Intrafamily loans can be a flexible way to transfer wealth, support major purchases, and preserve family assets while offering tax advantages—when structured correctly. To avoid IRS reclassification as a gift, these loans must follow strict formalities, including charging interest at the applicable federal rate and documenting repayment terms.
Read MoreBorrowing can help nonprofits fund major projects or manage cash flow gaps, but it comes with higher interest rates, strict lender requirements, and added risk. Understanding loan types—such as lines of credit, bridge loans, and long-term financing—and preparing detailed financial documentation are essential steps before applying.
Read MoreBusinesses that accept large cash payments have strict IRS reporting obligations. Transactions over $10,000 must be reported using Form 8300, and failure to comply can lead to steep penalties.
Read MoreLocal government leaders across the country are consistently tasked with finding ways to stretch shrinking budgets and dwindling staff. Here are just a few of the benefits Lumsden McCormick can offer government entities looking to maximize resources.
Read MoreWith the passing of the One Big Beautiful Bill Act (OBBB), a number of the tax incentives created or strengthened by the Inflation Reduction Act (IRA) of 2022 have been repealed. Learn about the credits that will be expiring early under the new tax legislation and consider taking advantage of them before the window to do so closes.
Read MoreA quiet trust, also known as a silent trust, is an estate planning tool that keeps beneficiaries unaware of the trust’s existence until a specified age or milestone. While it can preserve motivation and protect heirs from external pressures, it may also lead to missed opportunities or resentment.
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