easiest way of hitting it back would be slice. You have to make sure you hit it in front with good swing speed, otherwise the ball's going to float long.
Or you can try to take it on the rise. It will require a lot of practice AND you need to realize immediately it's a moonball and you need to move forward and take it on the rise.
I think 2nd part would be harder.
Or you can move back and hit with a lot of topspin. But some players will come in behind and knock off your shots.