Articles From Lumsden McCormick
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.
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.
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.
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.
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).
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.
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.
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.
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.
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.