Written by Jeffrey S. Gold, CPA LMC Tax Director UPDATE: The final budget approved on May 27, 2026, did not include any of the proposed changes to the PTET credit. New York City Mayor Zohran Mamdani and City Council Speaker Julie Menin have proposed significant changes to…
Ari Shamir, Partner and Family Office Co-Lead, has been named a 2026 NYCPA Emerging Leader by the New York State Society of CPAs. The 2026 Emerging Leaders were recognized at the recent NYCPA Annual Meeting held on May 14 in New York City. The Emerging Leaders award recognizes…
Donor-advised funds (DAFs) have become one of the most popular charitable giving tools for high-income and high-net-worth taxpayers. They offer immediate tax deductions while allowing charitable contributions to be distributed over time. It was always assumed that the donor maintained complete control on where the funds would eventually…
A recent federal court decision has raised questions about IRS penalties and interest charges assessed during the COVID-19 pandemic. As a result, some taxpayers who paid certain IRS penalties or related interest associated with COVID-era postponed filing and payment deadlines may be eligible to pursue refund claims. …
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: 2026 Needlers Foundation Annual Gala On Wednesday, April 29, LMC was honored to be a sponsor and attend…
Significant changes to federal student loan repayment and forgiveness programs continue to reshape the landscape for borrowers. Updates to repayment plans, forgiveness eligibility, and tax treatment could result in higher monthly payments, longer repayment periods, and new tax consequences for some individuals. Many of the proposed changes…
LMC is proud to announce that CEO Lee M. Cohen, CPA, has been named to Forbes’ 2026 list of Best-In-State CPAs. This distinction reflects Lee’s leadership and ongoing commitment to excellence within the accounting profession. Under his direction, LMC has continued to grow and evolve while maintaining…
Following the Supreme Court’s decision earlier this year that struck down tariffs imposed under the International Emergency Economic Powers Act (IEEPA), U.S. Customs and Border Protection (CBP) has begun implementing a formal refund process. CBP has introduced a new system, the Consolidated Administration and Processing of Entries…
LMC is proud to announce that it has once again been named one of the 2026 Best Companies to Work for in New York. This recognition, awarded by the New York State Council of SHRM in partnership with Best Companies Group, BridgeTower Media, and the Rochester Business…
Written by David Neuman, JD LMC Tax & Legal Manager As remote work continues to reshape the modern workforce, many businesses are hiring employees who live outside the state where the company is based. While this approach provides access to a broader talent pool and increased flexibility, it…
