The Internal Revenue Service (IRS) is undergoing major internal changes that could have far-reaching effects on taxpayers across the country. With substantial staffing reductions, a hiring freeze, and a shifting enforcement approach, individuals and businesses alike may face new challenges in navigating tax compliance. How IRS Workforce…
Accounting Today—a leading independent news and content source for accounting professionals has included LMC on their Beyond the Top 100: Firms to Watch list. In addition, LMC is honored to have also been listed on their list of Fastest Growing Accounting Firms in the U.S. (ranked #8), as well…
The rise of the gig economy has provided new opportunities for individuals to earn income through self-employment. However, with these opportunities come important tax obligations that differ significantly from those of traditional employees. Understanding tax reporting requirements, payment obligations, and available deductions is critical to ensuring compliance…
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: Pizza Luncheon On March 17th, we showed our appreciation with a pizza luncheon, offering a variety of…
The Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule that modifies the reporting obligations under the Corporate Transparency Act (CTA). This development primarily affects U.S. companies and individuals, altering the requirements of beneficial ownership information (BOI) reporting. Revised Definition of Reporting Company Under the…
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: Caleb Galoozis – Chief Growth Officer We are excited to welcome Caleb Galoozis as our Chief Growth Officer. He…
We’re excited to introduce Aiwyn, our new online payment platform, which enhances efficiency and simplifies the invoice payment process. Below is a guide on how to navigate the payment process, in addition to a helpful overview video of the LMC Client Payment Portal. How to Pay Your…
The Financial Crimes Enforcement Network (FinCEN) has announced an extension of the Beneficial Ownership Information (BOI) deadline, with enforcement actions on hold until further notice. The previously set March 21, 2025 deadline is no longer in effect, and a new deadline will be established through an interim final…
With the Trump administration’s emphasis on saving taxpayers money and curtailing government waste, the debate over eliminating the penny has resurfaced with the recent directive to halt new penny production. Supporters see this as a cost-saving measure, while others worry about its impact on pricing and cash transactions….
Written by Jeffrey S. Gold, CPA LMC Tax Director Last month, The Bottom Line discussed the general rules for required minimum distributions (RMDs) from retirement accounts. In this article, we will discuss the more complex RMD rules that apply to retirement accounts that pass to a beneficiary after…
