🏛️IRS Drastically Expands Electronic Filing Requirement for 2023 Tax and Information Returns^©

The IRS significantly expanded mandatory electronic filing of tax and information returns that require almost all returns filed on or after Jan. 1, 2024, to be submitted to the IRS electronically instead of on paper.  © 2023 BDO USA, LLP. All rights reserved. 

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✍️Overcome the Traps of Unrelated Business Income Tax (UBIT)

There are different rules for taxability of advertising vs. sponsorship payments based on the “substantial benefit” received.

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💼Hiring Considerations for Nonprofit Organizations

If your nonprofit organization is expanding programs, assess if tasks can be done by volunteers or existing staff. Also evaluate if your organization can financially support new employees.

📝Does Your Nonprofit Pass the Commercial Doctrine Test

Is your nonprofit operating more like a for-profit entity?  Follow the IRS operational test to avoid putting your exempt status in jeopardy.

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👏2024 Promotions Announced

We are thrilled to share the exciting news of the 2024 Firm-wide promotions at Lumsden McCormick CPAs including naming Tim Bubar, Mark Stack, and Bob Torella partners.

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Read 2024 New Partner Announcement

In addition, Lumsden McCormick Financial Services appoints Jeff Budzinski Managing Director.  

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🏒Attention Clients - Win Hockey Tickets

Back by popular demand, Lumsden McCormick clients can enter to win two tickets to an upcoming Sabres game. Raffles will be held monthly from November 2023 - March 2023 for games in December '23 - April '24. Go team!

Register to win!