Accounting Methods: Private Companies Have Options
Different companies have different financial reporting needs. Is your current accounting method a good fit, or is it time for a change?
Whether you sell products or services to your customers or clients, you want to run your business as efficiently as possible to achieve maximum growth and profit opportunities. Every business has its own accounting and tax compliance issues. It can be a challenge to keep up with changing IRS rules as you try to manage your business.
Since our inception in 1952, Lumsden McCormick has provided comprehensive tax services to commercial organizations of all types and sizes. Over the years, we expanded our business services to include a full scope of assurance, accounting, tax, and consulting services. Today, our team of certified public accountants takes a proactive approach to understand every aspect of your business and its unique challenges and opportunities.
We’ll assess your accounting systems and current tax situation and ask questions that will help us understand your overall long-term business goals. We’ll collaborate with you to develop a strategy to minimize your tax obligations, help you comply with federal and state regulations, and ensure you benefit from business incentives.
As a proud member of the BDO Alliance USA, we can also tap the resources of other professionals with expertise in your specific industry sector. We work with a wide range of businesses, and have specialty expertise in the following business sectors but not limited to:
Our full scope of services include:
The executive branch is looking to increase revenue for the IRS. Translation: expect to see an increase in the number of IRS audits being performed, including industries not traditionally targeted.Learn More
The accounting for leases is changing significantly. The required implementation of FASB ASC 842 will mandate that most leases are included on the balance sheet as a right-of-use asset, with a corresponding lease liability. The new standard will impact nearly all commercial businesses and nonprofit organizations and is effective for annual reporting periods beginning after December 15, 2021.Learn More