Oil & Gas
Lumsden McCormick has years of experience providing accounting, tax and consulting services to oil and gas businesses. Our talented team of professionals understands the operating challenges faced in this unpredictable industry and we have the expertise to provide practical solutions to help them achieve their goals. Team members are at the forefront of industry developments, receive specialized professional development on technical matters, speak at conferences on pertinent issues and proactively engage clients throughout the year. Additionally, our membership in the BDO Alliance USA provides us national and global resources as needed.
Our oil and gas industry services include:
Audit and assurance services
- Accounting systems, policies and procedures
- Audits, reviews, and compilations of financial statements
- Employee benefit plan audits
- Forecasts and projections
- Operations and internal control audits
- Corporate taxation
- Cost segregation studies
- Federal and state tax audits
- Individual taxation
- International taxation
- Multi-state nexus and taxation
- Sales tax reporting and compliance
- State and local tax issues
- Tax credits and business development incentives
- Tax planning
- Business valuations
- Cash flow analysis
- Costing systems
- Financing options
- Fraud prevention, audits and investigations
- General ledger consulting
- Mergers and acquisitions
- Strategic planning
- Succession planning and business structure
- American Institute of Certified Public Accountants (AICPA)
- AICPA Employee Benefit Plan Audit Quality Center
- Member of the Center for Public Company Audit Firms of the AICPA
- BDO Alliance USA
- Independent Oil and Gas Association of New York (IOGA of NY)
- New York State Society of Certified Public Accountants (NYSSCPA)
- Public Company Accounting Oversight Board (PCAOB)
Wednesday, April 11, 2018
When CPAs conduct an audit or review, they can’t test every transaction. Instead, they set a “materiality” threshold. Several definitions of materiality exist. Learn the application of each.
Wednesday, April 11, 2018
The cash gap can be a useful management tool for finding hidden treasure in your company’s balance sheet. Learn ways to put this potential pot of gold to work for you.
Saturday, February 24, 2018
The Tax Cuts and Job Act (TCJA) commonly referred to as tax reform has changed the deductibility of certain meals and entertainment expenses. Documentation is especially important in 2018.
Wednesday, March 22, 2017
Michē C. Needham, CPA authors 2017: Optimism at its Best!, published in Spring edition of The Pipeline, the official newsletter of the Independent Oil & Gas Association of NY.
Monday, May 14, 2018
The Saturn Club, 977 Delaware Ave., Buffalo, NY 14209 | 5:00 pm
Join us for a one-hour presentation on the major changes to the federal tax reform bill impacting businesses and individuals.