Articles From Lumsden McCormick
Posted by Cheryl A. Jankowski on January 16, 2020
The SECURE Act has received a lot of publicity due to the provisions affecting inherited individual retirement accounts (IRAs). However, that’s not the only notable change of interest to individuals.
Posted by Cathleen Karpik on January 16, 2020
Under a little-noticed provision buried deep in the Taxpayer First Act, tax-exempt organizations will be required to file certain information returns and related forms electronically. Your not-for-profit organization should be prepared for this change that goes into effect for tax years beginning after July 1, 2019.
Posted by Stephanie Wilkinson on January 16, 2020
What is the “regular rate of pay” for a nonexempt employee? The answer is needed when calculating hourly overtime wages, which must exceed base wages by 50%. New regulations from the U.S. Department of Labor (DOL) that take effect January 15 update the definition of “regular rate of pay” to guide your overtime pay calculations.
Posted by Angela Miles on January 16, 2020
A recent spending package signed into law by President Trump on December 20 retroactively resurrects and/or extends several key tax breaks through 2020. It also provides tax relief for victims of federally declared disasters. Here are ten breaks that can benefit eligible individuals.
Posted by Michē Needham on January 14, 2020
Residential real estate values have fully recovered in many areas, and rental rates are strong. To take advantage of this favorable situation, consider buying a new residence and converting your current home into a rental property that you can sell later for a higher price. This strategy can be a tax-savvy move, but it's not right for everyone.
Posted by Cory Van Deusen V on January 14, 2020
Under current tax law, the federal income tax rate for C corporations is a flat 21%. In this favorable — but uncertain — tax environment, it could be advantageous for shareholders of profitable C corporations to arrange to pay corporate dividends to themselves.
Posted by Bryan Staniszewski on January 13, 2020
The Setting Every Community Up for Retirement Enhancement (SECURE) Act was mainly intended to help individuals save more for retirement. But the new law also contains provisions that help simplify the administration of retirement plans for employers and allow more employees to participate in 401(k) plans.
Posted by Jill Johnson on January 13, 2020
Businesses in every industry and of any size are vulnerable to data hacking, but the manufacturing sector is victimized more often than many other industries. Over 50% of manufacturers suffered at least one data breach over the previous 12-month period, according to a recent survey.
Posted by Mark Janulewicz on January 10, 2020
This week, the Internal Revenue Service launched a new Gig Economy Tax Center on IRS.gov to help people in this growing area meet their tax obligations through more streamlined information.