Articles From Lumsden McCormick
Claiming Your Parent as a Dependent
Posted by D’Marie Murray on September 13, 2019
If you pay over half the cost of supporting a parent, he or she is considered your dependent for federal income tax purposes — which may qualify you to some significant tax breaks.
Taxes and Long Term Care Insurance – What Your Need to Know
Posted by Bryan Staniszewski on September 12, 2019
If you or a loved one needs long-term care, consider purchasing a long-term care (LTC) insurance policy. As a bonus, qualified LTC policies may deliver some tax breaks.
FASB Proposes to Defer Effective Dates of Major New Accounting Standards
Posted by Michael Grimaldi on September 10, 2019
The FASB issued a proposed Accounting Standards Update (ASU) to extend the deadline to implement FASB standards on current expected credit losses (CECL), leases and hedging that are not yet effective for private companies, not-for-profit organizations, and certain smaller public companies.
Tax Strategies for Seniors
Posted by Robert Ingrasci on September 04, 2019
Good things come to those who wait. Older taxpayers may be entitled to some age-based tax breaks.
Tips for Picking the Right Nursing Home Facility
Posted by Jeffrey Budzinski on September 03, 2019
Do you have a loved one — perhaps an elderly father or mother — who may soon need extended nursing care? Moving a relative into a long-term care facility can be a costly proposition, but there's more to consider than just the price tag.
Navigating a Global Expansion
Posted by Amanda Mooney on September 02, 2019
Is your business part of the global economy? If not, it may be losing out on some revenue- and value-building opportunities.
Changing Jobs? What Will Become of Your 401(k) Balance?
Posted by Bryan Staniszewski on August 29, 2019
Most private-sector employers put you in the driver's seat when it comes to saving for retirement. You might prefer the flexibility of rolling over your accumulated retirement savings into an IRA. This choice assumes, however, that your next employer's 401(k) plan allows you to move money into it from another 401(k) plan.
What Plan Sponsors Need to Know About DOL Enforcement and Red Flags
Posted by Thomas Burns on August 27, 2019
Plan sponsors are ultimately responsible for plan administration and operation and should know what to expect if they are selected for a Department of Labor audit.
Final Regulations Remove Two-Year Deferral of Advance Payments for Inventoriable Goods Under Section 1.451-5
Posted by Brian Kern on August 22, 2019
On July 11, 2019, the IRS and Treasury released final regulations removing Section 1.451-5 of the Income Tax Regulations as a result of the changes made to Section 451 under the 2017 tax reform known as the Tax Cuts and Jobs Act (TCJA).
Common Questions About Kids and Taxes
Posted by Kevin Smeader on August 22, 2019
Does your son or daughter work during the summer or school year? Here are answers to some common questions about the tax rules that may apply to kids.