Lumsden McCormick’s knowledgeable staff has years of experience supporting the needs of all types and sizes of construction projects. Whether you are facing initial incorporation, establishing job-costing systems, procuring bank financing, bonding or obtaining state certifications, Lumsden McCormick’s staff has the expertise to help in every phase of development. Our client experience includes working with general and sub-contractors in various specialties including bridge and highway, electrical, specialty roofing structures, demolition, homebuilders and land development. This experience has also provided us with knowledge to consult in many critical areas including bonding cost certifications, Federal Acquisition Regulations (FAR) and cash flow management.
Our construction services team is active in regional and statewide industry associations and receives specialized training each year to stay abreast of current industry developments. To minimize the tax burden, we continuously evaluate the best options for reporting taxable income on long-term contracts, ensure all available tax credits are taken and advise on compliance with complex sales tax issues. Our membership in the BDO Alliance USA expands our available resources to a national and global level should the need arise.
Our construction contractor services include:
Audit and assurance services
- Accounting systems, policies and procedures
- Audits, reviews and compilations of financial statements
- Employee benefit plan audits
- Federal Acquisition Regulation (FAR) audits
- Forecasts and projections
- Operations and internal control audits
- Corporate taxation
- Cost segregation studies
- Domestic Production Activities Deduction (Section 199)
- Federal and state tax audits
- Individual taxation
- International taxation
- Multi-state nexus and taxation
- Sales tax reporting and compliance
- State and local tax issues
- Tax credits and business development incentives
- Tax planning
- Business valuations
- Cash flow and projections
- Costing systems
- Financing options
- Fraud prevention, audits and investigations
- General ledger consulting
- Mergers and acquisitions
- Strategic planning
- Succession planning and business structure
- American Institute of Certified Public Accountants (AICPA)
- BDO Alliance USA
- Construction Financial Management Association (CFMA)
- New York State Society of Certified Public Accountants (NYSSCPA)
- Public Company Accounting Oversight Board (PCAOB)
Tuesday, January 30, 2018
As you scramble to get up-to-date on changes to the federal tax rules under the Tax Cuts and Jobs Act, there also will be major changes to U.S. Generally Accepted Accounting Principles (GAAP).
Monday, November 20, 2017
It’s not too late! You can still take steps to significantly reduce your business's 2017 income tax bill and possibly lay the groundwork for tax savings in future years.
Friday, October 27, 2017
Legislation enacted in 2015 established a new IRS audit regime for partnerships and limited liability companies (LLCs) that are treated as partnerships for tax purposes.