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)
Thursday, September 21, 2017
The U.S. Department of Labor (DOL) has begun taking steps to loosen the reins on employers, turning away from some Obama administration initiatives.
Monday, September 11, 2017
Beginning September 18, 2017, the USCIS is requiring that all employers use the newly revised form and continue to follow the existing storage and retention rules.
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.