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.

IRS Health Savings Account Updates for 2026

Posted by Kathryn Mellon on May 27, 2025

The IRS has announced the inflation-adjusted amounts for Health Savings Accounts (HSAs) for 2026, allowing employees to save slightly more in their accounts. For individuals with self-only coverage under a high-deductible health plan (HDHP), the contribution limit is set at $4,400, while for family coverage, it is $8,750. HSAs offer tax advantages, including pre-tax contributions and tax-free withdrawals for qualified medical expenses.

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New York State Court Ruling on Internet Business Activity

Posted by Mark Stack on May 22, 2025

A New York court ruled that Public Law (P.L.) 86-272 does not protect non-solicitation internet activities from state taxation and cannot be applied retroactively to its 2015 proposal date. The court upheld New York's revised regulations but agreed that their retroactive application violated due process for businesses unaware of the new tax liabilities.

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Tax Writers Approve Massive Tax Bill with Important Implications

Posted by Cory Van Deusen V on May 22, 2025

On May 14, 2025, the House Ways and Means Committee approved a large tax bill that would make expiring provisions of the Tax Cuts and Jobs Act (TCJA) permanent.

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Nonprofits Should be Proactive When Hiring an Investment Advisors

Posted by Jill Johnson on May 21, 2025

Investment fraud has become a significant threat to nonprofits, with criminals posing as legitimate advisors to gain control of assets. Nonprofits should be cautious of unrealistic promises and ensure their advisors are transparent, accessible, and subject to outside audits. Seeking referrals from trusted sources and closely monitoring the advisor's decisions can help protect the organization's financial health and reputation.

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Implementing Effective Strategies to Attract and Retain Skilled Employees for Manufacturers

Posted by John George on May 20, 2025

Manufacturing companies face the challenge of attracting and retaining skilled employees in today's competitive labor market. To stand out, they must build a compelling employer brand that emphasizes career growth opportunities, investment in technology, and a commitment to employee well-being. Strategies such as fostering a positive work culture, establishing clear career paths, highlighting technological innovation, and recognizing employee achievements can significantly enhance job satisfaction and productivity.

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Ensure Compliance When Hiring an Independent Contractor

Posted by Kyle Januszkiewicz on May 19, 2025

Correctly classifying workers as either employees or independent contractors is crucial to avoid costly consequences such as audits, back taxes, penalties, and lawsuits. Guidance is provided on understanding worker classification, the implications of misclassification, and the cautious use of Form SS-8 to request IRS determinations.

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Audit Readiness Tips: How Government Agencies Can Best Prepare for an Audit

Posted by Jeremy Smith on May 16, 2025

Federal, state, and local government agencies are subject to external audit requirements, so it’s in your agency’s best interest to practice something known as audit readiness.

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Managing Debt After Death

Posted by Amanda Wojtkowski on May 15, 2025

When a person dies, their estate is responsible for managing and settling their debts. The executor must take inventory of assets and debts, prioritize payments, and handle exempt assets and debt assumptions. Executors should seek professional guidance to navigate the complex process, especially if the estate is insolvent.

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Corporate Sponsorship and UBIT for Nonprofit Organizations

Posted by Cathleen Karpik on May 14, 2025

Unrelated Business Income Tax (UBIT) is a tax imposed on income generated by nonprofit organizations from activities that are unrelated to their primary mission. Qualified sponsorship payments are not subject to UBIT, but if a sponsor receives substantial return benefits beyond acknowledgments, such as advertising, UBIT may apply.

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Utilizing Business Losses for Tax Benefits

Posted by Megan Morris-Smith on May 13, 2025

The federal tax code offers a strategy to mitigate business downturns by allowing certain losses to reduce taxable income in future years. The Net Operating Loss (NOL) deduction helps businesses average their income and losses over several years, ensuring fair tax payments. Recent changes under the Tax Cuts and Jobs Act (TCJA) have introduced new limits and rules for NOLs, including the elimination of carrybacks and a cap on the deduction at 80% of taxable income.

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