News by MHCS

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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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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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...

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Deciding 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...

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Carried 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...

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