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.

Final Regulations Remove Two-Year Deferral of Advance Payments for Inventoriable Goods Under Section 1.451-5

Posted by Brian Kern on August 22, 2019

On July 11, 2019, the IRS and Treasury released final regulations removing Section 1.451-5 of the Income Tax Regulations as a result of the changes made to Section 451 under the 2017 tax reform known as the Tax Cuts and Jobs Act (TCJA).

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Common Questions About Kids and Taxes

Posted by Kevin Smeader on August 22, 2019

Does your son or daughter work during the summer or school year? Here are answers to some common questions about the tax rules that may apply to kids.

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Planned Gifts Hold Tremendous Promise

Posted by Sarah Hopkins on August 22, 2019

Is your organization pursuing planned gifts? It should be.

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Summer Loving? Financial Considerations to Think About Before You Tie the Knot

Posted by Kelsey Weigel on August 20, 2019

For many couples, summer is the quintessential time to tie the knot, but there's more than the ceremony to consider when a couple merges their lives, including taxes and other financial issues.

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BDO Real Estate & Construction Monitor | Summer 2019

Posted by Brian Kern on August 19, 2019

Available through our affiliation with the BDO Alliance, download the summer edition of the Real Estate & Construction Monitor.

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Uncertain Tax Position Disclosures: Is Your Organization in Compliance?

Posted by Donna Gonser on August 16, 2019

As a not-for-profit, tax-exempt organization, you might think the subject of “uncertain tax positions” (UTPs) doesn't apply to you. Think again.

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Another Massive Data Breach: How to Help Protect Yourself

Posted by Jill Johnson on August 15, 2019

The news of another massive online data breach may make you feel powerless to safeguard your financial privacy, but you can take some concrete steps to protect yourself in the aftermath of the recent Capital One case, as well as other breaches.

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Final Regulations Limit Federal Charitable Contribution Deductions in Connection With Receipt of State Tax Credits

Posted by Mark Stack on August 12, 2019

On June 13, 2019, the IRS and Treasury Department issued final regulations under Section 170, limiting federal charitable contribution deductions when taxpayers receive or expect to receive state or local tax (SALT) credits in return for charitable donations.

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Five Summertime Tax Planning Strategies for Individuals

Posted by Cheryl A. Jankowski on August 05, 2019

Whether you are looking for ideas to help cut your tax bill for the current year, or you are hoping to minimize future taxes, summertime is a good time to start thinking about your tax planning strategies. Taking into consideration the Tax Cuts and Jobs Act (TCJA), here are our top five summertime tax planning tips. 

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BDO Nonprofit Standard | Summer 2019

Posted by Donna Gonser on July 29, 2019

Available through our affiliation with the BDO Alliance, download the summer edition of the Nonprofit Standard.

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