Articles From Lumsden McCormick

In 2025, government agencies must prioritize cybersecurity with proactive risk management, rapid threat response, and continuous employee training to defend against a rising wave of cyberattacks.

The PCAOB Audit Focus highlights the importance of robust internal controls, regular reviews, and increased accountability to prevent fraud and errors in journal entries. Emphasizing the use of technology and continuous training, the article provides key reminders and good practices for auditors to ensure compliance with regulatory standards.

This summary discusses the key topics of Lumsden McCormick's February 12, 2025, webinar regarding the expiring provisions of the Tax Cuts and Jobs Act (TCJA).

This presentation by Lumsden McCormick, Navigating Expiring Tax Provisions & the Current Market Landscape, covers the Tax Cuts and Jobs Act (TCJA), expiring provisions, individual and business tax changes, and the current market landscape.

A revocable trust, also known as a "living trust," is a flexible estate planning tool that allows you to manage your assets during your lifetime and ensures a smooth transfer to your beneficiaries after your death. It helps avoid the probate process, saving time and costs while maintaining privacy, but it does not provide asset protection from creditors or direct tax benefits.

Nonprofits should consider shifting their fundraising focus to younger generations, who are set to inherit significant wealth and are passionate about giving back. Engaging Generation X, Millennials, and Generation Z through tailored strategies can help secure consistent donations, leverage digital platforms, and foster long-term relationships.

Manufacturers can prevent sales tax overpayments by identifying all applicable exemptions, verifying vendor charges independently, actively pursuing refunds, and maintaining vigilance. These steps help reduce sales tax liabilities, control costs, and ensure compliance with state tax regulations.

The article provides a comprehensive guide for employers on managing taxes and tips for service workers. It covers the current status of tip taxation, defines tips for tax purposes, outlines criteria for tip classification, and details employer responsibilities and record-keeping requirements.

A donor-advised fund (DAF) is a flexible tool for charitable giving that allows you to allocate funds during your lifetime and direct donations over time. It can be established with an initial contribution, managed by a financial institution, and offers tax benefits while ensuring your charitable legacy continues after your death.

Nonprofits can manage financial uncertainties by building and maintaining operating reserves. Key steps include establishing a written reserves policy, identifying windfalls and budget items, and enlisting support from the board and leadership team.