PPP Forgiveness and Repayment: Deadline Approaching
If you received a PPP loan, important forgiveness deadlines are approaching. Are you ready?
Nonprofit organizations are deeply woven into the Western New York business and philanthropic community. Yet doing business as a nonprofit has become increasingly complex. New tax reform, complex regulations, growing competition, and shrinking resources can make the management of financial resources daunting for those leading our region’s many nonprofits.
Lumsden McCormick can help. Widely regarded as having the most extensive and diversified nonprofit base in Western New York, our partner-led nonprofit services team is uniquely qualified to help exempt businesses operate most effectively. You can count on our accessible certified public accountants to work collaboratively with your leadership team to minimize compliance risk as well as monitor industry developments. In addition to our unparalleled expertise, we can tap additional national and global resources on your behalf through our membership in the BDO Alliance USA.
Our nonprofit services include:
Every fall, Lumsden McCormick sponsors an Exempt Organizations Conference featuring local and national experts presenting on a variety of pertinent industry topics. Visit our Events page for more information; details to follow. Contact Maria Gambacorta with further questions.
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