Articles From Lumsden McCormick
Record Guidelines for Income and Expenses During an IRS Audit
Posted by Michelle Waddell on April 08, 2024
A case study details the IRS scrutiny and how important recording keeping is.
The Significance of a Living Will in Estate Planning
Posted by D’Marie Kleeman on April 04, 2024
A living will is an essential part of your estate planning strategy, providing peace of mind for you and your family in case of unexpected situations. However, many people neglect the need to create this important document, despite its significance.
Exploring the Roles of a Trust Protector
Posted by D’Marie Kleeman on March 28, 2024
When managing the challenges of trust administration, having a trust protector can provide confidence and strengthen your trust framework and secure your legacy for future generations.
Improving Nonprofits: Guidelines for Restructuring
Posted by Jill Johnson on March 27, 2024
Before you move ahead with nonprofit restructuring, it's possible that you may need to file a new exemption application and deal with other challenges.
Choosing the Right Business Structure - An S Corporation or an LLC?
Posted by Hayden Coll on March 26, 2024
Choose between an S corporation or LLC for your business based on various factors and tax advice. Our team can guide you.
Required Minimum Distributions for Retirement Accounts
Posted by Robert Ingrasci on March 26, 2024
SECURE 2.0 has some good effects on RMDs, but the 10-year account liquidation rule that came with the first SECURE Act is still complicated. Keep up to date with changes in RMD rules.
Optimizing Sec. 179 Tax Deductions Alongside Bonus Depreciation
Posted by Kristin Re’ on March 25, 2024
Using Sec. 179 deductions together with bonus depreciation deductions is a smart tax strategy. For more information on how these rules apply or for any questions, our team is ready to help you.
2023 Year-End Tax Planning Guide - Corporate and M&A
Posted by Cory Van Deusen V on March 22, 2024
Corporations face a variety of unique tax rules and challenges - consider these key developments as corporations close tax year 2023 and begin 2024.
Ensuring Your Estate Plan Covers the GST Tax
Posted by Cheryl A. Jankowski on March 21, 2024
Even though the high GST tax exemption now lessens its effect on many families, it's still wise to prepare for this tax. After 2025, unless Congress intervenes, the exemption will drop significantly.
Tax Implications of Renting Your Vacation Property
Posted by Angela Miles on March 19, 2024
For tax purposes, the key factors are how many days you lease the property and the amount of income that you have to report for taxes, regardless of whether you rent to relatives or nonrelatives.