Latest posts
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Todd Muslow CPA | Casualty Losses and Storm Damage on a Louisiana Business Return
In Louisiana, storm damage is not a hypothetical planning topic. It is a recurring line item, and the businesses that handle it well are the ones that decided how to handle it before the water arrived. Todd Muslow CPA works with closely held businesses in Shreveport, Louisiana, and across the region, where the accounting question…
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Todd Muslow CPA | Setting Reasonable Compensation for S Corporation Owners
The S corporation owner’s temptation is simple arithmetic. Wages carry employment taxes. Distributions do not. So the wage goes down and the distribution goes up, and the savings look free. They are not free. Todd Muslow CPA sees this as the single most common self-inflicted exposure among closely held businesses, and it is one of…
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Todd Muslow CPA | Related Party Transactions Between Affiliated Entities
An owner runs three companies. One holds the equipment, one holds the real estate, one does the work. Money moves between them constantly, and the movement is documented by the fact that it happened. That is the arrangement Todd Muslow CPA encounters most often with closely held businesses, and it is the one that creates…
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Todd Muslow CPA | Revenue Recognition for Oilfield Service Companies
A service company sends a rig to a location, sits on standby for two days, works for nine, and demobilizes. The invoice goes out at the end. The accounting question is which period earned what. Owners answer it by looking at when the invoice was cut. That is not the standard, and the gap between…
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Todd Muslow CPA | Asset Retirement Obligations and the Cost of Plugging a Well
A well that stops producing is not finished. It has to be plugged, the equipment removed, the site restored. That obligation exists from the day drilling ends, whether or not anyone has written it down. Accounting rules require it to be on the balance sheet. Todd Muslow CPA saw the calculation from the audit side…
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Todd Muslow CPA | Depletion and What It Does to an Energy Company’s Books
Depreciation is intuitive. A truck wears out, and the books record the wearing out. Depletion is the same idea applied to something people find harder to picture, which is a reservoir emptying. Every barrel sold is inventory that will never be replaced from that property. Todd Muslow CPA audited that calculation at KPMG LLP before…
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Todd Muslow CPA | How to Read a Joint Interest Billing Statement
A joint interest billing statement arrives monthly, runs several pages, and gets approved in about ninety seconds by most working interest owners. The signature happens faster than the reading. That habit costs money. Todd Muslow CPA has reviewed these statements from the audit side at KPMG LLP and from inside an operating company as Chief…
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Todd Muslow CPA | Intangible Drilling Costs and the Deduction Timing Decision
A well costs money long before it produces anything. Labor, fuel, drilling fluids, site preparation, rig time. None of it has salvage value once the hole is drilled. That category has a name in the tax code, and it drives one of the larger decisions an operator makes in a given year. Todd Muslow CPA…