Articles From Lumsden McCormick
Addressing Labor Shortages: Strategies for Manufacturers to Attract and Retain Skilled Workers
Posted by Jonathan Roller on January 16, 2024
Manufacturers have the option to employ both monetary and non-monetary approaches to allure and retain a proficient workforce.
2023 Year-End Tax Planning Guide - Income Tax
Posted by Mark Janulewicz on January 16, 2024
This guide identifies tax strategies and considers how they may be influenced by recent administrative guidance and potential legislative changes that remain under consideration. Unless otherwise noted, the information contained in this article is based on enacted tax laws and policies as of the publication date and is subject to change based on future legislative or tax policy changes.
Tax Benefits of a Qualified Small Business Corporation (QSBC)
Posted by Kerry Roets on January 15, 2024
Operating your small business as a Qualified Small Business Corporation (QSBC) could be a tax-smart idea. QSBCs are the same C corporations for tax and legal purposes, but QSBC shareholders are potentially eligible to exclude from federal income tax 100% of their stock sale gains.
The Differences Between Inter-Vivos and Testamentary Trusts
Posted by Cheryl A. Jankowski on January 11, 2024
The two main types of trusts and which is best suited to your circumstances.
Correctly Reporting Independent Contractors to the IRS
Posted by Kevin Smeader on January 10, 2024
It is essential to maintain completed Form W-9s on file for independent contractors. To assist you in obtaining this crucial information from workers and filing it with the IRS, we provide valuable tips.
The Kiddie Tax Extends Through Age 23
Posted by Angela Miles on January 09, 2024
The "kiddie tax" can result in a portion of a child's unearned income being subjected to the higher federal income tax rates of their parents, rather than the significantly lower rates that a child would typically pay. It's important to note that, according to federal income tax, a "child" can be as old as 23 years.
Ensure Compliance with Securities Laws in your Estate Plan
Posted by Cheryl A. Jankowski on January 04, 2024
Do you have unregistered securities in your portfolio, such as restricted stocks or investments in hedge funds or private equity funds? If that's the case, it's crucial to take into account the relevant securities laws when formulating your estate plan strategies.
Expanding Globally: Navigating Challenges for Your Nonprofit in 2024
Posted by Cathleen Karpik on January 03, 2024
Prior to initiating any global endeavors, thoroughly examine the laws and regulations of your target countries, along with assessing the associated U.S. tax implications.
2024 Tax Breaks for Manufacturers
Posted by Kristin Re’ on January 02, 2024
Every year tax provisions expire and others kick-in, so now is the time to take advantage of tax provisions that bring tax savings for 2024 including the Inflation Reduction Act.
Like-Kind Exchanges for Investment Properties
Posted by Brian Kern on January 02, 2024
The current state of the real estate market has presented its challenges. However, amidst this, there are still considerable profits to be made in certain business properties. In such instances, the option of a "like-kind" exchange can prove to be enticing when it comes to selling commercial or investment real estate.