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.

Setting Every Community up for Retirement Enhancement Act of 2019 (The SECURE Act)

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.

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New E-Filing Requirements for Tax-Exempt Organizations

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.

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New DOL ‘Rate of Pay’ Regs Update Overtime Pay Rules

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.

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New Tax Law Provides 10 Key Breaks for Individual Taxpayers

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.

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Running Your Nonprofit Like a Business

Posted by Robert Torella on January 15, 2020

Not-for-profit organizations are fundamentally different from for-profit businesses. That said, most nonprofits can learn something from the business world.

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Tax Rules that Apply to Home-to-Rental Conversions

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.

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Low Tax Rates Provide Opportunity to ‘Cash Out’ with Dividends

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.

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What Employers Should Know About the SECURE Act

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. 

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Don’t Let Cybercriminals Hack Your Manufacturing Company

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. 

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IRS Helps Workers, Businesses with New Gig Economy Tax Center

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.

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