Articles From Lumsden McCormick
IRS Issues Final Regulations on Advanced Manufacturing Investment Credit
Posted by Kristin Re’ on May 07, 2024
The IRS has issued final rules for the Advanced Manufacturing Investment Credit, based on the 2022 law that encourages local semiconductor creation with big tax benefits. The final rules have some changes about choosing to use the credit as a federal tax payment.
Optimizing Your Children’s Inheritance: The Case for a Unified Trust
Posted by Isabella Newman on May 02, 2024
Establishing trusts for your children is an important strategy for ensuring their financial security.
Addressing Volunteer Liability and Tax Concerns in Nonprofit Organizations
Posted by Sarah Hopkins on May 01, 2024
It's essential to pay attention to the legal and tax issues that volunteers might encounter.
Federal Income Tax of an Appreciated Vacation Home
Posted by John Anderson on April 30, 2024
What are the federal income tax implications associated with selling an appreciated vacation home?
Deducting Partnership Business Expenses
Posted by Kerry Roets on April 29, 2024
Partnership owners may incur costs associated with client entertainment, transportation for meetings, professional development materials, and home office expenses. How are these expenses deducted?
Including Mental Health Directives in Your Estate Plan
Posted by D’Marie Kleeman on April 25, 2024
Many make considerations for potential physical incapacitation in their estate plan, but it's equally important to address any mental health illnesses with advance directives.
Understanding Disaster Relief Charity Regulations
Posted by Elizabeth Krause on April 24, 2024
Disaster relief charities that are exempt from tax can give both short-term and long-term assistance to make sure that victims have basic needs, but they must follow IRS rules.
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.