Articles From Lumsden McCormick
2023 Year-End Tax Planning Guide - State and Local Tax
Posted by Mark Stack on March 06, 2024
With thousands of taxing jurisdictions, from school boards to counties and states, and many different types of taxes, state and local taxation is complex. Each tax type comes with its own set of rules — by jurisdiction — all of which require a different level of attention.
Maximizing Tax Advantages: Research Credit and Payroll Taxes
Posted by Kristin Re’ on March 04, 2024
Commercial businesses can benefit from the research and payroll tax credits available through the Inflation Reduction Act.
Create a Reimbursement Plan for Nonprofits
Posted by Amina Diallo on February 28, 2024
In this article, we’ll explore the two main categories of expense reimbursement plans and provide tips for effective implementation.
2023 Year-End Tax Planning Guide for Businesses - International Tax and Transfer Pricing
Posted by Mark Janulewicz on February 27, 2024
This guide examines international tax planning circumstances, foreign tax credit considerations, and more as businesses plan for the year end and the coming year.
Segmented Statements Boost Profitability
Posted by Jonathan Roller on February 27, 2024
A segmented income statement empowers manufacturers to optimize profitability by pinpointing performance drivers.
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.