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.

Navigating Restricted Gifts: When Contributions Come with Conditions

Posted by Sarah Hopkins on August 21, 2024

Nonprofit organizations often face challenges when managing restricted donations, making it essential to implement clear procedures and maintain accountability to ensure funds are used as intended. Encouraging unrestricted gifts provides greater flexibility, and it’s important to handle donor relationships with care, especially when restrictions are involved.

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Choosing Between Cash and Accrual Accounting for Tax Purposes

Posted by Douglas Muth on August 19, 2024

While the cash method can offer significant tax benefits for qualifying businesses, some companies might find the accrual method more advantageous. It's crucial to assess which accounting method best suits your business’s needs to maximize tax benefits.

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Supreme Court Case Overview: Connelly v. United States

Posted by Cheryl A. Jankowski on August 19, 2024

A landmark decision by the Supreme Court in Connelly v. United States has significant implications for how shares in closely held corporations are valued for estate tax purposes. The Supreme Court upheld that redemption obligations do not reduce the value of a corporation’s shares, creating a precedent that will likely affect future litigation and estate planning for family-owned businesses.

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Understanding the New IRS Regulations on Inherited IRAs

Posted by Robert Ingrasci on August 15, 2024

The IRS has issued final regulations for inherited IRAs, clarifying that most non-spouse beneficiaries must withdraw the entire balance within 10 years. These rules, effective in 2025, require annual distributions if the original account owner had started taking RMDs, while offering more flexibility for accounts where RMDs had not begun. Recent waivers also prevent penalties for missed distributions in certain cases.

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Legislative Developments on Charitable Giving and Deductions

Posted by Jill Johnson on August 14, 2024

A bipartisan effort is underway in Congress to revive and expand the universal charitable deduction, which temporarily allowed non-itemizing taxpayers to deduct charitable contributions during 2020 and 2021. The proposed Charitable Act aims to incentivize giving by increasing the allowable deduction, potentially boosting donations to nonprofits. However, the bill's future remains uncertain, and nonprofit organizations are actively advocating for its passage.

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How to Choose the Optimal Inventory Accounting Method for Your Manufacturing Business

Posted by Jonathan Roller on August 13, 2024

Choosing the right inventory accounting method, such as FIFO or LIFO, is crucial for manufacturing businesses as it significantly affects taxes, net income, and financial reporting. Careful consideration of your company's specific needs and circumstances is essential when selecting the appropriate method.

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Navigating Tax Implications on Real Estate Gains

Posted by Michē Needham on August 12, 2024

The tax implications of real estate gains can vary based on factors like property type, ownership structure, and depreciation. While long-term capital gains are generally taxed at 15% or 20%, certain gains, particularly those involving depreciation, may be taxed at higher rates. Additionally, the 3.8% Net Investment Income Tax (NIIT) and state taxes could also apply.

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Anticipating Future Tax Changes for Businesses

Posted by Cory Van Deusen V on August 08, 2024

The upcoming presidential and congressional elections could significantly alter the tax landscape for U.S. businesses, as many provisions of the Tax Cuts and Jobs Act (TCJA) are set to expire at the end of 2025. Potential outcomes range from the complete expiration of these provisions to their extension or replacement with new tax laws. The future impact on your business will depend on the election results and subsequent legislative changes.

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Enhancing Estate Planning Flexibility with a Power of Appointment

Posted by Robert Ingrasci on August 08, 2024

A power of appointment in your estate plan provides flexibility by allowing a designated beneficiary to adjust trust distributions and modify beneficiaries based on current circumstances. There are two types of powers: general, which includes property in the holder’s taxable estate, and limited, which does not but may result in higher capital gains taxes for heirs. 

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Making Your Board Retreat Rejuvenating and Productive

Posted by Jill Johnson on August 07, 2024

A board retreat offers a valuable opportunity for nonprofit organizations to focus on critical issues away from daily distractions, fostering strategic thinking and collaboration. Effective planning involves aligning goals, choosing relevant topics, and creating a detailed agenda. Post-retreat, it's essential to summarize decisions and develop an action plan to ensure actionable outcomes and ongoing progress.

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