Articles From Lumsden McCormick
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.
Best Practices to Reassess your Beneficiary Designations
Posted by D’Marie Kleeman on February 01, 2024
Reassess your beneficiary designations to avoid pitfalls and make smart decisions about your estate plan.
The Importance of Planned Gifts for Nonprofits
Posted by Robert Torella on January 31, 2024
Nonprofits must actively pursue planned, legacy, and deferred gifts, which are typically larger than current donations. These gifts are commonly arranged through wills, trusts, retirement plans, and life insurance designations.
Claiming Charitable Donations for 2023 Tax Year
Posted by Isabella Newman on January 30, 2024
If you donated to charity last year, you may be eligible for a tax deduction if you itemize deductions on your tax return. For donations of $250 or more, you need a written acknowledgment from the charity.
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.