Bad Debts: What Losses Can You Deduct and When?
Many individuals and businesses have suffered bad debt losses during the COVID-19 pandemic, but the IRS may be skeptical of deductions claimed for these losses.
Doug is a principal in Lumsden McCormick’s accounting and auditing department and has been with the Firm since 2008. Prior to joining the Firm, he worked at KPMG for three years. Doug is responsible for the supervision of staff and planning and completion of client engagements including audits, reviews, compilations, and other bookkeeping and consulting engagements. He has prepared financial statements, coordinated and reviewed work performed by internal auditors, and presented audit findings to management and board. Doug has experience providing services to financial institutions, workers’ compensation trusts, employee benefit plans, and other commercial businesses, including those in manufacturing, construction, and general service industries. Additionally, he has experience working on SEC engagements. Doug is a member of the Firm’s recruiting team and chairs the Firm’s Accounting & Auditing Technical Committee.
State University of New York at Buffalo, Master of Business Administration, Accounting and Finance
State University of New York at Buffalo, Bachelor of Science, Accounting and Finance
American Institute of Certified Public Accountants
New York State Society of Certified Public Accountants
BDO Alliance USA, Financial Institutions Industry Group
Kevin Guest House, Treasurer, Board Member Finance Committee Member
Outside of work, Doug participates in various sporting activities including skiing, boating, fishing, and playing on the Lumsden McCormick accounting league softball team. He also participates yearly in the Ride for Roswell with Firm colleagues.
Manufacturing CFOs are looking to make investments so that their businesses will not only weather the remainder of the pandemic but will emerge stronger and more resilient.Learn More