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.

A Comprehensive Estate Plan Includes an Advanced Health Care Directive

Posted by D’Marie Kleeman on December 27, 2024

An advance health care directive allows you to outline your medical care preferences in case you become incapacitated. This document is a crucial part of your estate plan, ensuring that your health care decisions are respected and followed. It includes directives like a health care power of attorney, living will, and DNR/DNI orders, which can be tailored to your specific needs and state laws.

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Managing Leadership Transitions in Nonprofits: The Role of Exit Agreements

Posted by Sarah Hopkins on December 24, 2024

Exit agreements are essential for nonprofit organizations to manage leadership transitions smoothly and fairly. These agreements, developed by the board of directors, outline the terms of a leader's departure, focusing on compensation and the ongoing relationship with the organization.

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Exploring the Pros and Cons of Operating as a C Corporation

Posted by Kerry Roets on December 23, 2024

Operating as a C corporation offers benefits such as limited liability protection and the ability to raise capital through multiple classes of stock. However, it also comes with drawbacks like double taxation and the need to comply with various state-mandated formalities. Overall, it's important to weigh these pros and cons to determine if a C corporation is the right choice for your business.

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Choosing the Right Form for Your Nonprofit Start-Up: 1023 vs. 1023-EZ

Posted by Cathleen Karpik on December 18, 2024

When starting a new 501(c)(3) nonprofit organization, you have two options for applying for tax-exempt status with the IRS: the traditional Form 1023 and the streamlined Form 1023-EZ. The traditional Form 1023 is more comprehensive and available to all organizations, but it is time-consuming and costly. In contrast, Form 1023-EZ is shorter, cheaper, and designed for smaller nonprofits, but it has strict eligibility requirements.

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Budget Planning for Manufacturers

Posted by Jonathan Roller on December 17, 2024

Manufacturing companies must create comprehensive and realistic budgets in 2025. Key considerations for creating budgets include avoiding reliance solely on past results, seeking input from all departments, setting attainable goals, managing cash flows, and treating budgeting as an ongoing process.

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Navigating the Complexities of Tax Treatment for Intangible Assets

Posted by Douglas Muth on December 16, 2024

Intangible assets, such as patents, trademarks, and goodwill, play a crucial role in modern businesses. Understanding the tax treatment of these assets is essential, as it involves complex regulations and capitalization rules. This article provides answers to frequently asked questions and offers guidance on managing the tax implications of intangible assets.

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Navigating R&D Tax Policy: Preparing for Current and Emerging Changes

Posted by Kristin Re’ on December 11, 2024

As businesses prioritize innovation, tax leaders need to stay informed about recent and potential changes to R&D tax policy. These include proposed modifications to R&D tax credit reporting requirements and ongoing guidance on capitalizing certain R&D expenses. Understanding the implications of these changes is essential for advising the C-suite and preparing for shifts in the regulatory environment. This article offers a concise overview of the current tax policies impacting R&D.

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2024 Year-End Tax Planning Guide for Businesses - Transfer Pricing

Posted by Mark Janulewicz on December 11, 2024

This guide examines base erosion anti-abuse tax, known as BEAT, proactive approaches to transfer pricing, and more as businesses plan for the year end and the coming year.

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Balancing Act: Compete or Collaborate in the Nonprofit World?

Posted by Robert Torella on December 11, 2024

Balancing competition and collaboration is crucial in the nonprofit sector. Nonprofits often collaborate on events and campaigns, but they also compete for resources like donations and volunteers. Understanding when to compete and when to collaborate is essential, and the article offers strategies for managing both.

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Reduce Your Business Taxes with Local Transportation Cost Deductions

Posted by Kevin Smeader on December 09, 2024

Understanding how to deduct local transportation costs can significantly reduce your small business’s tax burden. While commuting costs aren’t deductible, travel expenses for business purposes, such as trips from your office to a client’s location, are deductible. Proper recordkeeping is essential to ensure these deductions are accurately claimed.

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