News by MHCS

Changes, Changes, and More Changes!

Feb 11, 2021

2020 was certainly a year for changes in all areas of our life. As we start into 2021 and prepare to get our tax returns filed, there are several changes to the tax rules that you may need to know. On...

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MHCS State Tax Alert - Illinois

Feb 04, 2021

State and local taxes change frequently throughout the year. To help, MHCS has created State Tax Alerts to identify those state and local changes that may impact you and your business. Since your time...

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Sick and Family Leave Paid Wages Update

Feb 03, 2021

On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021(HR 133, “the Act”). This Act extended several tax incentives set to expire on December 31, 2020 and addr...

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Employee Retention Credit - FTEs and Partial Shutdown Rules

Jan 28, 2021

The Consolidated Appropriations Act, 2021 ("the Act") was signed into law at the end of December. The Act includes significant enhancements to the Employee Retention Tax Credit ("ERTC", "the credit") ...

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Workplace Personalities

Jan 26, 2021

Do you really know who you work with every day? You may know about your colleagues’ family, their hobbies, or what they like to eat over their lunch break, but again, let me ask; do you REALLY know an...

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Simple, Not Easy

Jan 20, 2021

The other day my wife called and said the car wouldn’t start; the battery was dead. The car had made it to the store, but it was not going to make the trip home. The next morning, we set out to jump-s...

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Paycheck Protection Program Second Draw Loans

Jan 11, 2021

On December 27, 2020, the President signed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Act) into law. The Act allows for qualifying small businesses to participate i...

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Consolidated Appropriations Act

Dec 31, 2020

President Trump signed the Consolidated Appropriations Act, 2021 (HR 133, “the Act”) into law late Sunday evening December 27th. The Act addressed the much-awaited Paycheck Protection Program (“PPP”) ...

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Reminder: The 1099 Filing Deadline is Approaching!

Dec 29, 2020

This is a reminder that the IRS filing deadline for entities issuing Forms 1099 is approaching. The new Form 1099-NEC is required to be filed for each person to whom you have paid at least $600 or mor...

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Getting Comfortable Being Uncomfortable

Dec 09, 2020

No one likes being uncomfortable. At least the vast majority of us prefer to be in comfortable situations. However, 2020 has brought about a lot of uncomfortable situations and a lot of topics that so...

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