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…
This January, through Ascend’s first-of-its-kind equity program, high performing managers and senior managers at LMC had the opportunity to become owners of Ascend alongside the firm’s partners. Ascend’s model has made it possible for our young talent to invest in their financial futures without the traditional long wait…
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: Rolled Ice Cream Event On the afternoon of February 6th, LMC hosted a freshly rolled ice cream…
Why Warehousing is Becoming More Expensive As industrial real estate prices remain stubbornly high, warehouse tenants on both the east and west coasts are bracing for significant increases in lease renewal costs. These increases have a direct impact on the cost of warehousing. Many businesses that signed agreements…
The Financial Crimes Enforcement Network (FinCEN) has recently announced that BOI reporting is back on, and most businesses required to report Beneficial Ownership Information (BOI) under the Corporate Transparency Act (CTA) must file by March 21, 2025. This follows a February 18, 2025, ruling by the U.S….
LMC CEO Lee M. Cohen, CPA, was recently featured on the Momentum podcast with host Victor Braca. During this insightful conversation, Lee shared his journey in building LMC, his innovative approach to modern accounting, and his commitment to giving back to the community. Key highlights from the…
Written by David Newman, JD LMC Tax & Legal Manager The Corporate Transparency Act (CTA) and its requirement to report Beneficial Ownership Information (BOI) remain in a state of uncertainty as the legal challenges surrounding its enforcement continue. A nationwide injunction currently blocks the Treasury Department’s enforcement…
Written by James F. Hahn, CPA LMC Tax Supervisor Many small to mid-sized companies are required to have audited financial statements prepared. This is normally due to lending requirements or regulatory requirements specific to certain industries. These financial statements are generally prepared using Generally Accepted Accounting Principles…
Written by Jeffrey S. Gold, CPA LMC Tax Director For most retirement accounts such as IRAs and 401(k)s, the IRS requires owners to withdraw a certain amount of funds each year once a certain age is reached. This is known as the Required Minimum Distribution (RMD). Not…
