News by MHCS
Figuring Out Your Business Taxes
Jan 05, 2022
The type of business will determine the type of taxes that will be required to be remitted. Income Taxes You know this tax — it gives the government a share of your net income. Generally, all busine...
Learn MoreDeciding Whether Contractors Can Claim R&D Benefits
Dec 28, 2021
Of particular relevance to contractors is the research and development tax credit, which is a tax incentive program. Also known as the research and experimentation tax credit or the research tax credi...
Learn MoreThe Building Blocks - December 2021
Dec 21, 2021
Happy Holidays! The latest edition of The Building Blocks is here. In this edition, we discuss ERC relief, the upcoming January tax deadline for businesses, four technologies changing how brokerages r...
Learn MoreCarried Interests Undergo Significant Tax Treatments
Dec 21, 2021
Carried interests, partnership interests held in connection with the performance of services, will undergo significant reporting and taxation treatment this year. When Section 1061 was added to the ta...
Learn MoreThe Production Line - December 2021
Dec 16, 2021
The newest edition of The Production Line is here! In this edition, we highlight the upcoming January tax deadline, payroll tax rates and contribution limits for 2022, outsourced CFO services, and IRS...
Learn MoreBusiness Deductions: A Quick Review
Dec 14, 2021
You have a lot of expenses when running a business. Are any of them deductible? To begin with, a deductible business expense must be both ordinary and necessary. An ordinary business expense is one ...
Learn MoreFiguring Out Contractor Tax Breaks
Dec 09, 2021
The IRS has rules for everything — contractor contracts included. Those in the contractor industry would do well to review IRS guidance and make sure they're in full compliance, and understand that th...
Learn MoreOverwhelmed by Manufacturing Tax Credits
Dec 07, 2021
Tax credits and deductions can allow your company to save money, improve production quality and increase revenue. But with a lot of information available about a variety of programs, it can be difficu...
Learn MoreManaging Tax Rules for Part-Time or Seasonal Help
Dec 02, 2021
As an employer, you normally have to file a quarterly Form 941 to report your employees' wages and withholding. Each quarter, if you pay wages subject to income tax withholding (including withholding...
Learn MoreThe Building Blocks - November 2021
Nov 23, 2021
The latest edition of The Building Blocks is here! In this edition, we discuss compliance changes to carried interests, R&D tax credits for contractors, tax rules for part time and seasonal help, busi...
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