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.

OMB Guidance Provides Relief to Federal Award Recipients

Posted by Seth Hennard on March 30, 2020

In response to the extended decrease in the operational capacity of many entities due to COVID-19, the Office of Management and Budget (OMB) has provided administrative, financial management, and audit requirement relief for certain Federal grant regulations.

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The CARES Act and Nonprofit Organizations

Posted by Donna Gonser on March 30, 2020

The Coronavirus Aid, Relief and Economic Security Act (the CARES Act) was signed into law on March 27, 2020 to provide financial relief to individuals and businesses in response to the COVID-19 pandemic.  The following are the highlights of the provisions included in the Act that impact nonprofit organizations.

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President Trump Signs Into Law CARES Act

Posted by Mark Janulewicz on March 28, 2020

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19). The CARES Act is the third round of federal government aid related to COVID-19.

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Seven Proposed Stimulus Bill Highlights (CARES Act)

Posted by Mark Janulewicz on March 26, 2020

Some of the highlights of the proposed stimulus bill (also known as the CARES Act) with respect to businesses are as follows.

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SBA Disaster Assistance in Response to the Coronavirus – Low-Interest Loans

Posted by Michē Needham on March 25, 2020

In response to the novel coronavirus (COVID-19) pandemic affecting the small business community across the country, the U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury.

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IRS Releases Updated Covid-19 Relief – Now Extending Filing Date And Payment

Posted by Mark Stack on March 25, 2020

On March 20, 2020, the Internal Revenue Service released Notice 2020-18, its second round of formal guidance – this time expanding its earlier guidance (Notice 2020-17) by including relief to taxpayers for both federal income tax returns and federal income tax payments which would be due April 15, 2020.

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IRS Outlines Procedures for Payroll Tax Credits and Rapid Refunds for Employers Making Federally-Mandated Covid-19 Leave Payments

Posted by Mark Janulewicz on March 25, 2020

The IRS has just clarified that employers can subtract the cost of the new mandated paid leave (plus the cost of keeping affected employees' health care coverage in place during that leave) from any payroll taxes that are otherwise due to the IRS.

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How Manufacturers Can Navigate the Novel Coronavirus’ Supply Chain Impacts

Posted by Jonathan Roller on March 25, 2020

The novel coronavirus crisis has struck a serious blow to the manufacturing industry, which was already battling trade policy turbulence, a slowdown in global manufacturing growth and broader economic uncertainty.

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How To Determine If An Employer Has “Fewer Than 500 Employees” For COVID-19 Federal Paid Sick And Family Leave Mandates

Posted by Brian Kern on March 24, 2020

The Families First Coronavirus Response Act (H.R. 6201) became law on March 18, 2020. Among other things, the Act requires employers with “fewer than 500 employees” to provide two new benefits: (1) federal emergency paid sick leave and (2) federal emergency paid family and medical leave (FMLA). As a result, employers need to know immediately how to determine if they have “fewer than 500 employees.”

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Help New York State by Manufacturing Products

Posted by Cory Van Deusen V on March 23, 2020

New York State is doing all it can to keep New Yorkers safe and stop the spread of COVID-19, but we’re stronger if we all work together.

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