News by MHCS

5 Ways to Begin Preparing for Your 2020 Tax Return

Aug 17, 2020

I will admit that I am often accused of being overprepared. Take for instance going to the pool with my two kids. There are the essentials we take along such as lifejackets, sunscreen, and towels but ...

Unprecedented Times

Jul 27, 2020

I know – cliché, over-used, watered down, but yet so true. I’m not going to sugar coat it – the last four months have been really difficult for us all. On the personal side, my son’s senior year was c...

Client Spotlight: Madison County Foundation for Environmental Education (MCFEE)

Jul 22, 2020

Since its inception in 1982, the Madison County Foundation for Environmental Education (MCFEE) has strived to promote environmental conservation and education throughout Madison County. MCFEE does thi...

Not-for-Profit Reserve Spending

Jul 22, 2020

• Tags:
• not-for-profit

As the COVID-19 pandemic continues, an increasing number of nonprofits will face economic challenges which will require thoughtful consideration by management and boards. At this stage in the pandemic...

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 ...

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 ...

Assurance Levels

Jul 22, 2020

• Tags:
• Audit-and-Assurance

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...

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...

Information Overload

Jun 29, 2020

• Tags:
• Business-Advisory-Services-and-Consulting

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...

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...