News by MHCS

The Building Blocks - October 2023

Oct 05, 2023

The newest edition of The Building Blocks is here! In this edition, we share information on the employee retention credit (ERC) moratorium, the benefits of the work opportunity tax credit, and discuss...

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IRS Pauses Employee Retention Credit Processing

Sep 25, 2023

On September 14, 2023, the IRS announced an immediate moratorium on the processing of new Employee Retention Credit (ERC) claims. The moratorium, which will run at least through December 31, 2023, is ...

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How Small Biz Can Win with the WOTC Program

Sep 12, 2023

The Work Opportunity Tax Credit (WOTC) encourages the employment of populations that need a helping hand by providing an incentive: You reduce your overall tax liability while offering employees valua...

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Iowa Provides Guidance on Pass-Through Entity Tax for 2022 Tax Year

Aug 22, 2023

The Iowa Department of Revenue has issued guidance on the rules and implementation of the new Iowa Pass-Through Entity Tax (PTET). This voluntary election allows passthrough entity owners potential ta...

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Reap the Benefits of the Work Opportunity Tax Credit

Aug 14, 2023

In December 2020, an extension to the Work Opportunity Tax Credit was signed in law. The WOTC helps match employers with qualifying candidates, such as veterans, and provides a tax incentive for conti...

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Can You Take Advantage of the WOTC?

Jul 26, 2023

As explained by the IRS, the Work Opportunity Tax Credit (WOTC) is equal to 40% of up to $6,000 wages paid or incurred, with a maximum credit of $2,400, for an employee who: Is in their first year of...

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The Building Blocks - July 2023

Jul 25, 2023

The latest edition of The Building Blocks is here! In this edition, we focus on the Work Opportunity Tax Credit (WOTC) and how to utilize it for your construction or real estate company. Click here fo...

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Work Opportunity Tax Credit Reauthorized Through 2025

Jul 20, 2023

Enacted in 1996, the Work Opportunity Tax Credit (WOTC) is a federal tax credit that eligible employers can claim if they hire eligible individuals who have consistently faced stringent barriers to em...

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The Production Line -July 2023

Jul 20, 2023

The latest edition of The Production Line is here! In this special Work Opportunity Tax Credit (WOTC) edition, we share information on the reauthorization of the credit through 2025, benefits of the c...

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7 Year-Round Tax Strategies for Construction Business Success

Jul 17, 2023

To increase construction business success, implement these year-round tax strategies: Determine the proper accounting method: Confirm that your tax reporting method aligns with each contract's long-t...

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