On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law, introducing extensive changes to the U.S. tax code. Most taxpayers want to know how this will affect their corporate and personal returns. While the legislation spans a wide range of policy areas, we…
JULY 1, 2025 (New York City) — LMC, a leading New York City professional services firm and an Ascend platform partner, today announced that Stephen A. Kepniss & Associates, P.C. (“Kepniss”) of Springfield, NJ, has joined the firm. The combination of LMC and Kepniss enables both firms…
Written by David Newman, JD LMC Tax & Legal Manager President Trump’s tax package, the One Big Beautiful Bill Act, passed the House of Representatives in May and could significantly broaden how families use their 529 college savings plans if enacted into law. Traditionally reserved for higher education costs, 529 funds…
LMC is incredibly proud of our outstanding employees for their dedication to both the firm and our clients. This past month, LMC team members took part in the following events: LMC Audit Team Golf Simulator Event On Thursday, June 19th, members of the LMC Audit Team enjoyed…
Following a strong 2025 tax season, the Internal Revenue Service (IRS) is now facing operational challenges that could affect the upcoming 2026 filing season. A recent report from the National Taxpayer Advocate highlights significant staffing reductions across the agency, which may lead to slower processing times, reduced customer…
LMC would like to welcome our recent new hires! We are thrilled to introduce our new employees and excited to have the following people join our growing team: Jordan Alexander – Family Office Senior Analyst Jordan joins LMC with 3 years of experience in portfolio management and…
In our February 2025 Bottom Line Newsletter, we highlighted growing momentum around the idea of eliminating the penny due to rising costs and declining usage. Now, that proposal has become official. The U.S. Treasury Department has confirmed plans to end penny production, with new coins expected to stop…
LMC is incredibly proud of our outstanding employees for their dedication to both the firm and our clients. This past month, LMC team members took part in the following events: Needlers Foundation 2025 Annual Gala LMC was honored to sponsor and attend the Needlers Foundation 2025 Annual…
Charitable giving is often a valuable component of tax planning. However, when the contribution involves non-cash assets such as artwork or collectibles, the process becomes significantly more complex. A recent U.S. Tax Court case involving a multimillion-dollar donation to the Metropolitan Museum of Art serves as a timely…
Written by David Newman, JD LMC Tax & Legal Manager New York State recently approved its 2025–2026 budget, which includes several important tax updates that could affect both individuals and businesses. Governor Kathy Hochul signed the budget bill into law on May 9, 2025. Many of these changes…
