Articles From Lumsden McCormick

Lumsden McCormick provides resources to assist you as you plan for your business and personal success. Articles published by our accountants, resources available through our affiliation with the BDO Alliance USA and our industry-specific newsletters are listed below.

Q1 2019 Updates for Economic Nexus Thresholds on Remote Sellers for Sales and Use Taxes

Posted by Amanda Mooney on May 13, 2019

Virginia recently adopted economic nexus thresholds for sales and use tax collection purposes, while North Dakota and Washington amended their existing rules.  Virginia adopted South Dakota’s thresholds of $100,000 or 200 transactions, which were the subject of the U.S. Supreme Court’s Wayfair decision.  North Dakota and Washington amended their statutes to remove the 200-separate-transactions test.  Other states simply codified their existing regulations or administrative guidance.

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Personal Property Tax Compliance: Eight Frequently Missed Issues That Can Lead to Overpayments

Posted by Mark Stack on May 13, 2019

Understanding and adhering to the multitude of personal property tax compliance obligations throughout the thousands of jurisdictions that assess personal property taxes can be administratively burdensome. A company’s personal property tax liabilities can be impacted if a company is not equipped to navigate the differing rules and opportunities in the jurisdictions in which its personal property is located. The following summarizes the most often overlooked items that result in overpayments of personal property taxes by any organization.

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Wealth Planning Opportunity | Spousal Limited Access Trust

Posted by Cheryl A. Jankowski on May 09, 2019

Tax reform legislation doubled the federal estate, gift, and generation-skipping transfer (GST) tax exemption to $11.18MM (as indexed for inflation) per person. This created a seven-year window for increased wealth transfer planning.

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Five Ways to Prepare Your Nonprofit for Leadership Change

Posted by Donna Gonser on April 04, 2019

Has your not-for-profit anticipated a shake-up at the top? If not, it needs to. To prepare for the planned or immediate departure of an executive director or other leader, a nonprofit needs a succession plan.

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4 Ideas for Fostering a Partnership Between Internal and External Auditors

Posted by Sara Dayton on March 13, 2019

External audits aren’t required for every business. But whether required or not, they can provide lenders and investors with assurance that your financial statements are free from material misstatement and prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP).

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Don’t Let Unemployment Insurance Fleece Your Nonprofit

Posted by Sarah Hopkins on March 11, 2019

Is your not-for-profit overpaying unemployment tax? Many employers are and don’t know it. Here’s how to find out and possibly reduce unemployment costs.

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How to Convince Donors to Remove “Restricted” From Their Gifts

Posted by Cathleen Karpik on March 11, 2019

Donors don’t always realize how restricted gifts can prevent charities from operating efficiently and fulfilling their mission. If your nonprofit wants more unrestricted gifts, you’ll need to educate supporters. Here’s how.

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IRS Provides Transportation Benefits Relief to Nonprofits

Posted by Michē Needham on March 11, 2019

Responding to calls for action from the not-for-profit sector, the IRS released interim guidance in late 2018 on new tax rules relating to transportation fringe benefits. 

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Ideas to Strengthen Your Business in 2019 and Beyond

Posted by Jonathan Roller on March 01, 2019

New Year's is traditionally a time to make resolutions for the upcoming months. Once you set your personal goals, it's time to get serious about your business goals. Here are ten resolutions you might consider making — and sticking to — to put you on track to prosper in 2019.

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Eight Key Tax Planning Opportunities for 2019

Posted by Brian KernMichē NeedhamCory Van Deusen V on February 12, 2019

More than a year after sweeping federal and state tax reform were enacted, businesses of all sizes are still wrapping their arms around the changes. Strategic tax planning now is key to lowering businesses’ total tax liability.

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