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.

Estimating Business Interruption Losses

Posted by Douglas Sosnowski on November 23, 2020

2020 has been a record year for natural disasters, including the California and Oregon wildfires, the Iowa derecho, and Hurricanes Laura and Sally. Businesses affected by these (and other) disasters may be eligible to recoup losses covered by business interruption insurance. Here's a look at what these policies cover and how financial experts can help you file a comprehensive claim.

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Prequalify Subcontractors and Protect Your Profitability

Posted by Michē Needham on November 16, 2020

A subcontractor's business acumen can directly affect a general contractor's ability to deliver a project on time and within budget. Unreliable subcontractors aren't always easy to spot, but a prequalification program can help you identify risks. This process should provide insight into subcontractors' current cash flows, backlogs, and bonding capacities.

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COVID-19-Related Paid Leave Requirements Get a Fine-Tuning

Posted by Timothy Bubar on November 13, 2020

Most business owners know that the Families First Coronavirus Relief Act (FFCRA), which passed in March of 2020, included special paid leave requirements. Now, the rules that govern that paid leave have been modified to bring the original rules into compliance with a federal court decision earlier this year. The overall goal is to ensure that certain employees who are affected by the COVID-19 pandemic get the paid leave they need.

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Nonprofits: Now’s the Time to Muster Volunteer Resources

Posted by Cathleen Karpik on November 09, 2020

Despite a rough year, many nonprofits have weathered the pandemic relatively well. In fact, some are now experiencing a surge in volunteer interest. To ensure you have enough helping hands, take time now to learn what your volunteers need and want and, if necessary, reorganize your volunteer program to accommodate them.

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Award Year-End Bonuses the Right Way

Posted by Kelsey Weigel on November 09, 2020

This has been a rough year for many businesses, but you may still be planning to give out employee bonuses. We offer four tips for rewarding employees — including one for employers who don't intend to pay bonuses. For starters, consider the tax ramifications, then explain your rationale for awarding bonuses.

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eBook: Mastering Workflow in Nonprofit Management

Posted by Jonathan Urban on November 09, 2020

These challenging times have forced many nonprofits to revisit, reassess, and fine-tune the tools they rely on.  Discussions about automation and workflow are at the forefront for ways to improve organizational efficiency.

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Be on High Alert for Ransomware Attacks

Posted by Jesse Rubinstein on November 05, 2020

COVID-19 and natural disasters aren't the only threats your organization faces in 2020. Ransomware attacks have also grown in frequency, severity and sophistication in recent months, causing businesses, not-for-profits, and government agencies that are hacked to be severely disrupted.

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Make Education Part of Your Estate Plan

Posted by D’Marie Murray on November 05, 2020

For many people, one important estate planning goal is to leave a legacy for their children, grandchildren, and future generations. One way to do so — and realize tax benefits — is to establish a family education trust that invests in one or more 529 plans.

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2020 Report to the Nations Highlights Fraud Risks for Manufacturers

Posted by Jonathan Roller on November 05, 2020

Manufacturers sometimes fall victim to occupational fraud and abuse. In fact, of the 23 industries represented in the 2020 Report to the Nations, the manufacturing sector had the third highest number of cases.

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Healthcare In Distress: Signs That You May Need To Restructure

Posted by Michael Grimaldi on October 30, 2020

While the initial tidal wave of COVID-19 has begun to recede, the effects of the pandemic are still rippling through the U.S. healthcare landscape. Initial CARES Act relief funds helped stave off financial instability for many facilities, but uncertainty over the potential of future relief, consumer confidence, lack of regulation surrounding telehealth reimbursement, and market volatility continue to plague healthcare facilities financially.

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