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.

Turning Nonprofit Board Members Into Fundraisers

Posted by Donna Gonser on January 16, 2017

Motivating nonprofit board members to play a fundraising role can be challenging. Here are a few ways to get board members over their reservations. 

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Substantial Doubt: It’s A Matter of Opinion

Posted by Jonathan Roller on January 16, 2017

When your company’s long-term viability is doubtful, it may cause the auditor to issue a qualified audit opinion. Depending on the level of uncertainty and the underlying reasons, a qualified opinion could raise a red flag that your company is under financial distress and might need to file for bankruptcy in the near future. 

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Time For a Nonprofit Internal Controls Check-up

Posted by Robert Torella on January 09, 2017

It’s smart to perform a risk assessment every time you experience major organizational changes, such as significant expansion, or when factors such as the loss of a large grant put new stresses on your not-for-profit.

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Subsequent Events: To Report or Not To Report?

Posted by Christopher Lukowski on January 09, 2017

Financial statements reflect a company’s financial position at a particular date and the operating results and cash flows for a period ended on that date, but major events or transactions sometimes happen after the reporting period ends but before financial statements are finalized. 

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New Requirements for 2016 NYS Tax Return

Posted by on January 06, 2017

In an effort to help protect your identity New York State requires an ID to be provided in order to e-file this year.

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Train Employees to Avoid Inadvertent Cyber-Security Breaches

Posted by Jill Johnson on January 02, 2017

It is sometimes said there are two kinds of companies — those that have been hacked and know it, and those that have been hacked but don’t know it. Perhaps it’s an exaggeration, but the truth is your employees may inadvertently invite cyber criminals into your company’s computer systems. Here are some steps to mitigate that risk.

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Use Cause Marketing to Boost Your Nonprofit’s Profile

Posted by Maria Gambacorta on January 02, 2017

Although corporations and not-for-profits have been teaming up for decades, “cause marketing” partnerships have recently gained new popularity.

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Should You Offer Spousal Health Care Coverage?

Posted by on January 02, 2017

The Affordable Care Act doesn’t require spousal coverage, but many employees may frown on seeing spousal coverage suddenly become expensive or vanish entirely.

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Sorting Through the “Levels of Assurance” in Financial Reporting

Posted by Sherry DelleBovi on January 02, 2017

In order of increasing level of rigor, accountants generally offer three types of assurance services: compilations, reviews and audits. What’s appropriate for your company depends on the needs of creditors or investors, as well as the size, complexity and risk level of your organization.

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Write Off Business-Related Vehicle Expenses

Posted by Megan Morris on January 01, 2017

If you're using your personal car in your business, how much can you deduct on your tax return for the vehicle expenses?

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