News by MHCS

The 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...

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Business 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 ...

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Figuring 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...

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Overwhelmed 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...

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Managing 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...

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The 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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Section 174 Research Deduction Changes for 2022

Nov 22, 2021

The IRS will require business owners to amortize Section 174 research expenses over multiple years instead of deducting them in the year incurred unless a provision in the Tax Cuts and Jobs Act change...

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The Production Line - November 2021

Nov 18, 2021

The newest edition of The Production Line is here! In this edition, we look at research and development changes for 2022, review business deductions, discuss manufacturing tax credits, and share an ov...

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Applying ASC 606 in Construction

Nov 17, 2021

In simple terms, if you're in the business of entering contracts to deliver goods or services to customers, you're affected by the FASB's ASC 606, which provides guidance in recognizing revenue. Altho...

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Inventory Management: Keys to a Lean Operation

Nov 15, 2021

Longer timelines are often a natural part of manufacturing anything. Unlike ready-made items or services, there are multiple steps — you may spend months sourcing raw materials. You have to make it, b...

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