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.

Accessing Financial Relief During the COVID-19 Pandemic: Available Funds for Healthcare Organizations

Posted by Jill Johnson on May 19, 2020

As healthcare organizations look to heal from COVID-19 financially and prepare to reestablish full patient care services, understanding the emergency relief funding available will be critical.

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2020 Global Study on Occupational Fraud and Abuse

Posted by Christopher Lukowski on May 19, 2020

Could your organization be the next victim of fraud in an increasingly tense global marketplace? No one wants to believe that their trusted employees would steal assets or manipulate financial information for criminal purposes. But fraud is more common — and costly — than you might think, especially for smaller organizations.

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NYSSCPA Small Business Town Hall Summary of Pandemic Related Issues

Posted by Donna Gonser on May 18, 2020

As a follow-up to the NYSSCPA Small Business Town Hall on May 13, more information has been provided regarding the option for employers to defer payment of employer social security taxes through December 31, 2020 and how that interfaces with PPP Loan recipients.

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Form 5500 Deadline: Is it Extended Due to COVID-19?

Posted by Thomas Burns on May 18, 2020

In light of the novel coronavirus (COVID-19) crisis, employers have questions about how to handle many areas, including their benefit plans. Do the usual deadlines apply for Form 5500, “Annual Return/Report of Employee Benefit Plan?” Or have the deadlines been extended?

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Can Employees Collect Unemployment if They Refuse to Return to Work?

Posted by Mark Stack on May 18, 2020

Many states are reopening in phases and employees are being called back to work. Some states are now warning unemployment benefit recipients that if their employers are reopening but they refuse to go back to work, they'll be deemed to have refused work and will be ineligible for benefits as a result.

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As Governors Lift COVID-19 Restrictions, What Happens to the CARES Act Employee Retention Credit?

Posted by Jenna Torella on May 14, 2020

Although the answer depends on each employer’s facts and circumstances, it seems that many employers may still be eligible for the employee retention credit (ERC) as state and local governments re-open their economies in stages.

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SBA Reviews PPP Required Good-Faith Certification

Posted by Megan Morris on May 14, 2020

How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?

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Teleworking Employees, COVID-19, and the Resulting SALT Effects

Posted by Mark Stack on May 14, 2020

Why should it matter for a business whether its employees work from home temporarily or if they work remotely in a state other than where the employer’s base of operations is located? In the discussion that follows, we explore three important state and local tax (SALT) effects that could result from teleworking employees. 

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Workforce Options During the COVID-19 Pandemic

Posted by Stephanie Wilkinson on May 14, 2020

It's not easy to think long-term about your business when we're all dealing with the daily challenges presented by COVID-19, but there will likely be better times ahead when this storm has passed. The steps you take now regarding your workforce could determine how well and how quickly your company is able to bounce back when the time comes.

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USMCA: New Trade Agreement Will Modernize NAFTA

Posted by Amanda Mooney on May 11, 2020

The United States-Mexico-Canada Agreement (USMCA) updates the rules for trading manufactured goods in North American, strengthens protections for intellectual property and includes efforts to support small businesses.

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