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…
In a recent webinar hosted by LMC, industry leaders shared practical strategies for reducing import costs and navigating ongoing shifts in global trade regulations. The presentation focused on actionable solutions for businesses facing rising tariffs, foreign exchange risk, and supply chain challenges. Program Description: With tariffs and…
Lee M. Cohen, CPA, CEO of LMC, was recently named to Forbes’ 2025 list of Best-In-State CPAs. This prestigious recognition highlights Lee’s leadership and his commitment to excellence in the accounting profession. Under Lee’s guidance, LMC has achieved significant growth while continuing to prioritize exceptional client service….
LMC is proud to announce that LMC has, once again, been named one of the 2025 Best Companies to Work for in New York, recognized by the New York State Council of the Society for Human Resource Management (SHRM), Best Companies Group, BridgeTower Media, and the Rochester Business…
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 has joined a spring corporate softball league that plays in Central Park. This…
Written by Steven Goldglit, CPA LMC Partner, Art Practice With recent changes in trade policy and the increased use of tariffs, many in the art industry are asking an important question: Could these developments impact the import or export of artworks? The short answer is—there’s a…
For many individuals, life insurance is a fundamental component of a sound financial strategy. Yet, while the initial decision to purchase coverage is important, it’s not the final step. As life progresses, personal and financial circumstances change — and so should insurance coverage. Life insurance is designed…
Written by Rashmi Saraogi, CPA, MST + EA LMC Senior Tax Manager President Donald Trump issued an executive order (EO) on March 25, 2025, titled “Modernizing Payments to and from America’s Bank Account.” Effective September 30, 2025, this executive order mandates that the Department of the…
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…
