When Nonprofit Teams Don’t See Eye to Eye on Financial Reporting
When Accounting and Development teams clash, nonprofits pay the price. Learn how better coordination protects funding and strengthens your mission.
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Play It Smart By Naming Co-Executors
Naming a trusted family member as executor may be a natural choice, but it may not be the best one. Here’s why naming a professional advisor as a co-executor is often a better option.
Read MoreDeferring Taxes on Advance Payments
If your business uses the accrual method of accounting and received advance payments in 2025, you may be able to defer reporting some or all of that income until 2026 for federal tax purposes.
Read MoreTo Maximize — Or Not to Maximize — Depreciation Deductions on Your 2025 Tax Return
Claiming the maximum depreciation deductions you can on your 2025 income tax return will generally provide the greatest 2025 tax savings. But sometimes it may be better to depreciate business assets over a period of years.
Read More2026 Federal Tax Rate Guide
Lumsden McCormick has released its annual Federal Tax Rate Guide.
Read MoreNot All “Business” Expenses Are Tax Deductible
As you look back to 2025 to determine what business expenses you can write off on your tax return, keep in mind the “ordinary and necessary” rule.
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