Articles From Lumsden McCormick

Development directors can boost recruitment by using social media platforms, mapping neighborhood resources, showcasing real volunteer stories, and creating easy pathways to get involved. Continued efforts during the holiday season can turn short-term volunteers into long-term supporters, building a sustainable network for your mission.

The IRS has released the 2025–2026  per diem rates for business travel, effective October 1, 2025. These rates simplify expense reimbursements by providing fixed daily amounts for lodging, meals, and incidentals based on whether the destination is a high-cost or low-cost area. Switching to the per diem method can save time, reduce paperwork, and ensure compliance for your business.

Beneficiary designations can override your will or trust, potentially disrupting your estate plan and causing unintended consequences. By naming both primary and contingent beneficiaries, updating them as life changes, and considering government benefit implications, you can ensure your assets are distributed according to your wishes and avoid unnecessary legal or financial complications.

Nonprofits occasionally receive donations of tangible property such as real estate, jewelry, or business inventory. What's important about these donations, is knowing how to value these gifts for compliance and accurate reporting. Most items are valued at fair market value, but factors like restrictions, unrelated use, and donor cost basis can affect the calculation. 

Thinking about guaranteeing a loan for your closely held corporation? Learn the tax implications, including business vs. nonbusiness bad debt deductions, and how to minimize risk. 

What happens when there's doubt a business or government agency can stay afloat? Here, we break down the "going concern" principle and explain how organizations assess their ability to meet obligations. Learn what triggers disclosure requirements, the role of management in addressing financial uncertainty, and how it all impacts an auditor's report.

The OBBB introduces several changes to tax policy that impact both businesses and individuals.

OBBB panel discussion held on September 25, 2025, with experts from Lumsden McCormick and Bond, Schoeneck & King.

An Irrevocable Life Insurance Trust (ILIT) can help keep life insurance proceeds out of your taxable estate, reducing potential estate tax liability. By transferring ownership of a policy to an ILIT or having the trust purchase a new policy, you ensure the death benefit passes tax-free to beneficiaries. While ILITs offer significant advantages for high-net-worth individuals, they come with complexities such as gift tax considerations and loss of control, making professional guidance essential.

Giving Tuesday is a global movement that inspires generosity during the holiday season, encouraging nonprofits, businesses, and individuals to give back through donations, advocacy, and volunteerism. It offers organizations a powerful opportunity to raise funds, build awareness, and engage their communities. With participation growing each year, planning ahead and setting clear goals can help maximize impact and strengthen connections with supporters.