PKF Texas was brought in by the venture fund in August 2012 to provide services for the new company formed from the bankruptcy process. We continue to serve as their comprehensive outsourced tax department.

Through our tax team’s efforts, together with the efforts of the investment bankers, the private equity backers, and attorneys, we were able to get the company through bankruptcy without triggering a Internal Revenue Code (IRC) 382 Net operating Loss (NOL) Limitation, allowing them to compete for acquisitions moving forward. Acquiring assets is their business model. They’ve bought two companies so far in 2013; they probably will buy another before the end of the year.

The client, a publicly traded company, manages and maintains interests in a wide variety of energy related assets. We currently serve as the outsourced tax department, handling the federal and state returns, tax provision work and various analyses.

The company had no real employees so they outsourced the CEO/CFO function and had no accountants. However, the client did have a lot of pure operations at that point.