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.

Enhancing Fringe Benefits: A Strategic Approach to Attracting Talent in Nonprofits

Posted by Matthew Cronmiller on June 26, 2024

Nonprofit organizations can use fringe benefits as a strategic tool to attract and retain talent, especially when they face the challenge of lower compensation compared to for-profit entities. Some cost-effective and innovative benefits solutions, such as wellness programs, retirement savings plans, dependent care accounts, and education reimbursement programs, can appeal to the diverse needs and preferences of nonprofit employees.

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Q3 Tax Deadlines for Business Owners

Posted by Emily Isaacson on June 24, 2024

We outline important third quarter tax filing dates, including July 15, July 31, and September 16.

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Understanding Undue Influence

Posted by D’Marie Kleeman on June 20, 2024

The article explains the concept of undue influence and provides tips to protect your estate plan from undue influence claims, such as using a revocable trust, verifying competency, preventing the appearance of undue influence, communicating with family, and including a no-contest clause.

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Optimizing Nonprofit Workforce Efficiency Through Job Rotation

Posted by Amina Diallo on June 19, 2024

Job rotation is a strategic initiative that allows nonprofit employees to enhance their skills, productivity, and adaptability by switching roles within the organization. This practice benefits both the organization and the employees, as it ensures continuity of operations, strengthens internal controls, increases employee value and commitment, and fosters a supportive work environment.

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Strategies for Sustained Profitability in Manufacturing

Posted by John George on June 18, 2024

For sustained profitability in the manufacturing sector, management must emphasize the importance of profit enhancement over revenue expansion. The strategies include optimizing overhead costs, leveraging negotiation opportunities, investing in modern equipment, strengthening the workforce, reviewing business entities, and prioritizing operational efficiency. 

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Safeguard Your Digital Legacy: A Must-Do for Every Estate Plan

Posted by Cheryl A. Jankowski on June 12, 2024

Digital assets often leave no paper trail, making it crucial to include them in your estate plan to ensure your family can locate and access them. Take inventory of your digital assets, provide access instructions, and ensure your representatives have the necessary legal consent to manage these accounts; contact us for further assistance.

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Understanding Corporate Estimated Tax Payments

Posted by Amanda Ornowski on June 10, 2024

To avoid penalties on your next quarterly estimated tax payment, your business should aim to pay the minimum required estimated tax using one of four methods: the current year method, the preceding year method, the annualized income method, or the seasonal income method. 

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Incorporate Foreign Assets into Your Estate Plan

Posted by Amanda Mooney on June 06, 2024

Neglecting international holdings in estate plans may lead to dual taxation, as U.S. citizens face federal taxes on global assets which could also be taxed abroad. Although a foreign death tax credit might mitigate this, it’s not guaranteed, and professional advice should be sought.

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Preparing for Your Next Form 990 Filing

Posted by Jill Johnson on June 05, 2024

Nonprofits should maintain accurate records and work to prevent fraud throughout the year to ensure timely and precise filing of Form 990, including Schedule G and foreign operations details, by the next IRS deadline.

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Unlocking Tax Savings: How a Cost Segregation Study Can Benefit Your Manufacturing Company

Posted by Kerry Roets on June 04, 2024

When manufacturers purchase, build, or improve their facilities, the associated expenses are substantial. There is an alternative approach that allows you to accelerate your tax depreciation deductions: a cost segregation study.

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