News by MHCS

IRS Ruling Clarifies Non-Deductibility of PPP Expenses

Nov 20, 2020

On Wednesday evening the IRS issued Revenue Ruling 2020-27 to provide clarity on tax deductions related to expenses that were paid with funds from Paycheck Protection Program loans. The ruling clarifi...

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What I've Learned

Nov 17, 2020

As I write this blog, I’ve been working remotely for almost 8 months due to the Coronavirus pandemic. I’m just like every other professional that had to unexpectedly get used to a new work routine, en...

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Paycheck Protection Program Update

Nov 10, 2020

Most of you have likely heard about the PPP, and how it was enacted as part of the CARES Act. The intent of the PPP was to help provide funding for businesses to continue operations during the early s...

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Presentation and Disclosures by Not-for-Profit Entities

Nov 04, 2020

On September 17, 2020 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07 on Topic 958, Presentation and Disclosures by Not-for-Profit Entities for Contrib...

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Paid Sick Leave Options Available to Employers

Oct 06, 2020

There are many different relief options that employers can utilize to ensure that their employees receive compensation while dealing with COVID-19, one of which is paid sick leave. This can be used by...

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Sep 14, 2020

My parents used to call me Grace when I was a child. Was it my middle name? No. It was purely because I was the exact opposite of what you think of when you hear “grace” or graceful. Broken leg, stitc...

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Derecho Tax Relief

Sep 09, 2020

The IRS recently issued Notice 2020-190 announcing tax deadline relief for certain Iowans that were victims of the August 10th derecho. Individuals and businesses that reside in the Benton, Boone, Ced...

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President Trump's Payroll Tax Deferral

Sep 02, 2020

On August 8, 2020, President Trump issued a Presidential Memorandum allowing the deferment of withholding, depositing and paying the employee portion of social security taxes from wages paid September...

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Giving Back to Your Community

Sep 01, 2020

Each person has unique skills and talents that we can all offer to our communities. Volunteering our time is a great way to offer those talents to others. Not only is volunteering in your community be...

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Paycheck Check-Up

Aug 25, 2020

In this time of mobile banking, direct deposit, and contactless everything, when is the last time you (or your employees) looked at anything more than the net pay amount of your check stub or direct d...

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