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.

BDO Nonprofit Standard | Spring 2021

Posted by Sarah Hopkins on April 15, 2021

Take a look at the BDO Nonprofit Standard for Spring 2021.

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Why Manufacturers are Looking Forward to Growth

Posted by Jonathan Roller on April 15, 2021

As more Americans get vaccinations and an economic recovery is within sight, manufacturers can bring lessons learned during the pandemic to accelerate growth.

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FASB Report - Accounting Alternative for Private Entities in Evaluating Triggering Events for Goodwill Impairment

Posted by Michael Grimaldi on April 13, 2021

The FASB issued ASU 2021-03[1] (“ASU”) to provide private companies and not-for-profit entities (“NFPs”) with an accounting alternative to evaluate triggering events for goodwill impairment only as of the end of each reporting period, whether they report on an interim or annual basis.

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Employees Now Enjoy Even Greater Flexibility with FSAs

Posted by Kathleen Strobele on April 13, 2021

Employees who choose to participate in employer-provided flexible spending accounts (FSAs) can realize several tax benefits. Recent legislation provides participants with an even greater incentive to contribute to these accounts.

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Temporary Changes to the Child and Dependent Care Credit

Posted by Kevin Smeader on April 13, 2021

The American Rescue Plan Act liberalizes the child and dependent care credit for 2021. But the changes won't help high-income households.

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Top Five PPP FAQs

Posted by Jenna Torella on April 12, 2021

The Paycheck Protection Program (PPP) loan process has become increasingly complicated as new guidance and enhancements to the program have been announced.

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Employee Retention Credit FAQs Released For 2020 Claims

Posted by Megan Morris on April 12, 2021

Under the 2020 ERC rules, 50% of qualified wages and healthcare expenses (up to $10,000 of wages per employee in 2020) are fully refundable if paid by businesses that experienced a full or partial suspension of their operations or a significant decline in gross receipts.

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Planning Perspectives: Key Potential Changes Under President Biden’s Tax Plan

Posted by Cheryl A. Jankowski on April 08, 2021

Review some of the specifics of Biden’s proposed tax changes and how they would affect individuals and households.

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R&D Tax Credits for the Technology & Software Industry

Posted by Kristin Re’ on April 08, 2021

Generate cash from your past and future investments to develop or improve software.

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R&D Tax Credits for the Manufacturing Industry

Posted by Kristin Re’ on April 08, 2021

The manufacturing industry alone claims annual R&D tax credits in excess of $7.4 billion.

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