⏰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. 

Read Corporate Transparency Act

💰Clarifying the Deductibility of Business Expenses

Business deductions are deemed “ordinary” or “necessary”, understand the difference and what business expenses can be deducted.

Read Business Expenses

🚙Tax Depreciation Rules for Automobiles

Complicated rules and special considerations, understand how the depreciation rules apply to you and your business.

Read Automobile Depreciation Rules

👷2024 Increase to Social Security Wage Base

 Employers are responsible to pay FICA taxes including Social Security and Medicare taxes, for 2024 only Social Security taxes increased.

Read Increase to Wage Base

✈️IRS Announces New Special Rates for Business Travel

Will the newly released IRS special per-diem rates simplify reporting business travel expenses for your business?

Read New Rates for Business Travel

🏒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. Go team!

Register to win!