Articles From Lumsden McCormick

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.

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.

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.

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.