Articles From Lumsden McCormick

Lumsden McCormick provides resources to assist you as you plan for your business and personal success. Articles published by our accountants, resources available through our affiliation with the BDO Alliance USA, and our industry-specific newsletters are listed below.

Nonprofit Budget Ideas for 2023

Posted by Elizabeth Krause on September 22, 2022

We are all guilty of working on autopilot, especially for annual projects like budgets.  Take a closer look at your budget for 2023, perhaps these ideas will give your organization a way to rethink the process.

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Income Tax Planning in Light of Increased Federal Estate Tax Exemption

Posted by Cheryl A. Jankowski on September 22, 2022

In light of the changes to the federal estate tax thresholds, income tax planning is now even more important.  Also, consider that state tax laws including New York can impact your short and long term goals.

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Q4 Tax Calendar: Deadlines for Employers

Posted by Kristin Re’ on September 22, 2022

Follow these 4th Quarter deadlines to stay compliant with federal tax deadlines and possible deadline changes based on prior activity.

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Build a Better Board  

Posted by Cathleen Karpik on September 21, 2022

Your nonprofit Board should be an extension of management.  It is important to consider individuals who value your mission and willingness to be supportive both as a volunteer and financially.

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PCAOB Spotlight: Audit Committee Resource

Posted by Sara Dayton on September 19, 2022

In response to the current global economic environment impacted by supply chain issues, high inflation, geopolitical tensions, increasing use of technology and cyber threats, the Public Company Accounting Oversight Board (PCAOB) has issued a series of questions for audit committees to consider in their engagement with auditors and management regarding their response to related financial reporting and audit risks.

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Navigating FEMA’S COVID-19 Appeals Process

Posted by Robert Torella on September 19, 2022

The FEMA deadline for submitting COVID-19-related costs for final determination is December 31, 2022. As FEMA completes reviews and renders decisions on approvals, many applicants may see notices of denials of costs due to one or multiple eligibility issues.

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FEMA Increases Small Project Maximum to $1M

Posted by Robert Torella on September 19, 2022

On August 3, FEMA implemented a regulatory change to increase the small project maximum in the Public Assistance (PA) program to $1 million from $139,800. The increase aims to simplify the application process and reduce the administrative burden on nonprofits and government entities that receive a FEMA grant following a disaster.

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Careful Planning to Avoid Probate

Posted by Amanda Wojtkowski on September 16, 2022

The public nature of probate is a primary reason many people wish to avoid the process to the extent possible. Implementing the proper strategies in your estate plan can protect your privacy.

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Tax Exempt Organizations: Navigating The Executive Compensation Excise Tax

Posted by Sarah Hopkins on September 16, 2022

Section 4960 of the Internal Revenue Code imposes a 21% excise tax on remuneration in excess of $1 million as well as excess “parachute payments” paid by applicable tax-exempt organizations (ATEOs) or their related entities to any “covered employee.” Tax-exempt employers that compensate their executives over $1 million per year or that pay separation-related compensation should monitor the amounts and timing of such remuneration.

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Why Give?  Nonprofits Strive to Understand Donor Motivation

Posted by Jenna Sheehan on September 15, 2022

It’s not easy to get at the root of charitable donor motivation. We look at some of the financial, social and emotional reasons people give and how your nonprofit might want to act on them.

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