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.

The Impact of COVID-19 on Patient Care in the United States

Posted by Jill Johnson on July 31, 2020

Though stay-at-home orders are lifting in certain areas of the United States, the COVID-19 pandemic is still greatly impacting healthcare providers and patients.

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Midyear Tax Planning Ideas for Individuals

Posted by David Schlein on July 30, 2020

So far, 2020 has been a tumultuous year for many people. What can you do today to possibly lower your federal income tax obligations for 2020?

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Business Vehicle Purchases: What Is Deductible for 2020?

Posted by Kristin Re’ on July 30, 2020

Purchases of new and used business vehicles may qualify for tax breaks under current tax law. If you need a new vehicle to use for business purposes, review these details before you go shopping. Some vehicles may qualify for bigger deductions than others.

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Five Mid-Year Tax Planning Ideas for Small Business Owners

Posted by Kerry Roets on July 30, 2020

From the pandemic to new tax laws, small business owners face substantial volatility as they implement tax planning strategies in 2020. Uncertain market conditions are expected to persist at least until the November elections — and possibly even longer.

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FASB Offers Reprieve from Updated Lease and Revenue Recognition Rules

Posted by Seth Hennard on July 29, 2020

In June, the Financial Accounting Standards Board (FASB) issued guidance that defers the effective dates of accounting standards for leases and revenue recognition rules for certain entities. The FASB has also issued a proposal that, if approved, would defer the updated guidance for long-term insurance contracts.

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Employers - Prepare to Comply with Year End Reporting of Qualified Sick and Family Leave Wages Paid

Posted by Mark Stack on July 29, 2020

The IRS recently issued Notice 2020-54 regarding employers’ requirement to report the amount of qualified sick leave wages and qualified family leave wages paid to employees under the Families First Coronavirus Response Act (FFCRA), (P. L. No. 116-127).

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New Supreme Court Rulings on Immigration and Discrimination Summon Attention

Posted by Amanda Mooney on July 28, 2020

Recent legal developments in Washington are keeping employment law experts on their toes and that means employers must also keep abreast of major issues that arise and evolve into legislative changes. Real-world impacts will vary from one employer to the next, from none to acute disruption.

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Federal Reserve Proposes Expanding Main Street Lending Program to Nonprofit Organizations

Posted by Cory Van Deusen V on July 20, 2020

Previously, nonprofit organizations were not eligible to participate in the program given their absence of EBITDA, a key underwriting metric required for the three existing MSLP facilities.  However, the Federal Reserve then evaluated the feasibility of adjusting the borrower eligibility criteria and loan eligibility metrics of the program for nonprofit organizations.

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CARES Act Funds for Governments

Posted by Sara Dayton on July 17, 2020

The CARES Act enacted by Congress on March 27, established the Coronavirus Relief Fund and appropriated $150 billion to the fund for COVID-19 related expenses for states, the District of Columbia, U.S. territories, tribal governments, and local governments with populations over 500,000.

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BDO Nonprofit Standard | Summer 2020

Posted by Donna Gonser on July 17, 2020

Take a look at the summer 2020 edition of BDO's Nonprofit Standard.

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