Sponsorships and Advertisings Subject to UBIT Tax
Distinctions between taxable advertising and nontaxable sponsorships can be nuanced. Before seeking new income sources, figure out if they’re potentially subject to unrelated business income tax.
Local government leaders are increasingly challenged to fund additional local services despite working with diminishing resources. Shrinking budgets resulting from state and federal budget cuts and recent tax reform changes require careful planning. At times you need help with managing fiscal responsibilities and ensuring that you are in full compliance with the complex regulations.
Meeting the Financial Needs of Local Government
For more than 65 years, Lumsden McCormick has provided accounting and consulting expertise to more than 100 government-related entities, including counties, cities, towns, and villages. Our dedicated government service team can help with your financial reporting, accounting, and auditing needs. We will also work collaboratively to fine-tune budget allocation and find ways to better meet the needs of the community you serve.
Our hands-on professionals have extensive experience in providing Comprehensive Annual Financial Reports (CAFR) to municipalities when necessary. We review financial statements, facilitate risk assessment, and ensure you are in full regulatory compliance. What sets us apart is how immersed our professionals are in the public sector. We attend national and statewide governmental conferences that keep us sharply focused on issues important to you.
Additionally, our affiliation with the BDO Alliance USA means we can tap into additional resources and thought leadership that will help you meet your goals.
Training and Expertise
As required by our membership in the American Institute of Certified Public Accountants (AICPA) Government Audit Quality Center and U.S. Government Auditing Standards, our government audit CPAs receive a higher level of government-specific continuing education. Based on our knowledge of New York State’s Public Authorities Accountability Act (PAAA), we are well-positioned to offer insights and expertise in how to maintain compliance with its complex accounting and reporting requirements.
Audit and Assurance Services
For more information about our accounting and consulting services for municipalities, contact Sara Dayton or complete the information below.
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
As everyone knows, the COVID-19 pandemic has had a global impact beyond health and safety concerns. With millions of Americans vaccinated, where does the economy stand and what can be expected across the Upstate region, New York State, the United States, and Canada?Learn More