Articles From Lumsden McCormick
Maximizing Unused 529 Plan Funds: The 529-to-Roth IRA Transfer Option
Posted by Bradley Bach on February 27, 2024
Effective in January 2024, you can move funds that are not used in a 529 plan to a Roth IRA for the same beneficiary, with no tax or penalties.
Strategies for Tax-Efficient Cash Withdrawals from Your Corporation
Posted by Megan Morris-Smith on February 26, 2024
Dividends paid out by a corporation are taxable to shareholders, however there are strategies to extract cash from your closely held corporation without dividend treatment. These strategies include reasonable compensation, fringe benefits, capital repayments, loans, and property sales.
Marrying Estate and Family Business Succession Planning
Posted by Cheryl A. Jankowski on February 22, 2024
Ensure your family's future by properly planning the succession of your closely held business. Separate ownership and management to secure the business’s legacy. Transfer assets early to minimize estate tax liability.
Strengthen Your Nonprofit’s Financial Resilience
Posted by Cathleen Karpik on February 21, 2024
Nonprofit leaders face a multitude of concerns, from inflation and labor shortages to cybersecurity threats. Despite a generally healthy economy, fortifying your organization against future challenges is crucial.
The Value of a Special Needs Trust
Posted by Amanda Wojtkowski on February 15, 2024
Special needs trusts (SNTs) benefit children or other family members with disabilities that require extended-term care or that prevent them from being able to support themselves.
403(b) Plan Changes Through 2026 Impact Nonprofit Organizations
Posted by Thomas Burns on February 14, 2024
As discussed here, the SECURE Act 2.0 has many changes that affect 403(b) retirement plans. It is important that your organization stays current on all regulatory rules and the enhancements available to your employees.
Preparing for the 2023 Gift Tax Return Deadline
Posted by Cheryl A. Jankowski on February 13, 2024
Individuals unsure about their filing obligations or considering the voluntary submission of a 2023 gift tax return should seek guidance.
Create an Asset Purchase Strategy with Depreciated Tax Breaks
Posted by Kristin Re’ on February 13, 2024
Manufacturers must consider factors beyond taxes when planning asset acquisitions. Other strategic or financial considerations may outweigh potential tax benefits.
Exploring the Optimal Accounting Method for Business Taxation
Posted by Douglas Muth on February 12, 2024
Businesses can strategically align their accounting practices with their tax objectives, thereby maximizing tax efficiency and compliance.
Ensuring Inclusion of Elderly Parents in Your Estate Plan: A Five-Step Guide
Posted by Amanda Wojtkowski on February 08, 2024
An estate plan usually covers spouses, children, and future generations, but sometimes people forget about the financial needs of their elderly parents or in-laws. However, helping the older generation financially is often important.