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 proud to announce that LMC has once again been recognized by Accounting Today as one of the Best Accounting Firms to Work For in 2024! Ranking #31 on the list of Best Midsized Firms to Work For, this achievement underscores our commitment to building a workplace culture…
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…
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 US Open Company Outing On August 26th, the LMC team had an unforgettable day at the…
Featuring Steven Goldglit, CPA LMC Art Practice Partner The Bottom Line was excited to interview Steven Goldglit, CPA, LMC’s Art Practice Partner. Steven joined LMC following the recent strategic partnership between LMC and Goldglit & Company LLP (press release here). He brings extensive experience in tax, accounting,…
Written by David J. Neuman, JD Tax & Legal Manager The recent developments in business succession planning have introduced new challenges that business owners must carefully navigate. Traditionally, many closely held businesses have relied on life insurance policies on their owners as a key component of their…
