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.

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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

 

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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).

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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.

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