News by MHCS
The Production Line - February 2022
Feb 17, 2022
The newest edition of The Production Line is here! In this edition, we highlight inventory management, whether to use the FIFO or LIFO method, solutions to track inventory, and tax implications of ind...
Learn MoreDeducting Business Expenses: Separating Fact From Myth
Feb 15, 2022
When you're filing your tax returns, what expenses can you deduct from business income? It's a complex question. To start with, a business expense must be both ordinary and necessary to be deductibl...
Learn MoreConcerns About Revenue Management in Construction
Feb 10, 2022
Many important changes in the marketplace pertain to revenue management, and these changes are affecting every industry from retail to construction. If you own a construction company, it would be prud...
Learn MoreWhat To Know About the New Lease Accounting Standard
Feb 07, 2022
Every day that passes marks less time for private companies to get ready for ASC 842, the new lease accounting standard. Private companies will have to comply with this standard in fiscal years beginn...
Learn MoreShould You Lease or Buy: Making the Best Choice
Feb 02, 2022
When businesses need equipment for their operations, they have the choice of buying or leasing what they need. This includes everything from cars to tractors and there are pros and cons to every optio...
Learn MoreConstruction Companies: Recognizing Revenue Under ASC 606
Jan 27, 2022
Recently, construction companies industrywide made a change in how they calculated revenue. Before ASC 606, Revenue from Contracts with Customers, was adopted, different industries used different meth...
Learn MorePayroll Tax Rates and Contribution Limits for 2022
Jan 26, 2022
Below are federal payroll tax rates and benefits contribution limits for 2022. Avoid any penalties or mistakes by implementing these changes today. Social Security taxIn 2022, the Social Security tax...
Learn MoreFour Technologies That Are Changing How Real Estate Brokerages Are Run
Jan 19, 2022
The National Association of Realtors (NAR) reported that last year nearly 90% of homebuyers used an agent or broker to help them buy property. That is an increase of nearly 20% since 2001. Clearly, te...
Learn MoreThe Building Blocks - January 2022
Jan 18, 2022
The latest edition of The Building Blocks is here! In this edition, we share details on the new lease accounting standard, making the best decision on buying vs leasing, managing revenue in constructi...
Learn MoreIRS Offers Guidance on ERC
Jan 13, 2022
The IRS has issued guidance for employers regarding the retroactive termination of the Employee Retention Credit. The Employee Retention Credit now applies only to wages paid before October 1, 2021, u...
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