Claiming Your Parent as a Dependent
If you pay over half the cost of supporting a parent, he or she is considered your dependent for federal income tax purposes — which may qualify you to some significant tax breaks.
Nonprofit organizations are deeply woven into the Western New York business and philanthropic community. Yet doing business as a nonprofit has become increasingly complex. New tax reform, complex regulations, growing competition, and shrinking resources can make the management of financial resources daunting for those leading our region’s many nonprofits.
Lumsden McCormick can help. Widely regarded as having the most extensive and diversified nonprofit base in Western New York, our partner-led nonprofit services team is uniquely qualified to help exempt businesses operate most effectively. You can count on our accessible certified public accountants to work collaboratively with your leadership team to minimize compliance risk as well as monitor industry developments. In addition to our unparalleled expertise, we can tap additional national and global resources on your behalf through our membership in the BDO Alliance USA.
Our nonprofit services include:
Exempt Organizations Conference
Every fall, Lumsden McCormick sponsors an Exempt Organizations Conference featuring local and national experts presenting on a variety of pertinent industry topics. Visit our Events page for more information; details to follow. Contact Maria Gambacorta with further questions.
Understand what opportunities are available to help your business grow such as 0% state corporate income tax. Ask Cory and Alan questions at the end of this informational webinar.Learn More