Our leadership team is actively involved in all client matters and maintain a strong field presence on engagements.
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Kerry joined the Lumsden McCormick team in 2018 with 10 years of experience which she began in Denver, Colorado. While in Denver, Kerry spent her time focusing on clients in the real estate industry and other real estate related industries, including family and closely held investment groups and private equity.
Since joining the Lumsden team over 6 years ago, she has continued to expand her knowledge and experience in real estate and pass-through entity taxation, advising on both company operations and individual level compliance and planning. Throughout her career, Kerry has worked with clients in a broad range of areas within the real estate industry, including the hospitality sector, single and multifamily housing, cost segregation studies and historic tax credits.
Kerry’s strong client service skills, along with her technical abilities and diverse background, have provided meaningful and positive benefits to her clients over the years.
University of Denver, Master of Taxation
John Carroll University, Bachelor of Science, Business Administration/Accounting
American Institute of Certified Public Accountants
New York State Society of Certified Public Accountants
New York Women In Real Estate (NY WIRE), Member
Transformational Leadership Program™ 2024, Convergence Coaching®
Stitch Buffalo, Finance Committee, Board Member
The IRS in the past year has continued to ramp up its scrutiny of partnerships’ tax positions, including several pieces of new guidance taking a multiprong approach to partnership “basis shifting” transactions that the agency views as having the potential for abuse. At the same time, IRS is dedicating new funding and resources to examining partnerships.
Operating as a C corporation offers benefits such as limited liability protection and the ability to raise capital through multiple classes of stock. However, it also comes with drawbacks like double taxation and the need to comply with various state-mandated formalities. Overall, it's important to weigh these pros and cons to determine if a C corporation is the right choice for your business.
A well-drafted partnership or LLC operating agreement should address key tax considerations, such as guaranteed payments, partner liabilities, and payments to retired partners. These provisions ensure tax compliance and help manage potential issues like partner exits or ownership transfers. Properly addressing these matters minimizes tax liabilities and protects the business.
