As Donald Trump returns to the presidency, his tax proposals outlined from the campaign trail have come into focus. These policy proposals offer a mix of tax cuts, credits, and tariff-based revenue strategies designed to reduce burdens for businesses, workers, and retirees while reshaping trade policies. However, it…
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 Softball Team LMC team members wrapped up playing in a corporate softball league this fall. It…
As the 2024 presidential election nears, both candidates—Former President Donald Trump and Vice-President Kamala Harris—have outlined tax plans designed to appeal to different groups, such as small business owners, hospitality workers, and families. Their approaches, while distinct, reflect their broader economic goals. However, it’s essential to note that…
Written by Meghann Smith Senior Analyst, LMC Family Office As the year draws to a close, many families focus on charitable giving to fulfill philanthropic goals and optimize tax benefits. Successful year-end planning involves proper timing, understanding tax requirements, and choosing the right giving vehicles. With the 2024…
Written by Gus A. Molina LMC Audit Manager In the ever-changing world of business and finance, one truth remains constant: cash is king. Whether you’re a small business owner or a corporate leader, managing cash effectively is crucial to staying competitive and resilient. In this series, we’ll…
Starting January 1, 2024, many small businesses will be required to disclose details about their Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA) passed in 2021. This regulation aims to help law enforcement combat money laundering and financial fraud…
LMC is thrilled to announce that we’ve once again been recognized as an award winner, ranking #14 on Crain’s New York Business 2024 Best Places to Work list! This prestigious honor, based on employee surveys and reviews of benefits, HR policies, and perks, underscores our continued commitment to…
We’re excited to share that LMC has once again been recognized as one of Accounting Today’s Best Accounting Firms to Work For! Ranked #31 on the 2024 Best Midsized Firms to Work For, this award celebrates the top accounting firms across the U.S. known for their exceptional workplace…
Written by David J. Neuman, JD Tax & Legal Manager As the upcoming elections approach, many wealthy Americans are consulting estate planners and financial advisors to determine the best course of action to protect their assets from potential changes in estate tax laws. Significant changes were made…
The IRS has temporarily reopened its Voluntary Disclosure Program (VDP), providing businesses with an opportunity to correct inaccuracies in their Employee Retention Credit (ERC) claims. This initiative allows companies to repay mistakenly claimed ERC funds with a 15% reduction and helps them avoid potential audits, penalties, or interest…
