Holman Frenia Allison, P.C. (HFA) is quickly becoming recognized as a regional leader in the oil and gas industry. Many are not aware of the unique set of accounting and tax compliance rules that govern oil and gas activities. Our seasoned professionals have what it takes to navigate the landscape to your advantage.
What happens to you tax-wise upon the signing of a lease?
Is there anything you can do to limit your tax or legal liabilities?
What happens if they start drilling? What information must be provided to you?
Are you aware of the potential estate tax liabilities, or how they may be completely avoided?
These are just a few of the many questions that arise in this area.
Lead by Frank B. Holman, III, our Energy and Utility Group has the expertise to ensure that proper depletion allowances and other allocatable costs are accounted for and properly utilized to minimize your tax liability.
We will work with you every step of the way to ensure that your income is fairly determined.
Our firm also knows how to structure these transactions to minimize state and federal tax liability by affording favorable gain treatment whenever possible.
At HFA, P.C., we are also able to help gas royalty owners determine if they are getting their fair share of royalty income – we offer both precursory compliance reviews and full scale royalty verification services.
Finally, oil and gas rights owners require expertise in estate and gift tax planning, which our professionals are ready to offer.
Estate and Gift Planning is much more than merely looking to minimize your tax liability. The best designed tax saving plan is useless if it does not also seek to carry out your wishes. Look to our professionals to guide you in arriving at the best solution for you and your family.
At HFA, P.C. we promise to listen. The result is a solution tailored to your individual needs, while ensuring full regulatory compliance.