Articles From Lumsden McCormick
Enhance Your Wealth with a Health Savings Account (HSA)
Posted by Robert Ingrasci on May 30, 2024
A Health Savings Account (HSA) offers affluent individuals a strategic way to reduce healthcare costs and federal taxes while enhancing their retirement savings and estate planning. HSAs allow tax-free withdrawals for medical expenses and provide unique benefits for beneficiaries, particularly spouses, allowing for continued tax-free growth and usage.
Treasury, IRS Release Final Regulations on Transfer of Certain Energy Tax Credits
Posted by Kristin Re’ on May 28, 2024
The Department of the Treasury and the IRS on April 25 released long-awaited final regulations (T.D. 9993) related to the transfer of certain credits under Internal Revenue Code Section 6418, added by the Inflation Reduction Act (IRA), which describes rules for the election to transfer eligible credits in a taxable year.
Balancing Act: Navigating the Promise and Pitfalls of AI and Emerging Technologies
Posted by Jonathan Urban on May 28, 2024
When implementing new software solutions or tools, organizations must first lay the groundwork, assess and prepare for risks, leverage existing processes and technology, and develop a plan for the unexpected.
Is Switching Your Business from a C to an S Corporation a Good Idea?
Posted by Kerry Roets on May 27, 2024
For business owners contemplating a transition from a C corporation to an S corporation, it’s important to be aware of the tax implications that could arise. Here are four key tax considerations to keep in mind during the conversion process.
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.