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.

Does Your Business Need to Report Employee Health Coverage?

Posted by Bradley Bach on September 30, 2024

Businesses offering employee health coverage may be required to comply with federal reporting obligations under the Affordable Care Act (ACA). Companies with 50 or more full-time employees must file Forms 1094-C and 1095-C to report health coverage details and determine compliance with employer mandate provisions. Employers with fewer than 50 full-time employees are generally exempt from these requirements.

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Understanding the Duties of an Executor: A CPA’s Perspective

Posted by Robert Ingrasci on September 26, 2024

The role of an executor involves significant responsibilities, including filing the will and initiating the probate process, identifying and managing the deceased’s assets, and ensuring all debts and final expenses are paid. Executors must also file the decedent's final tax returns and distribute remaining assets to beneficiaries according to the will. Acting as a fiduciary, the executor must maintain detailed records and act in the best interests of the estate, making it essential to seek professional guidance, such as from a CPA, to navigate this complex process effectively.

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Managing Workers’ Compensation and Unemployment Insurance: Key Strategies for Manufacturers

Posted by Douglas Muth on September 24, 2024

Manufacturers can control labor-related costs, such as workers’ compensation and unemployment insurance, by implementing safety programs and strategically managing hiring practices. Accurate employee classification, return-to-work programs, and challenging invalid unemployment claims are key strategies to reduce premiums and tax rates. Taking these steps can lead to better financial stability and increased profitability.

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2024 Q4 Tax Calendar: Key Deadlines for Businesses and Employers

Posted by John Anderson on September 23, 2024

As the fourth quarter of 2024 approaches, business owners must be aware of key tax deadlines, including filing returns, making estimated tax payments, and contributing to retirement plans. Missing these important dates can result in penalties or interest charges. This article highlights the most critical deadlines and filing requirements to help ensure businesses stay compliant.

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A Real-Life Lesson on the Risks of Relying on a Holographic Will

Posted by Robert Ingrasci on September 19, 2024

This article discusses the risks of using a holographic will, illustrated by the legal dispute over Aretha Franklin’s estate. Although Michigan permits handwritten wills without witnesses, they can lead to conflicts and challenges due to ambiguous language or incomplete provisions.  New York State does not accept holographic wills as a legal document.

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Maximizing Efficiency in Your Nonprofit Board Meetings

Posted by Jenna Sheehan on September 18, 2024

To improve the efficiency of nonprofit board meetings, it's essential to create a clear agenda, enforce time limits, and ensure proper follow-up on unresolved issues. Implementing tools like a consent agenda can further streamline routine matters, saving valuable time. Keeping meetings focused and structured fosters productivity and board member engagement.

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Sales and Use Tax Economic Nexus Thresholds

Posted by Mark Stack on September 16, 2024

States have made many changes to their economic nexus thresholds in the wake of the landmark sales and use tax decision in South Dakota v. Wayfair from 2018.

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Ensuring Tax Compliance for Your Partnership or LLC

Posted by Kerry Roets on September 16, 2024

A well-drafted partnership or LLC operating agreement should address key tax considerations, such as guaranteed payments, partner liabilities, and payments to retired partners. These provisions ensure tax compliance and help manage potential issues like partner exits or ownership transfers. Properly addressing these matters minimizes tax liabilities and protects the business.

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When Nonprofits Must Pay Tax on Debt-Financed Income

Posted by Robert Torella on September 12, 2024

Nonprofits typically don’t pay unrelated business income tax (UBIT) on investment income, but income from debt-financed property is often taxable. Real estate and investments purchased with borrowed funds may trigger UBIT, and the taxability depends on factors like the property’s purpose and financing. It's important to consult a tax advisor to ensure compliance.

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How a Spendthrift Trust Can Preserve Wealth

Posted by D’Marie Kleeman on September 12, 2024

A spendthrift trust is a useful tool for protecting assets and ensuring responsible management of an inheritance. It prevents beneficiaries from directly accessing or mismanaging funds, while also protecting against creditors. The trustee plays a crucial role in managing payments, providing financial security for the beneficiary in line with the trust’s terms.

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