Personal Tax and Estate Planning Newsletter
January 2024

🏛️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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🏧Early IRA Withdrawal Penalty Exceptions

From the early withdrawal penalties to increased federal tax bracket, consider these exceptions to avoid additional taxes.

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🚨2024 SECURE Act Provisions for Financial Emergencies

Should you experience a financial emergency, beginning in 2024 as part of the SECURE 2.0 Act, you can now make tax free withdrawals but need to meet specific criteria.

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📈Consider a Charitable Remainder Trust Given Higher Interest Rates

A charitable remainder trust is a tax vehicle that allows you to generate income while offering a tax deduction. Now is the time to consider this tax vehicle given higher interest rates.

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🍼How the “Nanny Tax” applies to Household Workers

The nanny tax applies to more than childcare in your home, it includes all household workers.

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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

Enter to win two tickets to an upcoming Sabres game. Raffles will be for games in December '23 - April '24.

Sign-up to win!