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.

Engaging the Next Generation of Donors

Posted by Jenna Sheehan on February 12, 2025

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.

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Steps to Prevent Sales Tax Overpayments for Manufacturers

Posted by Mark Stack on February 11, 2025

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.

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Insights for Employers on Taxes and Service Tips

Posted by Jennifer Maloney on February 10, 2025

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.

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Integrate a Donor-Advised Fund into Your Estate Plan

Posted by Robert Ingrasci on February 05, 2025

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.

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Prepare for Financial Uncertainty with your Operating Reserves

Posted by Robert Torella on February 05, 2025

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.

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2025 Federal Tax Rate Guide

Posted by Cory Van Deusen V on February 04, 2025

Lumsden McCormick has released its annual Federal Tax Rate Guide.

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Business Tax Limits Increase for 2025

Posted by Michē Needham on February 03, 2025

For 2025, many business tax limits have increased due to inflation adjustments. Key changes include higher limits for Section 179 expensing, standard mileage rates, and various retirement plan contributions.

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Growing Cybersecurity Issues Impacting Manufacturing

Posted by Jonathan Roller on January 28, 2025

Manufacturers are increasingly integrating advanced technologies like IIoT, robotics, and automation, which makes cybersecurity more critical than ever. The convergence of IT and OT systems presents unique cybersecurity issues, and manufacturers must adopt robust cybersecurity frameworks, conduct risk assessments, and prioritize employee training to mitigate risks.

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Avoiding Unintended Outcomes in Estate Planning

Posted by Amanda Ornowski on January 23, 2025

When planning your estate, leaving specific assets to specific heirs might seem like a good idea, but it can lead to unintended consequences. For example, changes in asset values over time can result in unequal distributions among heirs, potentially disinheriting some family members. To avoid such outcomes, consider distributing your wealth based on percentages or dollar values rather than specific assets.

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Effective Strategies for Allocating Costs in Nonprofits

Posted by Cathleen Karpik on January 22, 2025

Cost allocation procedures for nonprofit organizations are necessary to comply with GAAP standards and provide transparency to donors and funders. It outlines the need to analyze expenses by nature and function, categorize supporting activities, and disclose the methods used for expense allocation. Proper cost allocation ensures accurate financial reporting and helps nonprofits manage their resources effectively.

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