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 ...
Learn MoreUnprecedented 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...
Learn MoreClient 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...
Learn MoreNot-for-Profit Reserve Spending
Jul 22, 2020
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...
Learn MorePPP 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 ...
Learn MoreUnrelated 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 ...
Learn MoreAssurance 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...
Learn MoreWaiver 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...
Learn MoreInformation 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...
Learn MorePioneering 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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