Admit it—you've been obsessively refreshing your inbox just waiting for this moment, haven't you? Well, the wait is finally over! Our latest newsletter has arrived, as refreshing and cold as a post-tax season margarita party. Yes, we’ve all survived April 15th—something I’ve been heroically doing for over 20 years now. We've got heaps of updates and insights that are sure to dazzle and inform. So, grab your metaphorical snorkel as we dive deep into the sea of post-tax-season revelations!

Table of Contents

• New Staff and Faces

• Q2 Tax Compliance Update

• From the Front Lines - Discussing Multifamily Econ …

• KPIs to Consider for MF Operators

• Advisory Focused

• Tax Legislation and BOI

  • Beneficial Ownership Information Reporting (BOI)

• Client Corner - Jugl - Task Management Software

New Staff and Faces

Much like my waistline during tax season—because let's face it, you can't out-exercise a diet that features Oreos, and life is too short to skip the good stuff—our team at P&C has expanded.. We're thrilled to announce that our family now includes 15 spectacular folks! Our latest additions include two on the tax team and another on the accounting side.

In February, we welcomed Tierra Givens to the accounting squad. A proud graduate of Cameron University with a Bachelor of Science in Accounting, Tierra moved from Oklahoma to Texas in 2020 and joined P&C in February 2024. Before coming aboard, she honed her skills at a CPA firm back in her hometown of Lawton, OK. Tierra’s passions include her faith, self-care days, spoiling her nephew and niece, and a deep love for music and reading. She’s also an enthusiastic Texas Longhorn and all-around Texas fan—truly, Don’t Mess With Texas!

Also joining us in February was Rifaa Rajabali on our tax team. Rifaa, a UT Arlington alum with a bachelor's degree in Accounting & Finance—go Mavs!—brings 3-4 years of experience in public accounting and tax preparation. Originally from Tanzania and a former member of its national swimming team, Rifaa also celebrates her Pakistani heritage. She enjoys reading, exploring new knowledge, and dancing in her spare time.

Last but certainly not least, meet Kavita Bhatia, CPA (yes, that brings us to four CPAs on staff!). With over 20 years of experience in tax compliance and planning, Kavita earned her MBA down the street from University of Dallas after completing her bachelor’s at the University of Mumbai. When she’s not busy saving our clients trillions in tax dollars, Kavita navigates life in Southlake, where she resides with her family.

And we are not done there. We're excited to announce the launch of our new internship program designed for college students studying accounting and/or finance. This program offers a unique opportunity to experience working with a CPA firm firsthand. If your son or daughter or anyone you know is interested in joining our 8-week summer program, please contact us soon. Space for 2024 is nearly full, but we plan to offer this program every summer. Don't miss out on this excellent opportunity!

Q2 Tax Compliance Update

We wanted to remind everyone about our tax filing process this year. We're shifting to a quarterly preparation schedule for our clients to distribute the workload more evenly in our office. Our goal is to provide the best possible service to you. Allowing clients to set the schedule in the past has historically created bottlenecks in March, April, September, and October, which can lead to errors or oversights when our plates are too full.

For this reason, we have segmented our client base into three distinct filing quarters:

• Q1: February to April

• Q2: May to July

• Q3: August to October

We know our capacity and limits, so it's imperative that we stay within them to deliver the best service to you. We are currently working with our Q2 clients. This group is particularly critical, as we have historically came out of tax season a bit fried from overwork and need more time to catch up on other tasks. We've worked hard behind the scenes to build capacity by hiring more tax associates, separating our accounting and tax teams, and making a greater effort to communicate more effectively. This Q1 tax season went the best its ever went for our team and for that I thank you Q1 clients for their cooperation , help and grace in our new system.

That said, Q2 also coincides with summer vacations—not just for our clients, but for our team as well. Yes, we've got families eager to hit Disney World and the beach too! Personally, I'm thrilled about a bucket list trip—an Alaskan Cruise in June—that our family has been dreaming of. So, we need to be particularly mindful of our Q2 clients during this period. You have already started receiving notices and emails from us. Our goal, when you send in your work, is to turn it around in four weeks or less. To achieve this, we need your cooperation to help distribute the workload evenly and ensure the top-notch service you deserve.

While you might be planning a trip to Yellowstone this summer, if we contact you about your taxes, we'd really appreciate your prompt response to help us process your return efficiently. We promise not to bother you with tax questions if you're actually out on vacation—just let us know your schedule if you are indeed on vacay. Your availability to answer our questions can make the tax filing process... less taxing. (Sorry not sorry, I couldn’t resist that low-hanging fruit pun!)

Our project coordinator is emailing you as we speak. Please forgive us if we seem to overcommunicate —we're just making an effort to ensure you hear from us more often.

From the Front Lines - Discussing Multifamily Economic Overview

In March, I had the honor of speaking at the 6th Annual Middle-Market Multifamily Forum, held at the Statler in Dallas hosted by IMN. I joined a panel of industry experts where we dove deep into the Multifamily Economic Overview. We discussed the current state of the debt and capital markets, as well as the multifamily industry as a whole. It was an enlightening experience to exchange insights and predictions with fellow professionals who are shaping the future of our industry.

