and education. We are a forum for the active exchange of ideas which result in innovative business and accounting solutions.