News by MHCS
The Production Line - January 2022
Jan 13, 2022
The newest edition of The Production Line is here! In this edition, we share information on new lease accounting standards, making decisions about leasing or buying, detecting business expenses, and b...
Learn MoreJanuary Tax Due Date is Approaching
Jan 10, 2022
It is time for businesses to start preparing for their tax filings. January 31 is the due date for many significant tasks, as shown below. Businesses should keep in mind that state taxing authorities...
Learn MoreTax Deductions and Construction: What Can Be Written Off?
Jan 07, 2022
Construction companies often have to deal with large expenses, either for materials, tools, the use of vehicles or any potential business costs they may need to support without being able to charge th...
Learn MoreFiguring Out Your Business Taxes
Jan 05, 2022
The type of business will determine the type of taxes that will be required to be remitted. Income Taxes You know this tax — it gives the government a share of your net income. Generally, all busine...
Learn MoreDeciding Whether Contractors Can Claim R&D Benefits
Dec 28, 2021
Of particular relevance to contractors is the research and development tax credit, which is a tax incentive program. Also known as the research and experimentation tax credit or the research tax credi...
Learn MoreThe Building Blocks - December 2021
Dec 21, 2021
Happy Holidays! The latest edition of The Building Blocks is here. In this edition, we discuss ERC relief, the upcoming January tax deadline for businesses, four technologies changing how brokerages r...
Learn MoreCarried Interests Undergo Significant Tax Treatments
Dec 21, 2021
Carried interests, partnership interests held in connection with the performance of services, will undergo significant reporting and taxation treatment this year. When Section 1061 was added to the ta...
Learn MoreThe Production Line - December 2021
Dec 16, 2021
The newest edition of The Production Line is here! In this edition, we highlight the upcoming January tax deadline, payroll tax rates and contribution limits for 2022, outsourced CFO services, and IRS...
Learn MoreBusiness Deductions: A Quick Review
Dec 14, 2021
You have a lot of expenses when running a business. Are any of them deductible? To begin with, a deductible business expense must be both ordinary and necessary. An ordinary business expense is one ...
Learn MoreFiguring Out Contractor Tax Breaks
Dec 09, 2021
The IRS has rules for everything — contractor contracts included. Those in the contractor industry would do well to review IRS guidance and make sure they're in full compliance, and understand that th...
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