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.

PBGC Revises Timeline to Calculate Premiums

Posted by Thomas Burns on October 22, 2020

The Pension Benefit Guaranty Corp. (PBGC) recently issued new guidance that gives single-employer pension plan sponsors an opportunity to reduce the variable-rate premiums that they owe for 2020, if they were planning on delaying their 2019 contributions until after they filed their premiums. The new guidance, which was issued on Sept. 21, complements changes in defined benefit plan contribution schedules made by the CARES Act.

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Treasury Releases Foreign Tax Credit Regulations

Posted by Amanda Mooney on October 22, 2020

On September 29, 2020, the Department of the Treasury and the Internal Revenue Service (collectively, Treasury) released an early version of final regulations (the 2020 FTC final regulations) for publication in the Federal Register.

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Optimizing Operations: Uncover Tax Relief Opportunities

Posted by Kristin Re’ on October 21, 2020

Despite the persistent uncertainty, savvy companies can position themselves to outperform their competitors by capitalizing on market shifts and strengthening their core business models. To do so, liquidity will continue to be at a premium, but many companies at this stage should be able to spend a bit in order to reap considerable returns.

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Potential New York City UBT Savings As A Result Of Remote Working During Pandemic

Posted by Mark Stack on October 20, 2020

Having employees work remotely from homes outside New York City (NYC) as a result of the coronavirus pandemic may result in a reduction of the Business Allocation Percentage (BAP) for a partnership or limited liability company (LLC) for purposes of the NYC Unincorporated Business Tax (UBT), which translates to a lower UBT liability for the partnership or LLC. 

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2020 Election Tax Watch: Comparing Candidates’ Potential Tax Policies

Posted by Cheryl A. Jankowski on October 19, 2020

The U.S. presidential election is just over a month away, yet neither candidate has released a formal, detailed plan addressing his vision for the tax code. We can, however, gain a sense of how their approaches differ through casual mentions of some aspects of tax policy on the campaign trail.

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BDO Nonprofit Standard | Fall 2020

Posted by Donna Gonser on October 15, 2020

Take a look inside our most recent newsletter for our professionals' insights on the latest issues for nonprofits.

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Manufacturing Monthly News Around the Industry

Posted by Jonathan Roller on October 15, 2020

Take a look at our most recent monthly compilation of recent sourced articles related to the manufacturing industry.

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Like-Kind Exchanges: New Proposed IRS Regs Define Real Property

Posted by Brian Kern on October 13, 2020

Under current law, tax-deferred Section 1031 “like-kind” exchange treatment is no longer allowed for personal property swaps. But it's still allowed for real property swaps. So real property investors and developers must draw a line between personal and real property.

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Paycheck Protection Program – Additional Revisions to Loan Forgiveness for Loans of $50,000 or Less

Posted by Megan Morris on October 13, 2020

The Treasury and U.S. Small Business Administration (SBA) recently released a simplified loan forgiveness application for the Paycheck Protection Program (PPP) for small business owners with loans of $50,000 or less.

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Home Office Deductions in the COVID-19 Era

Posted by Kevin Smeader on October 08, 2020

Millions of Americans are now working from home, and many are asking whether unreimbursed home office expenses are tax deductible. While employees can't claim home office deductions for 2018 through 2025, self-employed individuals are eligible if they meet certain usage requirements.

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