Articles From Lumsden McCormick

Lumsden McCormick provides resources to assist you as you plan for your business and personal success. Articles published by our accountants, resources available through our affiliation with the BDO Alliance USA, and our industry-specific newsletters are listed below.

Have You Considered the Employee Retention Credit?

Posted by Cory Van Deusen V on May 27, 2020

If you did not receive a Paycheck Protection Program loan, you may want to consider the CARES Act Employee Retention Credit.

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College Costs: How to Maximize Your Return on Investment

Posted by Jeffrey Budzinski on May 27, 2020

Many families view college as an investment in their children's futures, but the novel coronavirus (COVID-19) pandemic is causing families to reevaluate their options — and, in some cases, make major, life-altering changes. Here's an overview of how much it currently costs to pursue an undergraduate degree and strategies to consider to cut higher education costs during these uncertain times.

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Eight Tips to a Successful Pivot Strategy

Posted by John Schiavone on May 27, 2020

The COVID-19 pandemic has caused difficulties for businesses and as the economy slowly reopens across the country, old ways of doing things clearly won't work for most business operations. But there's a potential upside: Major economic disruptions may provide opportunities for managers and owners who can reject the status quo and “think outside the box.” 

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Accessing Financial Relief During the COVID-19 Pandemic: Available Funds for Healthcare Organizations

Posted by Jill Johnson on May 19, 2020

As healthcare organizations look to heal from COVID-19 financially and prepare to reestablish full patient care services, understanding the emergency relief funding available will be critical.

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2020 Global Study on Occupational Fraud and Abuse

Posted by Christopher Lukowski on May 19, 2020

Could your organization be the next victim of fraud in an increasingly tense global marketplace? No one wants to believe that their trusted employees would steal assets or manipulate financial information for criminal purposes. But fraud is more common — and costly — than you might think, especially for smaller organizations.

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NYSSCPA Small Business Town Hall Summary of Pandemic Related Issues

Posted by Donna Gonser on May 18, 2020

As a follow-up to the NYSSCPA Small Business Town Hall on May 13, more information has been provided regarding the option for employers to defer payment of employer social security taxes through December 31, 2020 and how that interfaces with PPP Loan recipients.

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Form 5500 Deadline: Is it Extended Due to COVID-19?

Posted by Thomas Burns on May 18, 2020

In light of the novel coronavirus (COVID-19) crisis, employers have questions about how to handle many areas, including their benefit plans. Do the usual deadlines apply for Form 5500, “Annual Return/Report of Employee Benefit Plan?” Or have the deadlines been extended?

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Can Employees Collect Unemployment if They Refuse to Return to Work?

Posted by Mark Stack on May 18, 2020

Many states are reopening in phases and employees are being called back to work. Some states are now warning unemployment benefit recipients that if their employers are reopening but they refuse to go back to work, they'll be deemed to have refused work and will be ineligible for benefits as a result.

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As Governors Lift COVID-19 Restrictions, What Happens to the CARES Act Employee Retention Credit?

Posted by Jenna Torella on May 14, 2020

Although the answer depends on each employer’s facts and circumstances, it seems that many employers may still be eligible for the employee retention credit (ERC) as state and local governments re-open their economies in stages.

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SBA Reviews PPP Required Good-Faith Certification

Posted by Megan Morris on May 14, 2020

How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?

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