Articles From Lumsden McCormick

Digital twins, virtual replicas of physical systems, are revolutionizing manufacturing by enabling real-time monitoring, predictive maintenance, and smarter decision-making. Originally developed by NASA, this technology is helping manufacturers optimize operations, reduce costs, and accelerate innovation. While implementation can be complex, the potential benefits make it a compelling investment for forward-thinking companies.

The One, Big, Beautiful Bill Act introduces a range of impactful tax changes for businesses, including the permanent return of 100% bonus depreciation, expanded Section 179 expensing, and immediate deductions for domestic R&E expenditures. It also enhances credits for employer-provided child care and paid family leave, while phasing out several clean-energy tax incentives. Some less favorable provisions, such as the permanent disallowance of excess business losses, also take effect.

The One, Big, Beautiful Bill Act permanently raises the federal gift and estate tax exemption to $15 million per individual, providing long-term clarity for estate planning. High-net-worth individuals can now implement strategies like SLATs and SPATs to reduce estate tax exposure while maintaining access to their wealth. These tools offer flexibility and protection, making them valuable components of a modern estate plan.

Nonprofits facing budget cuts must be careful not to compromise essential safeguards like internal controls and cybersecurity, as doing so can increase the risk of fraud. Strengthening oversight, maintaining separation of duties, and investing in basic training and secure technology can help protect the organization without significantly raising costs.

Republicans have successfully passed a comprehensive reconciliation bill, marking a significant legislative achievement. This bill encompasses a wide range of policy changes and reforms, reflecting the party's priorities and goals.

Accounting errors can significantly disrupt nonprofit operations by leading to financial misstatements, compliance issues, and loss of donor trust. These mistakes can also increase administrative costs, hinder strategic planning, and expose weaknesses in internal controls, ultimately threatening the organization’s mission and sustainability.

Manufacturing companies expanding across borders must understand transfer pricing to value intercompany transactions and comply with tax regulations. Proper documentation and adherence to IRS and OECD guidelines are crucial to avoid penalties and ensure accurate tax reporting. Proactive management of transfer pricing can also optimize global tax positions within legal boundaries.

New business owners can deduct up to $5,000 in startup and organizational costs, but only if total expenses stay under $50,000. Any remaining costs must be amortized over 15 years, and deductions can only begin once the business is actively operating. Careful planning and recordkeeping are essential to maximize tax benefits for new business ventures.

Find all of our latest news about the proposed One, Big, Beautiful Bill Act in one place. 

Avoiding probate in estate planning is crucial for ensuring a smoother and more efficient transfer of assets to beneficiaries. It helps to minimize legal costs, reduce delays, and maintain privacy for the estate and its heirs. Proper planning can significantly ease the burden on loved ones during a difficult time.