- Audit and Assurance
- Business Development Incentives
- Client Accounting Services
- Cost Reports
- Cost Segregation
- Forensic Accounting, Litigation, and Valuation
- Information Technology Audits
- Investment Management
- Nonprofit Technology Solutions
- Tax Services
- Trusts and Estates
Nonprofit Tax Services
As the demand for transparency increases, nonprofits are facing more reporting requirements than ever before. Internal Revenue Service Form 990 was recently expanded to require significantly more information, smaller organizations are now required to file Form 990N or face revocation of their tax exempt status, and states are enacting additional laws designed to monitor nonprofit practices. To replace shrinking resources many nonprofits are turning to social enterprise activities, often using for-profit subsidiaries, which may result in unrelated business income tax (UBIT) consequences.
From assisting clients to file the initial federal and state applications for exemption to guiding clients through complex UBIT regulations, Lumsden McCormick proactively provides a comprehensive array of tax related services to guarantee compliance with all laws and filing requirements as well as ensure our clients receive all eligible tax credits.
Our nonprofit tax services include:
- Form 990, Return of Organization Exempt from Income Tax
- Form 990T, Exempt Organization Business Income Tax Return (UBIT)
- Form 990PF, Return of Private Foundation
- Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code
- Form 1024, Application for Recognition of Exemption Under Section 501(a)
- Form 1099 Series
- Nonprofit formation
- Quarterly tax planning for private foundations
Sherry L. DelleBovi, CPA, James M. Dunn, CPA, Michael J. Grimaldi, CPA, Mark G. Janulewicz, CPA, Brian J. Kern, CPA, Michē C. Needham, CPA, David A. Schlein, CPA, Courtland “Cory" Van Deusen V, CPA
Thursday, January 3, 2019
Business tax planning is very complex. Careful planning involves more than just focusing on lowering taxes for the current and future years. How each potential tax saving opportunity affects the entire business must also be considered.
Tuesday, August 14, 2018
The Tax Cuts and Jobs Act makes sweeping changes, but some of the new provisions won't necessarily be relevant to your situation. Here's a quick reference guide to the major changes under the new law to help you understand what's changing.
Thursday, August 9, 2018
Do you have long-term capital gains or qualified dividends? If so, there's good news: After the Tax Cuts and Jobs Act (TCJA), you might still qualify for the 0% federal income tax rate on these types of income.
Friday, January 18, 2019
On December 22, 2017, President Trump signed sweeping federal tax reform into law. Our eBooks cover some of the most impactful measures from tax reform affecting businesses and individuals.