Articles From Lumsden McCormick
Optimizing the Qualified Business Income Deduction
Posted by Brian Kern on March 11, 2024
Eligible businesses can claim the qualified business income (QBI) deduction until 2025. After that, it will expire unless Congress decides to keep it. So take advantage of the tax benefit while it’s still available.
Enhancing the Effectiveness of an Incentive Trust: Four Key Strategies
Posted by Robert Ingrasci on March 07, 2024
An Incentive Trust is a useful estate planning tool to create a balance with your wishes and family member lifestyles.
Formalizing Nonprofit Mission Drift
Posted by Cathleen Karpik on March 06, 2024
While your nonprofit is adapting to changing circumstances to maximizing impact, it's crucial to formalize any significant shifts in your focus and mission.
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.