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.
Public sector authorities in New York must balance the needs of constituents and manage complex, shrinking budgets to meet government-wide challenges. There is a need to execute all activities in a fully transparent manner and in full compliance with mounting regulations. You need to work with financial professionals who have the experience to provide strategic, innovative solutions.
Public Sector Expertise
For over 65 years, we have focused on serving those who serve the community. Lumsden McCormick has extensive experience in providing accounting and consulting expertise to more than 100 government-related entities. We have worked closely with New York state government leaders in assurance, budget management, compliance, and advisory services.
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. We are actively involved in public sector associations and committees, including the AICPA Government Accounting and Auditing Committee, the New York State Government Finance Officers’ Association and Association of Government Accountants.
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.
For more information about our accounting and consulting services for public authorities, contact Donna Gonser 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