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.

2025 Federal Tax Rate Guide

Posted by Cory Van Deusen V on February 04, 2025

Lumsden McCormick has released its annual Federal Tax Rate Guide.

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Games of Chance: Fundraising for Nonprofits

Posted by Alexis Bueme on January 15, 2025

Charitable fundraisers featuring games of chance, such as bingo, raffles, baccarat, and roulette, are popular ways for nonprofits to raise money. However, hosting gambling events comes with certain tax-related responsibilities, including reporting participant winnings and ensuring compliance with IRS rules and state regulations. To remain compliant, nonprofits should plan accordingly.

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The Impact of WIP on Manufacturing Efficiency

Posted by John George on January 14, 2025

Work-in-Process (WIP) refers to partially completed goods in the manufacturing process, encompassing costs of raw materials, labor, and overhead. Monitoring WIP helps identify production inefficiencies, optimize processes, and manage inventory effectively.

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Maximizing Tax Savings: Combining Heavy Vehicles and Home Offices

Posted by Megan Morris-Smith on January 13, 2025

In 2025, both new and used heavy SUVs, pickups, and vans can offer significant first-year depreciation write-offs if used more than 50% for business purposes. Additionally, setting up a home office can further enhance tax savings by allowing you to qualify for home office deductions, making it easier to pass the over-50%-business-use test for your heavy vehicle.

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Estate Planning for Individuals Living Outside the United States

Posted by Robert Ingrasci on January 09, 2025

Estate planning for individuals living outside the United States involves understanding domicile and residency, navigating tax implications, and considering asset location and jurisdiction. It also requires awareness of marital deduction rules, succession laws, and the importance of professional advice to ensure a comprehensive and compliant estate plan.

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Federated Nonprofit Organizations: A Corporate Structure Option for Other Nonprofits

Posted by Cathleen Karpik on January 08, 2025

A federated nonprofit organization is a network of independent entities that operate under a common mission and brand, allowing for both autonomy and collaboration. This structure offers benefits such as scalability, increased fundraising potential, and enhanced advocacy, making it an attractive option for nonprofits looking to expand their reach and impact.

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Understanding Section 1231 Gains and Losses in Business Asset Sales

Posted by Brian Kern on January 06, 2025

Section 1231 of the Internal Revenue Code governs the tax treatment of gains and losses from the sale of specific business properties. Gains from Section 1231 assets can be treated as long-term capital gains, while losses can be treated as ordinary losses, providing favorable tax outcomes. However, the nonrecaptured Section 1231 loss rule can affect the timing and treatment of these gains and losses.

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2024 Year-End Tax Planning Guide for Businesses - Partnerships

Posted by Kerry Roets on January 03, 2025

The IRS in the past year has continued to ramp up its scrutiny of partnerships’ tax positions, including several pieces of new guidance taking a multiprong approach to partnership “basis shifting” transactions that the agency views as having the potential for abuse. At the same time, IRS is dedicating new funding and resources to examining partnerships. 

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Selecting a Guardian: Frequently Asked Questions

Posted by Amanda Wojtkowski on January 03, 2025

Choosing a guardian for your child involves designating someone in a legally valid legal document who can take on the responsibility if you pass away or become incapacitated. It's important to select a trustworthy person with the necessary time and resources, and to consider the child's best interests, including their living arrangements and relationship with the guardian.

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Maximizing Benefits with the Work Opportunity Tax Credit

Posted by Kristin Re’ on December 30, 2024

The Work Opportunity Tax Credit (WOTC) is a federal tax credit available to employers who hire individuals from targeted groups facing significant barriers to employment. The credit can be as much as $2,400 per eligible employee. To qualify, employers must complete a pre-screening notice and file Form 8850.

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