Articles From Lumsden McCormick
Identifying Refund Opportunities through Reverse Sales and Use Tax Audits for Manufacturers
Posted by Mark Stack on April 23, 2024
There are different sales and use tax exemptions for some purchases by manufacturers in most states, but the specifics can differ depending on the state. Manufacturers sometimes miss out on exemptions that they qualify for, which results in paying too much tax.
Beware of IRD Issues When Receiving an Inheritance
Posted by Cheryl A. Jankowski on April 23, 2024
IRD assets pose unique challenges in estate planning; we can assess your situation, identify IRD assets, and devise appropriate strategies to manage the tax implications.
Adopt a Divergent Strategy Regarding Income and Deductions
Posted by Michē Needham on April 22, 2024
Businesses usually try to delay taxable income and speed up deductions. Sometimes, the reverse strategy is better.
Is a Split Annuity Strategy Right for You?
Posted by Brian Kern on April 18, 2024
How might a split annuity strategy help with finding a balanced way to plan for retirement? You want to keep your current lifestyle, but you also want to protect your assets for future heirs.
Mitigating Fraud Risks in Nonprofit Organizations
Posted by Jill Johnson on April 17, 2024
To effectively safeguard against fraud, nonprofits must proactively design and implement robust internal controls tailored to their unique operational risks.
Considerations When Converting Your Home into a Rental Property
Posted by Jonathan Herdlein on April 16, 2024
One option you may have thought of when buying a new home is to keep your current home and rent it out. This has possible tax advantages and disadvantages.
Establishing a Tax-Favored Retirement Plan: A Strategic Move for Your Business
Posted by Austin Robare on April 15, 2024
A retirement plan is a valuable benefit for any business. If you’re self-employed and have a SEP-IRA, you can put in up to 20% of your self-employment income, with a limit of $69,000 for 2024 (increase from 2023). If you work for your own corporation, up to 25% of your salary can go into your account, with the same limit of $69,000 for 2024.
Exploring Essential Estate Planning Terminology
Posted by Cheryl A. Jankowski on April 11, 2024
Estate planning involves some specific terms that may not be easy to understand for beginners. While some concepts like wills, trusts, and executors might be familiar, other terms might need more explanation. To help with understanding, here's a list of important terms that are frequently used in estate planning activities.
Harnessing Board Committees to Optimize Time and Expertise
Posted by Amina Diallo on April 10, 2024
Using board committees gives not-for-profit organizations a strategic way to improve member involvement, increase operational performance, and achieve specific goals.
The Advantages of Cloud Computing for Manufacturers
Posted by John George on April 09, 2024
When considering moving to cloud computing, it is essential to carefully evaluate possible service providers. Consult with reliable experts during the vendor selection process.