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.

Running Your Nonprofit Like a Business

Posted by Robert Torella on January 15, 2020

Not-for-profit organizations are fundamentally different from for-profit businesses. That said, most nonprofits can learn something from the business world.

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Tax Rules that Apply to Home-to-Rental Conversions

Posted by Michē Needham on January 14, 2020

Residential real estate values have fully recovered in many areas, and rental rates are strong. To take advantage of this favorable situation, consider buying a new residence and converting your current home into a rental property that you can sell later for a higher price. This strategy can be a tax-savvy move, but it's not right for everyone.

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Low Tax Rates Provide Opportunity to ‘Cash Out’ with Dividends

Posted by Cory Van Deusen V on January 14, 2020

Under current tax law, the federal income tax rate for C corporations is a flat 21%. In this favorable — but uncertain — tax environment, it could be advantageous for shareholders of profitable C corporations to arrange to pay corporate dividends to themselves.

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What Employers Should Know About the SECURE Act

Posted by Bryan Staniszewski on January 13, 2020

The Setting Every Community Up for Retirement Enhancement (SECURE) Act was mainly intended to help individuals save more for retirement. But the new law also contains provisions that help simplify the administration of retirement plans for employers and allow more employees to participate in 401(k) plans. 

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Don’t Let Cybercriminals Hack Your Manufacturing Company

Posted by Jill Johnson on January 13, 2020

Businesses in every industry and of any size are vulnerable to data hacking, but the manufacturing sector is victimized more often than many other industries. Over 50% of manufacturers suffered at least one data breach over the previous 12-month period, according to a recent survey. 

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IRS Helps Workers, Businesses with New Gig Economy Tax Center

Posted by Mark Janulewicz on January 10, 2020

This week, the Internal Revenue Service launched a new Gig Economy Tax Center on IRS.gov to help people in this growing area meet their tax obligations through more streamlined information.

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Power Growth… Through A Downturn

Posted by John Schiavone on January 10, 2020

Now is the time to focus your energy and resources on powering a sustainable, profitable future.

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Federal Opportunity Zones: Investment and Deferral Strategy

Posted by Brian Kern on January 06, 2020

With the passage of tax reform legislation knows as the Tax Cuts and Jobs Act (TCJA), a significant opportunity exists for investors to defer capital gains tax owed.

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December 2019 Market and Economy Update

Posted by David Schlein on December 23, 2019

The December market and economy update discusses the economic expansion and the strong jobs report.

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Three Reasons to Use Valuation Pros in Estate Planning

Posted by Cheryl A. Jankowski on December 17, 2019

Some business owners design their estate plans without consulting a business valuation professional, but do-it-yourself valuations can be risky.

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