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.

Is a Health Savings Account a Cost Effective Option?

Posted by Amanda Wojtkowski on September 22, 2021

If you’re an employee, you may be able to get a Health Savings Account with your employer. You can also open one of these tax-saving accounts through some banks and other financial institutions. Here are the basic rules.

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Disclose Related Party Transactions

Posted by Michael Grimaldi on September 22, 2021

Does your business interact with your friends, relatives, and subsidiaries? If so, you may need to disclose the details of those transactions and relationships in your financial statements. Here’s why and how auditors pay special attention to related parties.

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Tax Appreciation Rules for Corporate Vehicles

Posted by Kevin Smeader on September 21, 2021

Claiming depreciation deductions for a passenger automobile can involve complex calculations. Here are the basic rules.

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Federal Casualty Loss Tax Deductions

Posted by Jonathan Herdlein on September 20, 2021

Have you been affected by one of the many natural disasters that have occurred this year? Tax relief may be available if you know where to look.

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Tax Breaks for Businesses - Act Before December 31

Posted by Kristin Re’ on September 17, 2021

Before December 31, you may want to make some tax moves to save on 2021 taxes. Here are a few strategies.

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Residential Home Sale Profit May Result in Capital Gaines Tax

Posted by Michē Needham on September 17, 2021

If you’re selling your principal residence, some or all of the profit may be tax free. It depends on your home sale profit and your income. Here are the basic rules.

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How Trade Associations Can Protect Exempt Status

Posted by Peter DeSabio on September 17, 2021

It’s not always easy for trade associations to differentiate between acceptable and unacceptable activities. Help protect your 501(c)(6) status by reading up on common pitfalls.

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Off-Set the Cost of Long-Term Care Insurance

Posted by D’Marie Murray on September 17, 2021

Nothing can throw a wrench into an estate plan like incurring long-term care (LTC) expenses. Learn about your insurance options to offset LTC costs.

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Planning for Year-End Gifts

Posted by Cheryl A. Jankowski on September 10, 2021

There have been proposals in Washington to reduce the estate and gift tax exemption amount, as well as make other changes to the estate tax laws. Making tax-free gifts by year-end can reduce the size of your taxable estate and may be one way to recognize and address this potential threat.

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Claiming a Theft Loss Deduction

Posted by Christopher Lukowski on September 10, 2021

If your business is victimized by theft, embezzlement, or internal fraud, you may be able to claim a tax deduction for the loss. But there are requirements that must be followed as one U.S. Tax Court decision illustrates.

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