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A message to our clients about COVID-19

News and Updates

Information on New Legislation for Taxpayers and Small Businesses
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The Taxpayer First Act signed by President Trump, and enacted on July 1, 2019, institutes a new e-file mandate for tax-exempt organizations. This new mandate will potentially have a large impact on those organizations that have preferred to paper file their returns in the past.  In addition, the mandate will likely cause many organizations who prepare their returns in-house, to…
New 1099 Reporting Requirements
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If you typically report non-employee compensation to independent contractors on Form 1099-MISC, you will have a new form due this January.  The IRS has shifted the reporting of non-employee compensation to form 1099-NEC, in an effort to simplify the use of each form. This new form will require all applicable filers to furnish the 1099-NEC to the payee and file…
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IRS Releases Guidance for Changes in the CARES Act that Allows Partnerships to Amend 2018 and 2019 Tax Returns and Benefit from Bonus Depreciation Today the Internal Revenue Service released Rev. Proc. 2020-23, which allows eligible partnerships to amend their 2018 and 2019 tax returns using Form 1065, to take advantage of bonus depreciation changes in the Coronavirus Aid, Relief and…
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Introduction Businesses finding themselves impacted by the COVID-19 pandemic may qualify for a portion of the $349 billion allocated for loans by the Coronavirus Aid, Relief and Economic Security Act (CARES Act).  The CARES Act loans are guaranteed by the Small Business Administration (SBA) to qualified small businesses.  Most importantly, according to the SBA, lenders may begin processing loans on…
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In our ongoing efforts to ensure that our clients receive uninterrupted service and are well-informed in the midst of these challenging times, Tidwell Group stays connected to the news that matters to our clients and we share highlights that are important to you. (more…)
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In our ongoing efforts to ensure that our clients receive uninterrupted service and are well-informed in the midst of these challenging times, Tidwell Group stays connected to the news that matters to our clients and we share highlights that are important to you. (more…)
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By: Eric Beining and CaLandra James The Tax Cuts and Jobs Act (TCJA) was a significant revision to the tax code. One of the small changes that made a substantial impact in the nonprofit world was Section 13304 of the TJCA (Sec. 13304), “Limitation on Deduction By Employers of Expenses for Fringe Benefits.” This section soon became known by many…
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WASHINGTON – June 25, 2019 – Legislators introduced a bipartisan bill, the Save Affordable Housing Act of 2019, which would significantly reduce the loss of thousands of Low-Income Housing Tax Credit (LIHTC) properties before the end of their affordability periods due to qualified contracts. The bill was introduced by Senators Ron Wyden (D-OR) and Todd Young (R-IN), with Senators Ben Cardin…
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A Small Change Leads to Big Happiness BY SEAN HUTTON In recent years, many owners and management agents of properties in the Rural Development (RD) portfolio have clamored for updates to rather antiquated requirements for the projects’ replacement reserve accounts. RD has addressed these calls for policy change with their latest announcement. On September 28, 2018, the national RD office…
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This week, Congress passed the first major tax overhaul in years. Tidwell Group has analyzed the tax provisions to share insight on how some tax provisions may impact its clients. Taxpayers will be able to deduct 100% of the cost of qualified property placed in service after 9/27/2017. However, with tax rates decreasing starting on 1/1/18, tax deductions will have…
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In an effort to assist taxpayers and raise revenue, Ohio recently announced a new tax amnesty program that will open January 1, 2018 and will run through February 15, 2018. If you have unreported or underreported taxes that were due and payable as of May 1, 2017, and you have not received a billing notice or tax assessment from the…
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2017 has already proven to be a destructive hurricane season for America, and it isn’t over yet. Hurricane Maria is currently a very strong category 4 storm and just wreaked havoc on the Caribbean Island of Dominica and now has its sights set on Puerto Rico. Puerto Rico’s governor Ricardo Rosselló has already declared a state of emergency and President…
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As a reminder for all of our friends and clients with properties in Texas, the Texas Department of Housing and Community Affairs (“TDHCA”) rules require notification of a casualty loss within 30 days of the event. If your multifamily rental property sustained damage from Hurricane Harvey, there is a  “Property Damage from Hurricane Harvey” form required to be completed no…
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Several Accounting Standards Updates (“ASU” or “ASU’s”) issued by the Financial Accounting Standards Board (“FASB”) became effective January 1, 2016. Many of these updates, which are now part of the Codification, will have a direct impact on the accounting and financial reporting of private real estate companies in 2016; whereas, a lot of them will not. The following is a…
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Overview In response to feedback from the Financial Accounting Standards Board’s (FASB) Not-for-Profit Advisory Committee (NAC) and other stakeholders on existing standards for financial statements of not-for-profit entities (NFP), the FASB issued ASU 2016-14 in August 2016, which is the first of two phases the FASB has undertaken to improve the accounting and financial reporting of NFP’s.  The over-arching purpose…
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Recent Articles

By Barry Tidwell CPA, CVA Part 2: Four Traits of ‘Present’ Remote Leaders Several years ago, I made the purposeful decision to work much of the week remotely to pursue…
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By Barry Tidwell Part 1: Effective leadership is often best demonstrated in times of crisis. Crisis situations have a remarkable way of either showcasing strengths or exposing weaknesses in leadership.…
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personal brand advocacy
By: Robert Boot Everyone approaches the concept of self-promotion differently. Some people consider self-promotion arrogance, while others view it as a necessary part of building an effective career. Fortunately, a…
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qualified contracts
Read about the Qualified Contract process and why the pricing calculation can help determine whether or not to seek early release from IRC Section 42 compliance. By: Amie Gray and…
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RAD for PRAC Offers Solutions for Aging Section 202 Properties By Andrew Gantzer, CPA, and Justin Heberling, CPA, HCCP A recent HUD evaluation of the federal Rental Assistance Demonstration (RAD) shows…
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Pablo Picasso once said, “The meaning of life is to find your gift. The purpose of life is to give it away.” This sentiment rings true for the employees of…
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