LMC is excited to announce that CEO, Lee M. Cohen, CPA, has been recognized by Crain’s New York Business as one of the Notable Leaders in Accounting, Consulting, and Law for 2024. Lee’s leadership has played a key role in LMC’s growth and success, guiding the firm with…
Written by Jeffrey S. Gold, CPA LMC Tax Director Cryptocurrencies such as Bitcoin are digital representations of value that function as a unit of account and are considered virtual currency. The use of virtual currencies has proven to be challenging for the IRS from both a guidance…
Written by Michael Kanjo LMC Senior Audit Manager 401(k) employee benefit plan audits are essential for ensuring compliance with federal regulations and maintaining the integrity of retirement plans. These audits are required for “large” plans, which are defined as those with 100 or more participants with account…
On December 3, 2024, a federal judge in Texas issued a preliminary injunction temporarily blocking the enforcement of the Corporate Transparency Act (CTA) and its beneficial ownership reporting requirements. This ruling delays the January 1, 2025, compliance deadline for businesses required to report ownership information to the Financial…
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 Halloween Happy Hour On October 31st, LMC celebrated Halloween with a festive happy hour at the…
Written by Gus A. Molina LMC Audit Manager Maximize your money, minimize your worries. According to a recent QuickBooks survey, 50% of small business owners regularly experience cash flow problems. In this article, we will discuss how companies are staying ahead of collections through clear communication, proactive…
President-elect Donald Trump’s “Department of Government Efficiency” (DOGE), led by Elon Musk and Vivek Ramaswamy, is exploring ways to streamline government processes. Among the ideas being discussed is the development of a free tax-filing app that could allow Americans to file their taxes directly with the IRS. While…
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…
