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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 from our eNewsletter, Numbers First, are listed below. Click here to learn more about our affiliation with the BDO Alliance USA.
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Tuesday, September 25, 2018
One complex estate tax case involved three separate rulings by the U.S. Tax Court. The case involved three split-dollar insurance agreements within one family. The court determined that the case revolved around a question of value and that the proper valuation of the estate's interest was the cash … more
Friday, September 21, 2018
Many people ignore estate planning because the federal rules keep changing and they don't think they have enough assets to be concerned about it, but there's one critical estate planning step you should take right now.
Thursday, March 29, 2018
The IRS recently announced that in many cases, taxpayers can continue to deduct interest paid on home equity loans, issued because there were questions and concerns related to tax reform.
Wednesday, March 14, 2018
Comparison table showing Federal Tax Rates for 2017 and 2018.
Wednesday, January 31, 2018
The so-called "kiddie tax" was designed to discourage high-income taxpayers from shifting income to children in lower tax brackets to reduce the family's overall tax bill.
Tuesday, September 19, 2017
Two brothers who conveyed a conservation easement to a public charity, claimed a 100% deduction for the donation, claiming they were "qualified farmers," but the U.S. Tax Court disagreed.
Tuesday, August 15, 2017
A federal appeals court has ruled the government could sue an executrix and her husband to collect unpaid estate taxes, because the 10-year statute of limitations on lawsuits to collect tax deficiencies hadn't expired.
Wednesday, July 26, 2017
Assets transferred to a limited partnership in an effort to remove them from an estate were, in fact, included in the value of that estate, the U.S. Tax Court ruled in one case. The reason: The deceased woman retained her rights related to the assets until her death and … more
Tuesday, May 23, 2017
As you formulate and adjust your succession plan, your insurance policies can serve as a critical safeguard.
Friday, May 19, 2017
Donors of large gifts often put restrictions on their donations. Such gifts are subject to extensive IRS regulations. This article looks at various types of restrictions and how they can affect a donor's ability to take a tax deduction.