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.

Beware: Retirement Plan Loan Defaults Can Be Costly

Posted by Bryan Staniszewski on August 24, 2020

The COVID-19 pandemic has resulted in many people borrowing from their companies' qualified retirement plans. If economic fallout from the pandemic causes you to default on one of these loans, it will cause negative tax and retirement-saving consequences.

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IRS Extends Relief for 2020 RMD Waivers and Rollovers

Posted by David Schlein on August 24, 2020

The CARES Act waived required minimum distributions (RMDs) from tax-qualified defined contribution retirement plans (such as 401(k) and 403(b) plans) and individual retirement accounts (IRAs) that were otherwise due in 2020 to help Americans cope with the uncertainty caused by the COVID-19 pandemic. 

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The Resilience Playbook for Manufacturers: Persevering Through a Pandemic

Posted by Jonathan Roller on August 18, 2020

Not every manufacturer has been able to avoid mandated shutdowns of “nonessential businesses,” and they face a different set of quandaries.

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Tax Considerations for Principal Residence Foreclosures Today

Posted by Kevin Smeader on August 12, 2020

Financial stress could cause homeowners to fall behind on mortgage payments. At some point, lenders may decide to foreclose on the properties. What are the federal income tax consequences of a home mortgage foreclosure?

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Back to the Future: Prior-Law Kiddie Tax Rates Retroactively Reinstated  

Posted by Christopher Lukowski on August 12, 2020

The Tax Cuts and Jobs Act (TCJA) made an unfavorable change to the kiddie tax rules, starting in 2018, but that change was retroactively reversed by the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which passed in late 2019. 

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Recent State Legislative and Administrative Reactions to the CARES Act

Posted by Mark Stack on August 11, 2020

After the Tax Cuts and Jobs Act amended business tax provisions in the Internal Revenue Code (IRC) states and taxpayers have only recently come to understand the conformity implications of the TCJA. The CARES Act has presented modifications and a new round of conformity challenges for states, taxpayers, and practitioners.

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CARES Act Employee Retention Credit for Hospitals, Medical Groups, and Healthcare

Posted by Kristin Re’ on August 11, 2020

The CARES Act provides several incentives for hospitals and healthcare organizations with the Employee Retention Credit (ERC) being one of them. The ERC provides a refundable credit of up to $5,000 per employee to eligible employers.

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IRS Delivers Temporary Midyear Relief to 401(k) and 403(b) Safe Harbor Plans

Posted by Michael Grimaldi on August 11, 2020

Plan sponsors that have already or are considering reducing or suspending contributions to their safe harbor 401(k) or 403(b) plans as a result of the coronavirus pandemic now have helpful relief thanks to new guidance from the IRS.

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Proposed Small Business Taxpayer Regulations Provide More Certainty of IRS’s Position on Accounting Methods Simplification

Posted by Kevin Smeader on August 10, 2020

On July 29, 2020, the IRS and Treasury released an advance copy of proposed regulations (REG-132766-18) to provide guidance for small business taxpayers to implement several statutory exemptions enacted by the 2017 tax reform bill known as the TCJA, P.L. 115-97, for the purpose of simplifying the method of accounting rules.

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Prepare for 2020 Workplace Changes by Conducting a 2019 Lease Audit Now

Posted by Brian Kern on August 10, 2020

A building’s standard operations will be different in 2020 than ever before, and those operations will continue to change in unforeseen ways because of the COVID-19 outbreak and resulting changes in the workplace. Conducting a 2019 lease audit now is a key step for tenants to measure the future financial and operational impacts of those changes.

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