Articles From Lumsden McCormick
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.
2023 Year-End Tax Planning Guide for Businesses - Real Estate
Posted by Brian Kern on February 07, 2024
As part of year-end planning and looking ahead to the coming year, real estate businesses should review how current tax rules apply to their transactions and the effects of any changes to those rules.
2023 Year-End Tax Planning Guide for Businesses - Partnerships
Posted by Kerry Roets on February 07, 2024
IRS developments, along with some reporting and regulatory changes, mean there are a number of tax areas partnerships should be looking into as they plan for the year end and the coming year. This guide explores those developments.
Nine Tax Considerations for New Business Proprietors
Posted by Alexander Intihar on February 06, 2024
If you're planning to launch your venture as a sole proprietorship, it's crucial to have a comprehensive understanding of the tax considerations involved.