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.

Time to Take Another Look at Health Savings Accounts

Posted by Kathleen Strobele on January 15, 2021

If your company is thinking about switching to a high-deductible health plan to save money, consider adding a Health Savings Account (HSA) option. Similar to traditional IRAs, HSAs can offer tax breaks and other benefits to employers and employees.

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How to Value Donations of Private Stock

Posted by Douglas Sosnowski on January 15, 2021

Corporate stock is the favorite type of noncash charitable contribution, according to the IRS. Many of these donations are publicly traded stocks that are relatively easy to value, but donations of private business interests are typically more complicated.

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When Should Not-for-Profit Organizations Return Donations?

Posted by Robert Torella on January 15, 2021

There are several reasons why donors might ask a not-for-profit to return a gift — for example, if a donor has a change of heart or believes the organization is misusing the funds, but is the organization required to return a donation?

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Protecting the Elderly from Con Artists

Posted by D’Marie Murray on January 14, 2021

Even in ordinary times, elderly Americans are vulnerable to con artists, who may be attracted by seniors' ample retirement funds and Social Security benefits, but COVID-19 has raised the threat as many elderly people have become isolated. 

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On the Front Lines: Health and Human Services Organizations During COVID-19

Posted by Jill Johnson on January 14, 2021

Health and Human Services (HHS) organizations are often the boots on the ground direct care providers for some of our most vulnerable populations. To drill down into specific challenges impacting HHS organizations, we analyzed their responses to our annual benchmarking survey. 

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Adjusting to Manufacturing’s New Normal

Posted by Jonathan Roller on January 07, 2021

The COVID-19 pandemic has highlighted concerns that the United States has become too reliant on foreign suppliers, especially partners in China. As a result, many manufacturers are considering bringing foreign business arrangements back to America.

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Construction Firms: 8 Accounting Practices for a Financially Healthy 2021

Posted by Michē Needham on January 07, 2021

By adopting or refining a few key accounting practices at the project level, construction contractors can keep their businesses financially healthy in 2021 and beyond.

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Closing Your Corporation or Pass-Through Entity? Manage the Tax Implications

Posted by Kerry Roets on January 07, 2021

A record number of privately held businesses closed their doors permanently in 2020, and more closings are expected as the COVID-19 pandemic continues. Shuttering a business can have complicated tax implications for the business and its owners.

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Appropriations Law Adds Some Business Tax Breaks and Extends Others

Posted by Kristin Re’ on January 06, 2021

President Trump signed the Consolidated Appropriations Act (CAA) into law on December 27, 2020. The legislation adds a few new tax breaks for businesses. For example, it allows taxpayers to deduct 100% of the cost of business-related food and beverage expenses incurred at restaurants in 2021 and 2022. The new law also extends a bevy of other business breaks that were set to expire at the end of 2020.

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A Dozen New Year’s Resolutions for Small Business Owners

Posted by Timothy Bubar on January 06, 2021

Many people, especially small business owners who were adversely affected by the COVID-19 pandemic, are looking forward to a fresh start in 2021. Before diving headfirst into the new year, business owners should take time to learn from last year's achievements and mistakes, as well as set goals and monitor trends for the future.

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