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.

Article IRS Announces Changes for Personal Use of Employer-Provided Vehicles

Posted by Kevin Smeader on June 11, 2019

The free use of a company car is one of the best perks an employee may receive as part of a compensation package, but the benefit to the employee isn't completely “free” under current tax law.

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Why You Should Run Your Nonprofit Like A Business

Posted by Robert Torella on June 11, 2019

The strategic plan lies at the core of most for-profit companies. What might a robust strategic plan, and other for-profit tools, do for your nonprofit?

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DOL Updates Guidance on Independent Contractor Status

Posted by Megan Morris on June 11, 2019

The so-called “gig economy” challenges conventional practices between companies and the people who perform the work. A key question is: Are these workers independent contractors or employees?

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Measuring “Fair Value” For Financial Reporting Purposes

Posted by Michael Grimaldi on June 11, 2019

Certain assets and liabilities must be reported at fair value, rather than historic cost. Find out what the term “fair value” means, how it differs from other standards and why you shouldn’t recycle a valuation.

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BDO Nonprofit Standard | Spring 2019

Posted by Donna Gonser on June 11, 2019

Take a look at the Spring 2019 BDO Nonprofit Standard.

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When to Update Your Estate Plan

Posted by Cheryl A. Jankowski on June 11, 2019

Estate planning isn't just for the rich and famous. While it's true that the Tax Cuts and Jobs Act (TCJA) provides generous estate tax relief, even for well-to-do families, the need for estate planning has not been eliminated. There are still numerous reasons to develop a comprehensive estate plan and regularly update it.

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Overwhelmed by Wayfair? Automation Can Help

Posted by Mark Stack on June 11, 2019

Companies across industries and of all sizes have to contend with the fallout resulting from Wayfair, but it has been particularly onerous for middle-market companies.

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Tax Issues When Winding Up the Estate of a Loved One

Posted by Robert Ingrasci on June 10, 2019

When a loved one who was “financially comfortable” passes away, his or her family must deal with the emotional issues that come with the loss — as well as winding up the decedent's financial affairs.

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New York State Updates the STAR Program For 2019

Posted by Sara Dayton on June 07, 2019

Beginning this year, the NYS Department of Taxation and Finance released two updates to the STAR (School Tax Relief) program.

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Comparing Internal and External Audits

Posted by Sara Dayton on June 03, 2019

Internal and external auditors provide complementary coverage of financial matters that can help you make informed business decisions. What’s the difference between them?

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