News by MHCS

PPP Loan Accounting Q&A

Jul 22, 2020

My organization has obtained a Paycheck Protection Program (PPP) loan – what can the proceeds be used for in order to be forgivable? As of June 5, 2020, the most recent guidance available, at least ...

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Unrelated Trade or Business Income

Jul 22, 2020

As a result of the current pandemic, tax-exempt organizations may be looking at other cash flow opportunities. Here are some helpful rules to remember regarding unrelated business income (UBI). Any ...

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Assurance Levels

Jul 22, 2020

Most of us don’t have extensive mechanical knowledge or tools to determine if a used car has been well cared for, so we ask a mechanic to look at the car before purchasing it. Similarly, most users of...

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Waiver of 2020 Required Minimum Distributions (RMDs)

Jul 13, 2020

In late March, the Coronavirus Aid, Relief, and Economic Security (CARES) Act waived Required Minimum Distributions (RMDs) from certain retirement accounts including Individual Retirement Accounts (IR...

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Information Overload

Jun 29, 2020

I think I can speak for more than myself when I say my eyes have started to glaze over when I see yet another COVID-19 related headline, email, or social media post. The amount of information we are b...

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Pioneering Something New - Part II

Jun 08, 2020

Last year I wrote a blog about being MHCS’s first remote auditor and some of the key takeaways I had found during that year and a half of working from home. I feel now that those takeaways and best pr...

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Paycheck Protection Program Flexibility Act Update

Jun 04, 2020

On June 3, 2020, the Senate passed the Paycheck Protection Program Flexibility Act (The Act) providing additional relief and guidance surrounding the Paycheck Protection Program. The Bill now goes to ...

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Who Moved My Cheese?

May 28, 2020

As I write this, we are in the midst of the COVID-19 pandemic. There are many things going through my mind. How will businesses survive? Do I need to change my processes? What will the next 6 months b...

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Recent COVID-19 Updates

May 21, 2020

There have been several COVID-19 related updates recently that we want to pass along. Paycheck Protection ProgramOn May 13th, the SBA again updated its FAQs related to PPP loans which can be found he...

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Status Update for MHCS Offices

May 20, 2020

We wanted to provide an update on our office status as the state lifts restrictions on most businesses. Currently, our offices in West Des Moines and Winterset remain closed to the public until furthe...

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