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.

Beware of the “Reciprocal Trust” Doctrine

Posted by D’Marie Murray on May 13, 2021

Having spouses’ trusts that are too similar isn’t simpatico with the IRS and may trigger unintended tax consequences.

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2020 Lease Audit Spotlight Gain Clarity on Gross-Up Adjustments

Posted by Brian Kern on May 13, 2021

2020 brought disruption in droves. Among the many challenges that businesses have faced, the impacts on commercial real estate introduced a broad range of anomalies. The COVID-19 pandemic unexpectedly and immediately forced dramatic shifts in physical occupancy and utilization of office space as organizations scrambled to adapt.

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New York State 2022 Budget Decouples Opportunity Zone Tax Benefits from Federal Tax Benefits

Posted by Cory Van Deusen V on May 13, 2021

The New York state FY 2022 budget bill signed by Governor Andrew Cuomo on April 19 includes a provision that “decouples” certain state income tax benefits for qualified opportunity zone (QOZ) funds from those provided under federal tax law. The change is effective January 1, 2021.

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Florida Enacts Economic Nexus and Marketplace Legislation

Posted by Mark Stack on May 13, 2021

On April 19, 2021, Florida’s governor signed S.B. 50 into law, making Florida one of the last states to adopt economic nexus and marketplace facilitator rules for sales tax purposes since the landmark U.S. Supreme Court decision in South Dakota v. Wayfair.

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The Biden Administration Proposes Far-Reaching Tax Overhaul

Posted by Cheryl A. Jankowski on May 13, 2021

If you’re trying to keep straight all of the tax proposals the Biden administration has recently announced, here’s a handy guide.

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Is It Time to Plan an In-Person Board Retreat?

Posted by Robert Torella on May 13, 2021

Nonprofit board retreats enable members to move past the mundane topics of regular meetings and get creative. Here’s how to plan a safe and successful in-person retreat.

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Working in the Gig Economy Results in Tax Obligations

Posted by Angela Miles on May 13, 2021

Before the pandemic hit, the number of people engaged in the “gig” or sharing economy was growing and even more people turned to gig work during the pandemic to make up lost income. There are tax consequences for the people who perform these jobs.

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Help Ensure the IRS Doesn’t Reclassify Independent Contractors as Employees

Posted by Kelsey Weigel on May 13, 2021

Employee or independent contractor? That’s the question businesses ask when they bring on certain workers. Here are the basic rules to help keep you out of tax trouble.

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Know Your Legal Obligations Under the Americans with Disabilities Act

Posted by Stephanie Wilkinson on May 13, 2021

It's not unusual for employers to learn the hard way about what is and isn't permissible when it comes to handling employees with disabilities. For many, learning comes when they are sued by the Equal Employment Opportunity Commission, but it doesn't have to be that way. Important lessons can be learned by monitoring recent cases brought by the agency.

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Vacation Home Usage Has Tax Implications

Posted by Kevin Smeader on May 12, 2021

If you want your vacation home to qualify as a rental property for federal income tax purposes, you'll need to limit your personal use. But, as the COVID-19 pandemic lingers on, you may want to increase the time spent at your home-away-from-home, rather than rent it out to others.

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