News by MHCS

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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6 Tips for Online Holiday Shopping

Nov 30, 2020

For many people, Thanksgiving means spending time with family and friends gathered around the dinner table. While this may look slightly different this year due to Covid-19, it is the holidays that fa...

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IRS Ruling Clarifies Non-Deductibility of PPP Expenses

Nov 20, 2020

On Wednesday evening the IRS issued Revenue Ruling 2020-27 to provide clarity on tax deductions related to expenses that were paid with funds from Paycheck Protection Program loans. The ruling clarifi...

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What I've Learned

Nov 17, 2020

As I write this blog, I’ve been working remotely for almost 8 months due to the Coronavirus pandemic. I’m just like every other professional that had to unexpectedly get used to a new work routine, en...

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Paycheck Protection Program Update

Nov 10, 2020

Most of you have likely heard about the PPP, and how it was enacted as part of the CARES Act. The intent of the PPP was to help provide funding for businesses to continue operations during the early s...

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Presentation and Disclosures by Not-for-Profit Entities

Nov 04, 2020

On September 17, 2020 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07 on Topic 958, Presentation and Disclosures by Not-for-Profit Entities for Contrib...

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