In our ongoing dance with economic indicators, the Federal Reserve has decided to hold interest rates steady. This decision, aimed at further taming inflation, reflects their cautious approach towards an inflation rate that, while significantly lower than its peak in 2023, still hasn't quite hit their sweet spot. What does this mean for us? Well, the overall market sentiment hints at potential rate cuts in Q4 of this year. Such a move could rejuvenate capital flow, a welcome change for investors.

Meanwhile, in the DFW and broader Texas market, fundamentals remain robust. We continue to see strong job growth fueling the economy, and investor-friendly landlord laws bolstering our position. However, the dream of homeownership drifts farther away for many as home prices soar and high rates persist. This scenario leaves more individuals and families opting to rent, which in turn drives rent growth across our market.

For those of us keeping an eye on investment opportunities and market dynamics, these trends suggest a landscape ripe with potential, particularly if interest rates begin their descent later this year. Stay tuned as we continue to navigate these evolving waters, always ready to capitalize on the currents of change.

KPIs to Consider for MF Operators

In the dynamic realm of multifamily real estate, understanding and leveraging Key Performance Indicators (KPIs) is crucial for strategic decision-making and optimizing property performance. Our comprehensive guide outlines the transformative power of KPIs through practical examples and detailed analysis of essential metrics such as Occupancy Rates, Average Rental Income per Unit, and Net Operating Income, among others. By employing these KPIs, multifamily operators can not only enhance operational efficiency but also safeguard their investments and drive substantial improvements across their portfolios.

For a deeper dive into how to effectively utilize these KPIs to transform your properties, access the full article - https://tinyurl.com/3en67c76

Advisory Focused

At Porter & Company, while our clients initially seek us out for our expertise in tax compliance, it's our Advisory Services that truly foster long-term partnerships. We understand the difference between being just another service provider and becoming a trusted advisor. To better serve our clients, we have significantly expanded our team, enhancing both the number and pedigree of our staff to complement our long-time trusted experts. This blend of fresh expertise and seasoned wisdom ensures that we're more than just a firm—we're a community.

In the past two years, we've taken significant strides to upgrade our technology infrastructure. We've enhanced our computer systems to fortify client data against harmful hackers, transitioned to more advanced software platforms to adeptly handle complex tax preparations, and improved our project management systems to provide a more efficient and interactive platform for client engagement. And we aren't stopping here. We are committed to continuous improvement, investing in the tools and technologies that will make us the best in the business, because our clients' success is our success.

Tax Legislation and BOI

Tax Legislation

For our clients patiently awaiting the passage of the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) , you are going to have to wait longer. The bipartisan "Tax Relief for American Families and Workers Act" hit a snag in the Senate, largely due to reservations from Senator Mike Crapo, the top Republican on the Senate Finance Committee. Despite strong bipartisan approval from the House and backing from influential figures like Senate Finance Committee Chair Ron Wyden and President Joe Biden, Crapo's concerns about the child tax credit transforming from a work-related benefit to a government subsidy have stalled progress. The bill’s fate now hinges on resolving these policy disagreements and finding a suitable legislative vehicle for its passage. For our client with tax returns waiting on this to pass or not pass, we are going to give this until July 1st before we pull the plug . Fingers crossed they figure a way to get this passed.

Beneficial Ownership Information Reporting (BOI)

Remember the Beneficial Ownership Information Reporting Form we’ve been discussing? If you’re starting a company in 2024, you’ll need to submit this form within 30 days of formation to avoid hefty penalties. If you have company before 2024 you will need to file the report by the end of the year. We’ve partnered with TRUSS BOI eFile for a simplified, efficient e-filing solution. Check them out here -

If you're still puzzled over the Beneficial Ownership Information (BOI) form, think of it as unmasking the real boss behind the operation—like discovering who actually owns the car wash in Breaking Bad. Need a clearer picture? Dive into our "Breaking BOI" article, inspired by our colleague Rachel Dillard. It uses the hit TV show to explain the ins and outs of BOI in a way that’s both informative and entertaining. Check out the full explanation here -

Client Corner - Jugl - Task Management Software

As highlighted in our previous newsletters, we are dedicated to showcasing our clients and their innovative projects. This edition features Arun Kumar, a long-standing client who has developed Jugl—a versatile employee and task management system that is especially beneficial in the real estate sector and other non-tech industries. Functioning similarly to mobile versions of Teams or Slack, Jugl is an invaluable tool for property managers and primarily non-tech mobile users. It enhances the management of maintenance crews and other operations through features like auto clock-in and clock-out, a travel log, task management, and real-time collaboration, all designed to ensure seamless day-to-day activities.

Jugl is gaining significant traction in the market, and Arun Kumar has committed to personally overseeing the satisfaction of all users. He has also agreed to offer a 25% discount on the first-year subscription when you refer us. Just mention that you heard about us from Porter & Company, and you'll receive the discount!

For more details about Jugl and its offerings, visit - https://jugl.com/ .

If you have a product or business you would like us to mention. Please let us know, we would be happy to spotlight you next time.