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…
The recent IRS clarification on the rules governing inherited retirement accounts has significant implications for individuals who stand to inherit these assets. The updated guidance, stemming from a 2019 law, brings much-needed clarity but also introduces new challenges for those planning their financial future. The core of this…
LMC is excited to share that we’ve been recognized as a Top 200 accounting firm by INSIDE Public Accounting (IPA)! In 2023, we were ranked in the Top 300, and thanks to our significant growth, we’re now proud to be in the Top 200 for 2024. The…
LMC is immensely proud of our exceptional employees for their commitment to the firm and our clients. LMC staff participated in the following events this past month: LMC Third Quarterly Renewal On Thursday, August 15th, LMC hosted its third Quarterly Renewal meeting, focusing on our key initiatives…
AUGUST 1, 2024 (New York City) — LMC, the New York City professional services partner of Ascend, today announced a partnership with Goldglit & Company, a leading professional services firm for the art market based in New York City. The LMC-Goldglit & Company partnership will provide enhanced…
In June 2024, the IRS announced a new phase in processing Employee Retention Credit (ERC) claims to tackle a significant backlog that has accumulated since a moratorium on new claims was declared in September 2023. This moratorium was implemented after the IRS identified a substantial number of ineligible…
Creating a family office is essential for managing and growing family wealth. To ensure that your family office is effective and successful, consider focusing on these five key areas for a successful family office partnership. These elements are crucial for achieving long-term financial success and stability. Build…
