Federal Income Tax
Tax departments must balance daily operations with ever-shifting regulations, frenetic timelines, and limited resources—not to mention regulatory demands for heightened transparency, greater data accuracy, and improved controls. Streamline’s Federal Income Tax practice helps clients deal with the madness, and initiate successful compliance solutions.
We are committed to fusing the proper mix of people, processes, and technology to effectively control and manage federal income tax liabilities. We accomplish this via a shared focus with our clients, keeping an open line of communication—and delivering results.
Federal Income Tax services are custom-tailored to meet the varying needs of each client. Our wide-ranging industry experience, cutting-edge technology and tested processes ensure the best tax consulting available.
Our services include:
Federal Income Tax Compliance, Research and Development Tax Incentives, Section 199 – Domestic Production Activities Deduction, Process and Technology, Internal Revenue Service (IRS) Audit Support, Cost Segregation, Tax Accounting and more.
Multi-State Income Tax
Whether we are providing timely, accurate responses to queries or creating a client’s tax-efficient corporate structure, Streamline’s multi-state income tax team provides best-in-class service.
Our services include:
Audit Management: We manage clients’ state income and franchise tax audit processes. We provide auditors with solutions, offer assistance in replying to requests, and advise clients on their rights as taxpayers under applicable state laws.
Minimizing Future Tax Liabilities: By creating tax-planning strategies specific to each business and situation, we minimize clients’ state income and franchise tax liabilities.
Review of Returns: We regularly review past-year returns to identify refund opportunities. We also assist in preparing returns, providing valuable advice (including alternative apportionment factor methodologies, optional filing methods, tax base adjustments, and more).
Our total approach guarantees all production tax incentives are identified and captured. We combine a robust knowledge of tax compliance procedures with an aggressive pursuit of all available production incentives. From identifying properties in the field that may qualify for incentives, to tax return documentation—we handle the entire process. As such, we can identify the potential opportunity, all parties on the lease, and the time periods affected. Our tax professionals have experience in all facets of oil & gas taxation.
We begin a project by performing a detailed analysis of the client’s operations, researching each well individually, and ensuring all available opportunities are identified and quantified. Most of this work is done offsite; information is gleaned from government and public sources. We then aggressively pursue each opportunity, minimizing tax liability effectively and efficiently.
Our Services include:
Compliance reviews designed to identify and recover taxes, such as unclaimed incentives, lease & commodity coding issues, mishandled amendments; incentive reviews of tax credits associated with high-cost gas production, incremental production from re-completions or work-overs, previously inactive and shut-in well production, production from horizontal wells, deep wells, and new discovery wells. We also perform IRC Section 29 look-back reviews, marketing cost deduction recalculation services, open adjustment notice review and cleanup services, sales and use tax credit recovery services focusing on lease activities, and tax reimbursement contract review services.