Articles From Lumsden McCormick
Managing the Business Interest Expense Deduction Limit
Posted by Michē Needham on March 03, 2025
The Tax Cuts and Jobs Act introduced Section 163(j), limiting business interest expense deductions. Businesses can manage this limit by opting out for certain industries, capitalizing interest expenses, or reducing overall interest expenses.
Understanding the NIH’s New Indirect Cost Rate Policy: What Nonprofit and Higher Education CFOs Need to Know
Posted by Sarah Hopkins on February 28, 2025
The National Institutes of Health (NIH) has announced a major policy change that will significantly impact universities, research institutions, and nonprofits receiving federal research funding (Research Institutions).
Important Estate Planning for Individuals Without Partners or Children
Posted by Amanda Wojtkowski on February 27, 2025
Estate planning is essential for single and child-free individuals to ensure their final wishes are respected and their assets are distributed according to their preferences. It allows them to specify beneficiaries, appoint trusted individuals to manage finances and medical decisions if incapacitated, and employ strategies to reduce gift and estate taxes.
Maximize Your Product Profitability with Data-Driven Insights
Posted by John George on February 25, 2025
Understanding the profitability of each product is essential for manufacturers to make strategic decisions and optimize production, marketing, and pricing strategies. By analyzing product-specific costs and profit margins, manufacturers can focus on the most profitable products and make informed financial decisions.
OMB’s Temporary Pause on Federal Financial Assistance: Detailed Implications for CFOs
Posted by Robert Torella on February 21, 2025
In a significant development affecting federal funding, the Office of Management and Budget (OMB) issued Memorandum M-25-13 on January 27, 2025, directing a temporary suspension of obligations and disbursements of federal financial assistance.
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.