News by MHCS

What To Know About the New Lease Accounting Standard

Feb 07, 2022

Every day that passes marks less time for private companies to get ready for ASC 842, the new lease accounting standard. Private companies will have to comply with this standard in fiscal years beginn...

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Should You Lease or Buy: Making the Best Choice

Feb 02, 2022

When businesses need equipment for their operations, they have the choice of buying or leasing what they need. This includes everything from cars to tractors and there are pros and cons to every optio...

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Construction Companies: Recognizing Revenue Under ASC 606

Jan 27, 2022

Recently, construction companies industrywide made a change in how they calculated revenue. Before ASC 606, Revenue from Contracts with Customers, was adopted, different industries used different meth...

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Payroll Tax Rates and Contribution Limits for 2022

Jan 26, 2022

Below are federal payroll tax rates and benefits contribution limits for 2022. Avoid any penalties or mistakes by implementing these changes today. Social Security taxIn 2022, the Social Security tax...

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Four Technologies That Are Changing How Real Estate Brokerages Are Run

Jan 19, 2022

The National Association of Realtors (NAR) reported that last year nearly 90% of homebuyers used an agent or broker to help them buy property. That is an increase of nearly 20% since 2001. Clearly, te...

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The Building Blocks - January 2022

Jan 18, 2022

The latest edition of The Building Blocks is here! In this edition, we share details on the new lease accounting standard, making the best decision on buying vs leasing, managing revenue in constructi...

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IRS Offers Guidance on ERC

Jan 13, 2022

The IRS has issued guidance for employers regarding the retroactive termination of the Employee Retention Credit. The Employee Retention Credit now applies only to wages paid before October 1, 2021, u...

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The Production Line - January 2022

Jan 13, 2022

The newest edition of The Production Line is here! In this edition, we share information on new lease accounting standards, making decisions about leasing or buying, detecting business expenses, and b...

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January Tax Due Date is Approaching

Jan 10, 2022

It is time for businesses to start preparing for their tax filings. January 31 is the due date for many significant tasks, as shown below. Businesses should keep in mind that state taxing authorities...

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Tax Deductions and Construction: What Can Be Written Off?

Jan 07, 2022

Construction companies often have to deal with large expenses, either for materials, tools, the use of vehicles or any potential business costs they may need to support without being able to charge th...

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