News by MHCS

Provider Relief Funds Reporting

Aug 20, 2021

As part of the government’s COVID-19 relief strategy, the Human Health and Services (HHS) department distributed funding to healthcare providers. The HHS distributions were part of the Provider Relief...

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Claiming the Employee Retention Credit for Q3 & Q4

Aug 11, 2021

On Wednesday, August 4, the IRS issued Notice 2021-49, which includes guidance on the extension and modification of the employee retention credit (ERC). Under the new notice, the ERC may be claimed b...

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State Tax Alert

Jul 12, 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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Client Spotlight: BioConnect Iowa

Jul 08, 2021

Many people start the new year with resolutions to create positive change in their life. BioConnect Iowa started the new year in 2021 with a new name and mission to strengthen its commitment to suppor...

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Iowa Income Tax Modification

Jul 07, 2021

On June 16, 2021 Governor Kim Reynolds signed Senate File 619 (SF 619), which modifies Iowa’s income tax. Below is a summary of the bill’s tax law changes and effective dates. Bonus DepreciationIowa ...

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Revenue Recognition for Not-for-Profit Entities

Jun 23, 2021

Revenue recognition timing is being determined by a new 5-step revenue recognition model due to a new accounting standard for Revenue from Contracts with Customers. Previously the effective date for t...

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Employee Retention Tax Credits

Jun 23, 2021

The Employee Retention Tax Credit (ERTC) has been a major topic for business owners and leaders since the outbreak of the COVID-19 pandemic in March 2020. Here we have broken down some of the changes ...

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Shuttered Venue Operators Grant

Jun 22, 2021

The Shuttered Venue Operators Grant (SVOG) program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and amended by the American Rescue Plan Act. The progra...

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Child Tax Credit Advance Payments

Jun 22, 2021

The IRS has started sending out letters to families who may qualify for advanced payments of the child tax credit which was expanded as part of the American Rescue Plan Act. Some key points to note: ...

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State Tax Alert

Jun 03, 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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