🗃️The Corporate Transparency Act: Reporting Requirement for Small Business Owners

Effective January 1, 2024, a new reporting requirement of the Corporate Transparency Act for privately owned small businesses will be enforced, mandating millions of business owners to submit a Beneficial Ownership Information Report to the U.S. Department of Treasury's Financial Crimes Enforcement Network. 

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👩‍👦‍👦Secure Act 2.0 Changes for 401 (k) Plan Employers and Participants

Effective January 1, 2024, the SECURE Act 2.0 permits amendments to 401(k), 403(b), and 457(b) plans to offer participants access to emergency savings accounts.

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💱Business Deduction Rules for Tax Year 2023

Depreciating business assets change from year to year, here is an update for 2023.

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💍Business Ownership Tax Consequences in Divorce

As a business owner your business is your largest asset, and during a divorce the transfer of that asset has tax implications.

Read Tax Consequences in Divorce

📣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