Articles From Lumsden McCormick
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.
Addressing Volunteer Liability and Tax Concerns in Nonprofit Organizations
Posted by Sarah Hopkins on May 01, 2024
It's essential to pay attention to the legal and tax issues that volunteers might encounter.
Federal Income Tax of an Appreciated Vacation Home
Posted by John Anderson on April 30, 2024
What are the federal income tax implications associated with selling an appreciated vacation home?
Deducting Partnership Business Expenses
Posted by Kerry Roets on April 29, 2024
Partnership owners may incur costs associated with client entertainment, transportation for meetings, professional development materials, and home office expenses. How are these expenses deducted?
Including Mental Health Directives in Your Estate Plan
Posted by D’Marie Kleeman on April 25, 2024
Many make considerations for potential physical incapacitation in their estate plan, but it's equally important to address any mental health illnesses with advance directives.
Understanding Disaster Relief Charity Regulations
Posted by Elizabeth Krause on April 24, 2024
Disaster relief charities that are exempt from tax can give both short-term and long-term assistance to make sure that victims have basic needs, but they must follow IRS rules.