Articles From Lumsden McCormick

What happens when there's doubt a business or government agency can stay afloat? Here, we break down the "going concern" principle and explain how organizations assess their ability to meet obligations. Learn what triggers disclosure requirements, the role of management in addressing financial uncertainty, and how it all impacts an auditor's report.

The OBBB introduces several changes to tax policy that impact both businesses and individuals.

OBBB panel discussion held on September 25, 2025, with experts from Lumsden McCormick and Bond, Schoeneck & King.

Local 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. 

With 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(OBBB), a number of the tax incentives created or strengthened by the Inflation Reduction Act (IRA) of 2022 have been repealed.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.

A 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. For some families, an incentive trust, which rewards responsible behavior may offer a more balanced approach.

Creating an effective nonprofit budget requires more than adjusting last year’s numbers. A collaborative approach, accurate forecasting, and scenario planning can help organizations stay agile and prepared for uncertainty. Building reserves and aligning budgets with strategic goals ensures long-term sustainability and mission success.

Owning a business with your spouse can be rewarding, but it also brings unique tax challenges that can impact your bottom line. From self-employment tax surprises to IRS partnership rules, understanding your options like electing joint venture status, forming an S corporation, or restructuring roles can help you minimize taxes and simplify compliance.

Executive Order 14247 requires the IRS to transition all tax-related payments and refunds to electronic methods starting September 30, 2025, eliminating paper checks except in limited cases. Taxpayers will need to use direct deposit, prepaid debit cards, or digital platforms for refunds and make payments through approved electronic systems, with support available for those lacking access to traditional banking.

Custodial accounts offer a flexible way for adults to manage investments on behalf of minors, allowing the assets to legally belong to the child while controlled by a custodian until adulthood. These accounts support various asset types and provide tax benefits but come with considerations regarding control and financial aid impact.