News by MHCS

IRS Filing Deadline Extension

Mar 23, 2020

On Friday, the Treasury Department issued Notice 2020-18 announcing that the filing deadline for taxpayers would be postponed from April 15th to July 15th to match the deferral of tax payments that wa...

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Emergency Leave Act and Iowa Filing & Payment Extension

Mar 19, 2020

President Trump recently signed the Emergency Family and Medical Leave Expansion Act requiring paid sick and family leave for qualified employees impacted by the Coronavirus Pandemic. The law generall...

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April 15 Federal Tax Payments Extension

Mar 19, 2020

The Treasury Department recently issued Notice 2020-17 (https://www.irs.gov/pub/irs-drop/n-20-17.pdf) addressing relief for taxpayers affected by the Coronavirus Disease 2019 Pandemic. The Treasury gu...

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COVID-19 Update: Office Closing & IRS Extension Announcement

Mar 17, 2020

As the COVID-19 situation continues to evolve, we continue to modify our business continuity plan to help safeguard our team and our clients. Effective Wednesday March 18th, we will be closing both ou...

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Business Continuity Plan for COVID-19

Mar 16, 2020

The COVID-19 pandemic continues to grow with each day, and we want to update you with our Business Continuity Plan in light of COVID-19 concerns. Please know that we remain open but have encouraged ou...

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Association Retirement Plans

Mar 13, 2020

In the Retirement Plan industry, there has been a lot of buzz lately about organizations being able to pool together to share in one retirement plan, like a 401(k), for example. Most of that news is c...

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Parking Tax Update

Mar 13, 2020

Please note that the below article, which was originally shared on January 14, 2020, has been updated to include IRS guidance for the refund process. ______ On December 20, 2019, the “Parking Tax” e...

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Fraud

Feb 25, 2020

Fraud is something many of us don’t like to think about in our company, but the truth is it has a big impact on companies in all industries. According to the Association of Certified Fraud Examiners 2...

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Accounting and Reporting for Contribution Revenue

Feb 25, 2020

Believe it or not, not all not-for-profit entities (NFPs) account for contribution revenue the same. Historically, there have been differences in when NFPs recognize revenue received from grantors, th...

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State Apportionment - Brokerage Income

Feb 24, 2020

How is your company allocating brokerage derived income for state apportionment purposes? In February 2019, the Iowa Department of Revenue issued a declaratory order on how transportation brokerage...

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