Articles From Lumsden McCormick
Planning for Assets with Sentimental Value
Posted by Amanda Wojtkowski on May 23, 2024
In estate planning, “tangible personal property” encompasses items like jewelry and antiques, which, despite their emotional value, can cause disputes among heirs. To prevent conflict, it’s advisable to designate specific items to particular beneficiaries in your will or trust.
Take Comprehensive Action on Audit Findings
Posted by Sarah Hopkins on May 22, 2024
External audits can assure stakeholders of a nonprofit's financial stability and help prevent fraud, but failure to address recommended actions from audit reports can threaten the organization's future.
Optimizing Manufacturing Production Capacity
Posted by John George on May 21, 2024
If your manufacturing facility is reaching maximum capacity, you may be considering expanding your operational footprint or by leveraging AI and technology to boost productivity and improve efficiencies.
Strategic Tax Considerations for Business Acquisitions
Posted by Cory Van Deusen V on May 20, 2024
When acquiring a business, it’s crucial to consider the tax implications of the transaction’s structure. Proper planning can optimize tax outcomes post-acquisition.
How to Use Debt to Lower Taxes for a C Corporation
Posted by Brian Kern on May 13, 2024
For closely held C corporation shareholders, incorporating third-party or owner debt into your capital can be tax-efficient due to lower income tax rates and avoiding double taxation on dividends. Consult with us for tailored advice.
Partnerships: Key Tax Considerations When Adding a New Partner
Posted by Bradley Bach on May 09, 2024
You and your current partners are getting ready to welcome a new member. Who will pay cash to get a one-third share in the partnership? Follow the example situation that explains the rules.
Ensuring Compliance in Conservation Easements: IRS Oversight and Implications
Posted by Cheryl A. Jankowski on May 09, 2024
Conservation easements are a useful way for taxpayers to lower their income and estate taxes while keeping ownership and use of their properties. They have been widely used in estate planning for a long time.
Analyzing the Prospective Risks and Returns of Alternative Investments
Posted by Cathleen Karpik on May 08, 2024
Many nonprofit organizations are drawn to alternative investments because they can offer better long-term returns than traditional securities. However, these investments also have different factors and risks to consider.
IRS Issues Final Regulations on Advanced Manufacturing Investment Credit
Posted by Kristin Re’ on May 07, 2024
The IRS has issued final rules for the Advanced Manufacturing Investment Credit, based on the 2022 law that encourages local semiconductor creation with big tax benefits. The final rules have some changes about choosing to use the credit as a federal tax payment.
Optimizing Your Children’s Inheritance: The Case for a Unified Trust
Posted by Isabella Newman on May 02, 2024
Establishing trusts for your children is an important strategy for ensuring their financial security.