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.

Accounting for M&As

Posted by Sherry DelleBovi on January 30, 2017

After an M&A, the buyer’s postdeal balance sheet looks markedly different than it did before the entities combined. Here’s guidance on reporting under GAAP. 

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2017 Cost of Living Adjustment

Posted by William AllenLouis Cercone Jr.Douglas Sosnowski on January 26, 2017

The IRS recently issued its 2017 cost-of-living adjustments. Because inflation remains relatively in check, many amounts increase only slightly, and some stay at 2016 levels. 

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Goodwill Impairment Testing May Soon be Easier

Posted by on January 25, 2017

Reporting goodwill in business combinations and testing it for impairment can be confusing — and often requires the use of outside valuation professionals. Here’s why investors are concerned about impairment and what changes are coming soon to the goodwill accounting rules. We’ll also discuss a recent study that reports a substantial increase in impairment losses among U.S. public companies.

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BDO Knows: FASB, 2016 Year In Review • January 2017

Posted by Michael Grimaldi on January 23, 2017

BDO Knows: FASB is made available through our affiliation with BDO USA. 

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BDO Knows: SEC • January 2017

Posted by Michael Grimaldi on January 23, 2017

BDO Knows: SEC is made available through our affiliation with BDO USA. 

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Sustainability Reporting: Have You Joined the Bandwagon?

Posted by Jonathan Roller on January 23, 2017

Providing information about sustainable business practices has become increasingly popular as a way to gain a competitive advantage and demonstrate industry leadership.

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Why Nonprofits Should Be Careful About Doing Business With Board Members

Posted by Thomas Burns on January 23, 2017

There’s a fine line between a board member helping your nonprofit get fair pricing and the member receiving perceived or actual personal benefits - and the latter can threaten your exempt status.

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Important Tax Figures for 2017

Posted by Cory Van Deusen V on January 19, 2017

This table provides some important federal tax information for 2017, as compared with 2016. 

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IRS Makes Changes to Closing Estate Tax Returns

Posted by Robert Ingrasci on January 17, 2017

An estate tax closing letter (Letter 627) is used to indicate that the IRS has accepted a filing and that federal tax liabilities on an estate return have been satisfied. Read how IRS Notice 2017-12 clarifies which documents may be used to signify the closing of an estate.  

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Tax Fraud Awareness: How to Protect Your Identity and Assets

Posted by on January 16, 2017

We all have a part to play in the fight against tax-related identity theft. Your role starts by learning the mechanics and warning signs. 

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