Articles From Lumsden McCormick
IRS Efforts to Address Questionable Employee Retention Tax Credit Claims
Posted by Megan Morris-Smith on January 29, 2024
IRS now allows individuals to voluntarily return a portion of the funds before any collection procedures are initiated.
Tax Reasons to Refuse an Inheritance
Posted by D’Marie Kleeman on January 25, 2024
At first glance an inheritance may be considered a windfall, but the tax aspects should be considered before accepting.
The Value of Audited Financial Statements
Posted by Sarah Hopkins on January 24, 2024
Simplify the audit process by providing estimates and requested documents to your auditor. Involve your board in the process and discuss any inconsistencies with your auditor as internally prepared statements may differ from audited statements.
Retirement Planning: IRAs for a Tax-Advantaged Future
Posted by Robert Ingrasci on January 23, 2024
By contributing to a traditional IRA, not only do you get to enjoy immediate tax savings, but your earnings also have the opportunity to grow tax-deferred.
What is a Pension-Linked Emergency Savings Account (PLESA)
Posted by Amanda Wojtkowski on January 22, 2024
Introducing a cutting-edge perk that your company can provide to its employees - pension-linked emergency savings accounts. Discover how these accounts operate and the benefits they bring.
The Importance of Integrating a Power of Attorney into Your Comprehensive Estate Plan
Posted by Robert Ingrasci on January 22, 2024
In the event of your incapacitation, the responsibility for managing your financial matters and making medical decisions rests on the designation of a power of attorney.
Uncertain Times: Develop a Flexible Budget Strategy
Posted by Jenna Sheehan on January 17, 2024
In times of turbulence, nonprofits budget may fall short. If you've already set a fixed budget for 2024, consider a different approach.
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.