🏡Understand the Fair Market Value Basis Rules for Inherited Property

The rules that apply to inherited property known as Fair Market Value of Step-up Basis impact heirs and their taxable income.

Read Fair Market Value Rules for Inherited Property

👔Tax Status of an Employee vs. Independent Contractor

For IRS purposes there are definite differences between an employee and an independent contractor, understand how they are classified for tax purposes.

Read Employee or Independent Contractor

🗂️Correctly Collect and Pay Employer Wages Taxes - Social Security and Income

To avoid a harsh penalty it is essential to collect and pay the social security and income wage taxes withheld from employee wages.

Read Correctly Collect and Pay Employer Wages

📊C Corporation Compensation vs. Dividends

For business owners, there are the tax advantages to taking compensation rather than dividends but you need to prove the compensation is reasonable.

Read Compensation vs. Dividends

📣Firm News

Lumsden McCormick Temporary Offices

While we renovate our Cyclorama Building offices, we have moved into 50 Fountain Plaza in Downtown Buffalo.

Managing Partner Named to Buffalo Business First Power 200 Woman

Congratulations to Sara Dayton!

Best Place to Work® for 2nd Consecutive Year

Lumsden McCormick is proud to be Certified™ by Great Place to Work® for 2023 for the second consecutive year. 

Brisbane Solutions Divisions Earns AccuFund Reseller Award

Brisbane was awarded the AccuFund 2022 Reseller Award as the New Site at the annual sales meeting held in May 2023.

Firm Clients - Sign-up for eBilling

You can now make online payments to Lumsden McCormick invoices using ACH/bank transfers or via credit card.