Lumsden McCormick currently audits more than 20 self-insured workers’ compensation trust funds. In addition, we have performed various forensic accounting services for the New York State Workers’ Compensation Board to over 15 self-insured workers’ compensation trust funds and frequently assist the New York State Workers’ Compensation Board and the New York State Attorney General’s office in a variety of tax and accounting areas. We have extensive experience consulting with plan actuaries, claim administrators and group managers, as well as a unique understanding of methodologies used by actuaries to determine the year-end claim’s liability.
Our workers’ compensation trust fund services include:
Audit and assurance services
- Audits of financial statements
- Calculation of liability for 50-5 assessment fund
- Corporate taxation - Form 1120-PC
- Federal and state tax audits
- Tax planning
- Deficit assessment calculation and allocation
- Forensic accounting to determine adequacy of year end claims reserves
- Operational reports to identify reasons for trust deficits
- Compliance with New York Code of Rules and Regulations (NYCRR)
- American Institute of Certified Public Accountants (AICPA)
- AICPA Employee Benefit Plan Audit Quality Center
- Member of the Center for Public Company Audit Firms of the AICPA
- BDO Alliance USA
- New York State Society of Certified Public Accountants (NYSSCPA)
- Public Company Accounting Oversight Board (PCAOB)
Wednesday, June 28, 2017
Accounting systems are like tires - they all go flat eventually. Business owners should be prepared to upgrade this software on a regular basis. There are at least two good reasons for doing so.
Friday, June 9, 2017
On June 1, 2017 the New York State Department of Financial Services announced the amount of the weekly contribution rate for employees pursuant to the New York Paid Family Leave Act (PFLA).
Tuesday, May 23, 2017
As you formulate and adjust your succession plan, your insurance policies can serve as a critical safeguard.