These are challenging times for most independent oil and gas producers. Traditional competitive concerns are complicated by legislative and regulatory uncertainty, while difficult economic conditions have tightened access to operating capital for some companies. Strong, smart, strategically minded producers have weathered the storm, but even the best independent O&G businesses remain focused on the cash flow and tax liability issues that directly weigh on their future success. The good news: amidst the chaos and uncertainty, there are proven value-generation solutions that the ... (Read the rest of this entry)
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Category: ‘Leadership’
O&G: Independent Producer Value Capture Workshop a big success in San Antonio
June 9th, 2010 by Sam Smith1031 exchanges: fact-checking some common myths
March 25th, 2010 by Sam SmithNormally when a powerful, cash-friendly tax code has been established for nearly 90 years, it's something that most affected professionals know a lot about. For some reason, though, there remain a number of myths and misconceptions surrounding 1031 like-kind exchanges. We asked a couple of Accruit's like-kind exchange gurus to address some of the most common misunderstandings we encounter, and the result is a handy, on-point examination of some things that you may have wondered yourself. For instance:
- Any complications with
RevProc 2010-14: are you eligible? If so, how should you proceed?
March 9th, 2010 by Steve Chacon
On Friday, Sam posted a brief note on I.R.S Revenue Procedure 2010-14. This new RevProc offers important relief to certain taxpayers who were unable to their 1031 exchanges due to default on the part of their qualified intermediaries (QIs). I'd like to offer some more detail on RevProc 2010-14, highlighting what it takes to qualify under and apply these new safe harbor rules.
First, let's consider eligibility. The revenue procedure applies to:
- Taxpayers who
Revenue Procedure 2010-14: IRS rules that 1031 exchange parties not in actual or constructive receipt of proceeds due to QI default
March 5th, 2010 by Sam SmithThe Internal Revenue Service today issued Revenue Procedure 2010-14, providing a much-needed safe harbor for reporting gain or loss for some taxpayers. Affected parties are taxpayers who initiated 1031 like-kind exchanges (LKEs) but failed to complete the exchanges because the qualified intermediary (QI) defaulted on their obligation to acquire and transfer replacement property to the taxpayer. The IRS ruling says that if the taxpayer meets the requirements of the revenue procedure, it will not be treated as being in actual or ... (Read the rest of this entry)
Making the most of your relationships
December 9th, 2009 by Marti SmithBuilding Business through Strong Channel Relationships We all know that networking can be important for increasing business, but our current economic climate illustrates that who we partner with makes an even bigger difference than we may have realized. As anybody charged with selling and drumming up new business can probably tell you, the days of pursuing opportunities through direct, one-on-one approaches are gone. To succeed in a transitioning economy, you need friends. These connections can be cultivated a number of ways ... (Read the rest of this entry)
New Pew report suggests that older workers stay on the job for non-financial reasons; implications for macro-succession crisis?
September 16th, 2009 by Sam Smith
I've written several pieces on the "macro-succession" crisis I see facing American businesses. One challenge to my central thesis (which I've heard a few times, in fact) comes from people who think that the massive loss of institutional knowledge and expertise I predict as a result of Boomer retirements (which have already begun) won't occur because many of these people are choosing to work past the age of 65 (and ...
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Organizational fear and the importance of leadership
September 15th, 2009 by Sam Smith
My wife, who's working on her MBA, is currently wading through a class that focuses on leadership. Last night she observed that "there sure are a lot of people out there developing theories on leadership, aren't there?"
Well, yes, and for good reason. Most of those people are working to provide hooks for consulting practices, which can be pretty marketable. Why? Every company needs strong leaders. In fact, it's probably safe to say that very few ...
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Fear is the enemy of engagement
September 8th, 2009 by Sam Smith
Once upon a time the business world was dominated by hierarchical organizations that derived both their structures and mechanistic management philosophies from military thinking that traces its lineage through Frederic the Great all the way back, literally, to the Roman legions. And by "once upon a time," of course, I mean "at this very minute."
The truth is that way too many American companies today act as though their employees are some ...
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Walking the talk
August 12th, 2009 by David AvrinI just got my lunch handed to me by a business prospect and will be eating “humble pie” for months to come. It was a humiliating lesson, exacted upon a careless and overly-casual “professional” by an astute and thoughtful company leader. In recounting the experience I hope that, through my shortcoming and poor behavior, you may better consider the words you use and the actions you take to bolster and protect your professional brand. File this under: “Do as I ... (Read the rest of this entry)
The right questions can be better than good answers
August 5th, 2009 by Sam Smith
You know the old proverb. Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime. I was reminded of this adage when I came across a recent Harvard Business Blog on "how to ask better questions."
The author of that insightful post, Judith Ross, notes that when people (especially subordinates) come to us with questions, the natural instinct is to provide ...
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