Articles From Lumsden McCormick
When Nonprofit Teams Don’t See Eye to Eye on Financial Reporting
Posted by Jenna Sheehan on February 26, 2026
When Accounting and Development teams clash, nonprofits pay the price. Learn how better coordination protects funding and strengthens your mission.
Play It Smart By Naming Co-Executors
Posted by Robert Ingrasci on February 24, 2026
Naming a trusted family member as executor may be a natural choice, but it may not be the best one. Here’s why naming a professional advisor as a co-executor is often a better option.
Deferring Taxes on Advance Payments
Posted by Brian Kern on February 23, 2026
If your business uses the accrual method of accounting and received advance payments in 2025, you may be able to defer reporting some or all of that income until 2026 for federal tax purposes.
To Maximize — Or Not to Maximize — Depreciation Deductions on Your 2025 Tax Return
Posted by Kristin Re’ on February 19, 2026
Claiming the maximum depreciation deductions you can on your 2025 income tax return will generally provide the greatest 2025 tax savings. But sometimes it may be better to depreciate business assets over a period of years.
2026 Federal Tax Rate Guide
Posted by Cory Van Deusen V on February 09, 2026
Lumsden McCormick has released its annual Federal Tax Rate Guide.
Not All “Business” Expenses Are Tax Deductible
Posted by Alexander Intihar on February 03, 2026
As you look back to 2025 to determine what business expenses you can write off on your tax return, keep in mind the “ordinary and necessary” rule.
Internal Red Flags That May Indicate Shaky Nonprofit Health
Posted by Elizabeth Krause on February 02, 2026
While your nonprofit should monitor broader economic conditions to guard against potential external risks, don’t overlook these internal red flags that may signal deeper financial health concerns.
5 Smart Budgeting Tips for Manufacturers for the New Year
Posted by Amanda Mooney on January 30, 2026
Drafting an accurate budget can improve a manufacturer’s operational discipline and position the company to respond more effectively to market changes and unexpected challenges.
Are You and Your Spouse Considering Splitting Gifts?
Posted by Amanda Wojtkowski on January 27, 2026
Gift-splitting can be a valuable estate planning tool, allowing spouses to maximize the amount of wealth they can transfer tax-free.
Leverage Your Gift Tax Annual Exclusion Using a Crummey Trust
Posted by Robert Ingrasci on January 21, 2026
A Crummey trust provides a key tax benefit of an outright gift without some of the downsides. Gifts to the trust qualify for the gift tax annual exclusion, but unlike with an outright gift, you still determine, through the trust terms, how the assets will be managed and when they’ll ultimately be distributed to beneficiaries. Does a Crummey trust align with your broader financial and estate plan goals?