News by MHCS

12 Things to Do If You Suspect Internal Fraud

Aug 18, 2022

Discovering that you are the victim of an internal fraud is a harrowing experience, particularly when the perpetrator is someone you’ve trusted. The feeling of betrayal is strong. Your instincts tell ...

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Aug 18, 2022

The latest edition of The Production Line is here! In this edition we highlight undercapitalization, how to avoid it, and remedies for manufacturers that are undercapitalized, Click here for the compl...

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Budgeting Success for the Manufacturing Industry

Aug 16, 2022

When a manufacturing company doesn't have a clear idea of its annual budget, it runs the risk of spending more money than it earns in a year. Even if production has been running smoothly for years, on...

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Accounting Method Changes for Small Business Taxpayers

Aug 15, 2022

Recently, the IRS and Treasury released two revenue procedures on accounting method changes for small business taxpayers. Rev. Procs. 2022-9 and 2022-14 enable small business taxpayers, not a tax shel...

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Are Your Internal Controls Weak?

Aug 11, 2022

According to a spokesperson from the Risk Unit of Marquette University of Milwaukee, Wisconsin, "Establishing effective internal controls can help a department operate more efficiently and effectively...

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How Predictive Analytics Helps Boost the Bottom Line

Aug 09, 2022

Manufacturers use predictive maintenance software to help tie the probability of equipment breakdowns and use that knowledge to schedule machine preventive maintenance and manage production. By autom...

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Using LLCs in Real Estate

Aug 04, 2022

Investing in real estate can be a complicated process. That is why many people turn to establishing limited liability companies, or LLCs, to account for all of the complex legal and tax implications o...

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Worried About an Upcoming Financial Statement Audit?

Aug 02, 2022

A third party may require a successful and growing small business to have any audit. What they really want is assurance that the financial statements provided by your business are reasonably accurate ...

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Recordkeeping Rules for Construction Companies

Jul 28, 2022

When it comes to recordkeeping, construction firms have a lot to deal with: accounting rules, the need to make various claims, keeping track of different expenses for tax deductions, and maintaining v...

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The Building Blocks - July 2022

Jul 26, 2022

The latest edition of The Building Blocks is here! In this edition, we share tips on managing a seasonal contract budget, drawing the line between exempt and non-exempt, how S corporations work, and t...

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