Articles From Lumsden McCormick
Federal Agencies Tasked with Comprehensive Program Analysis Amid Federal Funding Pause
Posted by Robert Torella on February 21, 2025
In the wake of the Office of Management and Budget's (OMB) recent directive to temporarily halt federal financial assistance, federal agencies are now under a tight deadline to conduct a detailed analysis of their programs.
The Crucial Role of Cybersecurity for Nonprofit Organizations in 2025
Posted by Jill Johnson on February 21, 2025
As we step into 2025, the importance of cybersecurity for nonprofit organizations cannot be overstated.
FinCEN Extends BOI Reporting Deadline and Plans Rule Revision
Posted by Mark Stack on February 20, 2025
The Corporate Transparency Act is actively ongoing, and businesses are required to meet its mandates by March 21, 2025. Yet, the landscape is dynamic, with legal and political challenges unfolding that could influence how these rules are enforced.
Enhance Cybersecurity Measures of Nonprofit Organizations with Penetration Testing
Posted by Jill Johnson on February 19, 2025
Penetration testing (pen testing) is crucial for nonprofit organizations to enhance their cybersecurity measures. It involves simulating cyberattacks to identify vulnerabilities, helping nonprofits protect sensitive data, maintain donor trust, and prevent financial losses.
Determining Excess Business Losses
Posted by John Anderson on February 18, 2025
There are complexities to federal income tax rules for individual taxpayers facing substantial business losses. We explain the disallowance rule for excess business losses, the limitations on deducting net operating losses (NOLs), and how these rules apply to partnerships, LLCs, and S corporations.
Effective Cybersecurity Practices for State and Local Governments
Posted by Mary Young on February 18, 2025
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.
Enhancing Internal Controls to Prevent Fraud in Journal Entries
Posted by Jonathan Roller on February 18, 2025
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.
Navigating Expiring Tax Provisions & the Current Market Landscape
Posted by Amanda Ornowski on February 13, 2025
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).
Webinar Summary: Navigating Expiring Tax Provisions & the Current Market Landscape
Posted by Maria Gambacorta on February 13, 2025
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.
The Versatility of a Revocable Trust in Estate Planning
Posted by D’Marie Kleeman on February 13, 2025
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.