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.

Is Your Estate Plan Aging as Gracefully as You Are?

Posted by D’Marie Murray on February 22, 2021

An estate plan isn't a static document. You need to review and revise your plan over time because what's important when you're a young adult just starting out likely will be different from what's important when you're retired.

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Institutions of Higher Learning: Foster Learning, Not Fraud

Posted by Sarah Hopkins on February 22, 2021

Colleges and universities routinely find themselves subject to fraud, including cyberattacks. Such incidents can interrupt operations, pose public relations problems and result in financial losses.

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How Can Business Owners Lower Last Year’s Tax Bill?

Posted by Timothy Bubar on February 18, 2021

Tax Day is now fast approaching. Luckily, there may still be time for your business to make some last-minute moves to lower its tax obligation for 2020. Plus, there are other long-term planning strategies that business owners should consider in light of today's tax laws, recent economic relief measures, and expected changes to the federal tax rules.

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CAA Offers Tax Breaks for Manufacturers

Posted by Kristin Re’ on February 18, 2021

Tax breaks can provide much-needed relief to manufacturers that have been struggling during the COVID-19 pandemic. A massive spending package that was passed late in December 2020 contains seven federal tax relief measures that may be relevant to the manufacturing sector.

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Are You Thinking About Selling Your Business?

Posted by Johnathon Miles on February 18, 2021

During the COVID-19 pandemic, struggling business owners may be looking for an exit strategy, while tax rates are still taxpayer-friendly. The key to maximizing the sale price is preparing your business for sale.

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Bad Debts: What Losses Can You Deduct and When?

Posted by Douglas Muth on February 18, 2021

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.

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Nonprofits Need to Educate Donors About New Tax Benefits

Posted by Cathleen Karpik on February 18, 2021

The Consolidated Appropriations Act, enacted in December 2020, extends and modifies several key tax provisions originally included in the CARES Act. Among the provisions are several that benefit charitable givers — and, by extension, charities.

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Last-Minute Tips for Your 2020 Personal Return

Posted by Connie Ricotta on February 18, 2021

The good news is that 2020 is behind us. The bad news is that you must soon pay Uncle Sam for taxes owed for 2020. Here are a few ideas to help lower your tax bill for last year, including making tax-deductible contributions to your IRA or HSA, COVID-19-related tax breaks for certain small business owners … and more.

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The Long-Term Impact of CARES Act Loans and Distributions on Retirement Savings

Posted by Bryan Staniszewski on February 18, 2021

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allowed plan sponsors to relax loan and distribution rules in 2020, giving participants greater access to funds during the pandemic. These provisions were implemented to provide relief as many employees do not have adequate short-term savings.

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NYS Department of Labor Suspends Unemployment Insurance Charges

Posted by Sara Dayton on February 11, 2021

On January 14, 2021, New York State Department of Labor (DOL) Commissioner, Roberta Reardon, issued an order retroactive to March 9, 2020 and effective through the end of the pandemic. 

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