📈The Tax Impact of Investment Gaines and Losses

With the fluctuations of the market this past year, you’ll want to pay close attention to your gains and losses at tax time.

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🎁Use the Annual Gift Tax Exclusion when Making Year-End Gifts

As the holidays approach (yes, they will be here before you know it), it is time to think about year-end gifting, the exclusion amount for 2023 is $17,000.

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☂️Income Tax Consequences of Employer Provided Life-Insurance

Up to $50,000 of life insurance provided by your employer is excluded from taxable income, any additional coverage is taxable.

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Related Article:
👪Benefits of Life Insurance in an Estate Plan

🏡Capital Gain Tax Rules on Private Residence

If you sold your personal residence you may owe capital gains tax and net investment income tax.

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📣Firm News

Lumsden McCormick a Top 200 Firm

Lumsden & McCormick, LLP has been recognized by Inside Public Accounting (IPA) as a Top 200 Firm in the United States ranked 187 out of 600 firms.

Stephanie Wilkinson Named President of

Junior League of Buffalo
 As Junior League president, Stephanie will focus on community engagement and advocacy and will be responsible for promoting and directing volunteer activities and community projects. 

Client Survey to Launch on October 5
We have joined forces with ClearlyRated, a leading satisfaction research firm, to gather your valuable feedback through a Client Satisfaction Survey conducted on our behalf. Client feedback is important to us and vital to improving our services.

2023 Exempt Organizations Conference Announced

CPAs Earn up to 6.0 Hours of CPE Credit at the 2023 Lumsden McCormick Exempt Organizations Conference. Registration opens on November 1, 2023.

Exempt Organizations 2022 Salary Survey Published