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)
Monday, April 3, 2017
The inherently great features "the cloud" offers doesn't always guarantee you’ll get a good return on investment unless you proactively make the most of it's use.
Thursday, November 10, 2016
Your cybersecurity "chain" is only as strong as its weakest link. Typically that weakest link is not your network systems, but your employees. Cybercriminals know employees are busy and may not be trained in the warning signs of fraudulent activity. The threat is serious. … more
Wednesday, October 5, 2016
The deadline for the Department of Labor's (DOL's) new final overtime rule is December 1, 2016. While CFOs at most large U.S. companies have been working overtime themselves to prepare for the changes, many small and midsize firms haven't been as quick to react.