News and Updates

Information on New Legislation for Taxpayers and Small Businesses

FACT SHEET: Treasury, IRS Open Public Comment on Implementing the Inflation Reduction Act’s Clean Energy Tax Incentives

October 6, 2022

Below is a direct copy of the Treasury and IRS Open Public Comments as found on www.Treasury.gov. Click here to download a copy from the US Treasury website. (more…)

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Tidwell Group has been ranked one of the largest and best accounting firm in the U.S.

September 27, 2022

Tidwell Group, LLC, is proud to announce that it has been named again a “Best of the Best” accounting firm in 2022. In its 32nd year of recognizing the largest accounting firms in the nation, INSIDE Public Accounting (IPA) 100, 200, 300, and 400 firms are ranked by U.S. net revenues and are compiled by…

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Tidwell Group, LLC been ranked the 126th largest accounting firm in the U.S. by INSIDE Public Accounting’s 2021 IPA Top 200 Firms

July 29, 2021

Tidwell Group, LLC, is proud to announce that it has been ranked as the 126th largest accounting firm in the U.S. by INSIDE Public Accounting’s 2021 IPA Top 200 Firms. “With over 46,000 CPA firms in the country, it’s an honor to be recognized among the top 200,” said National Managing Partner J. Barry Tidwell.…

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LIHTC News and Updates

Income Averaging: IRS Proposed Guidance

January 28, 2021

By CaLandra M. James, MAcc and Jeremy Densmore, CPA Now that the December 29, 2020 deadline for comments to the IRS is behind us, we thought this would be an excellent time to revisit the proposed LIHTC Average Income Regulation that was released on October 30, 2020. The Consolidation Appropriations Act of 2018 introduced an…

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New E-file Mandate Rules for Tax-Exempt Organizations

January 11, 2021

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…

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New 1099 Reporting Requirements

January 5, 2021

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…

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IRS Releases Guidance for Changes in the CARES Act

April 8, 2020

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…

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Forgivable PPP Loans provide Small Businesses with Relief

April 1, 2020

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…

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IRS Extends Federal Tax Filing Deadline to July 15

March 20, 2020

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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ALL Taxpayers: IRS Grants Tax Payment Relief

March 18, 2020

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Parking Lot Tax Repeal Paves Way for Possible Refund: TCJA Sec. 13304

January 7, 2020

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…

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Bipartisan Bill Introduced to Repeal Qualified Contract Exception for LIHTC Properties

June 27, 2019

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…

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RD Reserve Requirement Changes

October 11, 2018

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,…

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New Tax Reform Bill Impacts Bonus Depreciation Opportunity

December 22, 2017

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…

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Ohio Announces Tax Amnesty Program

November 16, 2017

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…

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Natural Disasters – Accounting for the Impact of Destruction and Contingencies

September 21, 2017

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…

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News and Updates

Property Damage/Casualty Loss from Recent Natural Disasters

September 20, 2017

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…

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LIHTC News and Updates

What You Need to Know – 2016 Accounting Update for the Real Estate Industry

July 28, 2017

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…

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Overview of Changes in Presentation of Financial Statements of Not-for-Profit Entities (Topic 958) – A Summary of Accounting Standards Update (ASU) 2016-14

January 1, 2017

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…

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An Update on 45L following the PATH Act Release

December 20, 2000

Recent tax legislation extended the Energy Efficient Home Credit (45L). 45L is a $2,000 federal tax credit per free-standing home, per townhouse and per apartment where units and apartment buildings are three stories or less above ground. There is a $1,000 federal tax credit available per manufactured home. Properties must be substantially completed after August…

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