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Information on New Legislation for Taxpayers and Small Businesses

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News and Updates

New partners announced at Tidwell Group for 2021

BIRMINGHAM, Ala., August 6, 2021 – Tidwell Group, a leading accounting and advisory firm with offices in offices in Alabama, Georgia, Ohio, and Texas, is pleased to announce that Andrew Hooper, Clint Hamilton, Michael Fournier, Patrick Burk, and Sean Hutton have been promoted to Partner. “The expansion of the partner group tells the story of…
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News and Updates
Income Averaging

Income Averaging: IRS Proposed Guidance

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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News and Updates

New E-file Mandate Rules for Tax-Exempt Organizations

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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News and Updates
New 1099 Reporting Requirements

New 1099 Reporting Requirements

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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News and Updates

IRS Releases Guidance for Changes in the CARES Act

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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News and Updates

Forgivable PPP Loans provide Small Businesses with Relief

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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News and Updates

ALL Taxpayers: IRS Grants Tax Payment Relief

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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News and Updates

RD Reserve Requirement Changes

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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News and Updates

New Tax Reform Bill Impacts Bonus Depreciation Opportunity

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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News and Updates

Ohio Announces Tax Amnesty Program

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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News and Updates

Property Damage/Casualty Loss from Recent Natural Disasters

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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News and Updates

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

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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