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.

2023 Year-End Tax Planning Guide for Businesses - Real Estate

Posted by Brian Kern on February 07, 2024

As part of year-end planning and looking ahead to the coming year, real estate businesses should review how current tax rules apply to their transactions and the effects of any changes to those rules.

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2023 Year-End Tax Planning Guide for Businesses - Partnerships

Posted by Kerry Roets on February 07, 2024

IRS developments, along with some reporting and regulatory changes, mean there are a number of tax areas partnerships should be looking into as they plan for the year end and the coming year. This guide explores those developments.

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Nine Tax Considerations for New Business Proprietors

Posted by Alexander Intihar on February 06, 2024

If you're planning to launch your venture as a sole proprietorship, it's crucial to have a comprehensive understanding of the tax considerations involved. 

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Best Practices to Reassess your Beneficiary Designations

Posted by D’Marie Murray on February 01, 2024

Reassess your beneficiary designations to avoid pitfalls and make smart decisions about your estate plan.

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The Importance of Planned Gifts for Nonprofits

Posted by Robert Torella on January 31, 2024

Nonprofits must actively pursue planned, legacy, and deferred gifts, which are typically larger than current donations. These gifts are commonly arranged through wills, trusts, retirement plans, and life insurance designations.

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IRS Efforts to Address Questionable Employee Retention Tax Credit Claims

Posted by Megan Morris-Smith on January 29, 2024

IRS now allows individuals to voluntarily return a portion of the funds before any collection procedures are initiated.

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Tax Reasons to Refuse an Inheritance

Posted by D’Marie Murray on January 25, 2024

At first glance an inheritance may be considered a windfall, but the tax aspects should be considered before accepting.

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The Value of Audited Financial Statements

Posted by Sarah Hopkins on January 24, 2024

Simplify the audit process by providing estimates and requested documents to your auditor. Involve your board in the process and discuss any inconsistencies with your auditor as internally prepared statements may differ from audited statements.
 

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Retirement Planning: IRAs for a Tax-Advantaged Future

Posted by Robert Ingrasci on January 23, 2024

By contributing to a traditional IRA, not only do you get to enjoy immediate tax savings, but your earnings also have the opportunity to grow tax-deferred.

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What is a Pension-Linked Emergency Savings Account (PLESA)

Posted by Amanda Wojtkowski on January 22, 2024

Introducing a cutting-edge perk that your company can provide to its employees - pension-linked emergency savings accounts. Discover how these accounts operate and the benefits they bring.

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