News by MHCS

The Building Blocks - September 2022

Sep 27, 2022

The latest edition of The Building Blocks is here! In this edition, we share information on construction accounting best practices, when to hire a CFO, what information you should get from your financ...

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QuickBooks Can Help Prevent Fraud

Sep 27, 2022

Many businesses have experienced fraud first-hand. Those who survived the theft are quick to implement accounting controls. Below are 10 tips for best practices related to protecting your cash and t...

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The Inflation Reduction Act’s Impact on Sections 45L and 179d

Sep 21, 2022

The Inflation Reduction Act of 2022 (the Act) contains $433 billion in new spending over the next decade in areas such as: $369 billion for energy security, $64 billion for the extension of the Affo...

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Behavioral Red Flags for Internal Fraud

Sep 19, 2022

Fraud can be uncovered in many different ways: a tip, management review, internal or external audit, document examination, account reconciliation or even by accident. In 65% of cases, however, someone...

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Confused About Capitalization and Safe Harbor

Sep 15, 2022

Whenever you spend money on your business, the expense is either deducted on your federal tax return in the year it is incurred or depreciated over time. Here's how to tell what to do. Deductible Cos...

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THE PRODUCTION LINE - September 2022

Sep 15, 2022

The latest edition of The Production Line is here! This month, we take a look at revenue management and boosting revenue for manufacturing companies, record keeping rules, and integrating mobility. Cl...

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Exempt vs. Nonexempt: Where the Dividing Line Is

Sep 12, 2022

Are you sure you know whether your employees are considered exempt or nonexempt? It's important to classify workers correctly because their status determines their eligibility to receive overtime pay....

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Getting a Handle on Financial Fraud

Sep 08, 2022

During periods of economic stress, both civil and criminal incidents of fraud tend to rise as businesses face increased financial pressures. Fraud covers a wide range of activities from intentional ...

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How to Avoid Undercapitalization

Sep 06, 2022

Undercapitalization is never good for business. It occurs when a business holds insufficient funding, or capital, to support its operations. This serious concern can lead to a major financial crisis f...

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S Corporation Requirements, Responsibilities, and Considerations

Aug 31, 2022

S corporations are entities that can pass corporate income, losses, deductions and credits through to shareholders for federal tax purposes. Shareholders report the flow-through of income and losses o...

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