LMC is proud to announce that it has once again been recognized as one of the Top 200 accounting firms in the country by INSIDE Public Accounting (IPA). In 2025, we ranked #143 on the IPA Top 500 list. Following another year of strong growth, we’ve advanced to…
LMC has relocated its New York City office to 1370 Broadway. Our new office spans Floors 2, 3, and 4, providing a modern, collaborative workspace that supports the firm’s continued growth and enhances its ability to serve clients. Please note that our new mailing address is: LMC…
Many people earn income from activities they genuinely enjoy, whether it’s breeding horses, restoring classic cars, photography, woodworking, farming, crafting, or other pursuits. As these activities grow, taxpayers often wonder whether they can be treated as businesses for tax purposes rather than hobbies. The distinction is important…
The New York City Department of Finance has begun mailing NYC Pied-à-Terre (Non-Primary Residence Surcharge) notices to property owners who may be subject to the new tax and providing exemption applications with a due date of August 21, 2026. The tax generally applies to: Condominiums and cooperative…
LMC is incredibly proud of our employees and their dedication to both the firm and our clients. This past month, LMC team members took part in the following events: LMC Audit Team Outing On Thursday, July 23, LMC’s Audit Department took a well-deserved break for a team…
LMC is pleased to announce the opening of its first Long Island office and the addition of Ricky S. Spike, CPA, as a Partner. Ricky is joined by eight members of his team from Ives, Sultan & Spike CPAs, who are now part of LMC and based in…
Co-written by Jeffrey S. Gold, CPA LMC Tax Director Co-written by David J. Neuman, JD LMC Tax & Legal Manager As part of its Fiscal Year 2026–2027 Budget, New York enacted a new annual Pied-à-Terre Tax effective for fiscal years beginning on or after…
Last month, we shared an article regarding a recent federal court case that may create refund opportunities for certain taxpayers who paid IRS penalties or related interest associated with COVID-era postponed filing and payment deadlines. Since then, our tax professionals have been reviewing client returns and reaching…
LMC is incredibly proud of our employees and their dedication to both the firm and our clients. This past month, LMC team members took part in the following events: LMC Golf Outing On Wednesday, June 24, LMC team members enjoyed a day of golf at Old Bridge…
Parents and grandparents often look for ways to help younger family members achieve important financial goals, whether it’s paying for college, purchasing a first home, or building long-term wealth. Gifting investments or other assets is one strategy families may consider as part of broader financial and estate planning….
