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.

IRS Approves Spousal IRA Rollover Despite Existence of Trust

Posted by Robert Ingrasci on July 02, 2019

The IRS has privately ruled that a surviving spouse can roll over her deceased spouse's IRA — payable to a trust of which she is sole trustee and beneficiary — into her own IRA. Generally, where an IRA beneficiary is a trust, a surviving spouse is barred from treating a decedent's IRA as her own account.

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Are You Harnessing the Power of Manufacturing Data?

Posted by Jonathan Roller on July 01, 2019

With the right technology tools, manufacturers can collect volumes of data, ranging from real-time information gleaned from machines and RFID readers on the plant floor to regular input from customer service and sales staff. But data also must be analyzed so it can be used to improve business processes, refine operational efficiency and transform existing business models.

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Dynasty Trusts Are More Valuable than Ever

Posted by Cheryl A. Jankowski on June 28, 2019

The Tax Cuts and Jobs Act has brought great changes to estate planning. In doing so, it bolstered the potential value of dynasty trusts. This article explains why these trusts are well worth considering for tax purposes. We'll also look at valid nontax reasons for establishing one.

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Road Map to Manufacturing 4.0

Posted by Brian Kern on June 27, 2019

  • The manufacturing industry is at a pivotal point in its history. Recognizing the significance of this juncture, the Manufacturing Leadership (ML) Council recently released its Critical Issues Agenda for 2018/2019, titled The Journey to Manufacturing 4.0.
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Beneficiaries Learn a Lesson About Paying Estate Taxes

Posted by D’Marie Murray on June 27, 2019

Beneficiaries of a South Dakota estate failed to make a payment when submitting a federal estate tax return — and again failed to pay when the IRS subsequently notified them of additional assessments. The IRS sued. In U.S. v. Ringling (2017), a district court reviewed the facts and ultimately granted the IRS's summary judgment motion.

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The Perfect Manufacturing Storm: 7 Ways to Weather It

Posted by James Dunn Jr. on June 27, 2019

Everything from changes to foreign trade policies and new tariffs to military actions threaten to disrupt smooth operations in the manufacturing sector. Already, your company may be coping with the rising costs of raw materials and subsequent pushback from customers. This article suggests seven ways to weather the current climate.

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Private Companies: Have you Implemented the New Revenue Recognition Standard?

Posted by Douglas Muth on June 27, 2019

It’s crunch time for private companies to implement the new revenue recognition standard. Here’s what you need to know, plus some valuable insight from public companies that went through the implementation process last year.

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Nonprofit Heart, Business Mindset: The Business of Impact

Posted by Donna Gonser on June 26, 2019

Are the words “nonprofit” and “business” completely at odds?

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Powering up the Connected Factory - 2019 MPI Internet of Things Study

Posted by Jonathan Roller on June 18, 2019

Manufacturers that build out their IoT strategy in the context of Industry 4.0 potential will ultimately be better equipped to compete in manufacturing’s digitized future.

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BDO Nonprofit Standards Benchmarking Survey

Posted by Donna Gonser on June 17, 2019

Get a sense of what not-for-profit groups are thinking about, the key issues and industry trends from modes of operations to technology and gear up to make your greatest impact this year!

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