News by MHCS

Great Iowa Treasure Hunt

Jan 31, 2020

We all have heard of the Great Iowa Treasure Hunt and maybe even found some money with our name on it! But where does this money come from and how does it affect you in your medical practice? Every y...

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HIPAA Risk Assessment

Jan 31, 2020

The requirement for Covered Entities to conduct a HIPAA risk assessment is not a new provision of the Health Insurance Portability and Accountability Act. The requirement was first introduced in 2003 ...

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Land Sales, Taxpayer Considered a Dealer or Investor

Jan 27, 2020

When land is sold, long-term capital gain rates are often assumed. While these rates may apply to the majority of sales, recent decisions from the Tax Court and a California District court are good re...

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Two Little Words

Jan 21, 2020

Words are powerful weapons, and there are two especially impactful words which can change the atmosphere. The words ‘Thank You’ in conversation, email, and in personal notes sends the message of grati...

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Upcoming Event: Blood Drive

Jan 17, 2020

Register today to give blood! On Monday, February 3 from 10 a.m. - 12 p.m., we are excited to partner with LifeServe Blood Center to provide the blood mobile in our parking lot for all of us to help ...

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What is a PBC List and How Can It Help an Audit?

Jan 13, 2020

Some of you might be wondering what exactly is a PBC list and its’ purpose. A PBC list, also known as a Provided by Client (PBC) list is a request of information and supporting documents that will be ...

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Reminder of Payroll Changes: Are You Ready?

Jan 08, 2020

We would like to remind all employers about the following payroll changes that went into effect Wednesday, January 1, 2020: The IRS issued a new Form W-4 to use starting January 1, 2020. Employers ...

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New Years Resolutions

Jan 07, 2020

Are you planning on making resolutions this year? This popular tradition tends to quickly hit the backburner. According to The Entrepreneur, “statistics show that only 9.2 percent of people ever achie...

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The Secure Act of 2019

Dec 31, 2019

On December 20th, President Trump signed into law the Secure Act, a funding bill that also included several tax ramifications. The legislation included the renewal of 34 expired or expiring provisions...

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1099-Misc: Nonemployee Compensation Best Practices

Dec 20, 2019

1099 Miscellaneous (1099-Misc) forms need to be filed for a multitude of reasons. The 1099-Misc we most commonly file for clients is for rents paid (box 1) and nonemployee compensation (box 7). Nonemp...

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