By David Neuman, JD Last week, President Biden announced that the application process for the new, one-time, student loan forgiveness initiative is fully live and active. Over 12 million borrowers have already applied for loan forgiveness, according to top administration officials. Under Biden’s plan, 40 million…
As we are nearing year-end, many clients are focused on what they can do to reduce the amount of taxes they will owe. One way to reduce taxes and to also assist those in need, is to donate to charity. In addition to simply writing checks directly to…
LMC is excited to announce a new division of the firm: LMC Lending Services by The Bespoke Banker (LMCLS) The Bespoke Banker was founded by Matthew Salmon, a lending specialist. Matthew has over 15 years of experience in the lending industry. He manages and leads The…
LMC is happy to announce that our Director of HR, Sarah Forsyth, has been named as one of the Notable Leaders in Human Resources by Crain’s New York Business. Sarah Forsyth Director of HR Sarah has spearheaded initiatives that led LMC to be recognized by Crain’s as a…
Donald passed away on September 12th 2022 at the age of 89. He was born in the Bronx and earned his accounting degree at Baruch College, then joined the Army Audit Agency where he served for two years in Germany. He returned to New York to earn a…
LMC is proud to announce that the firm has been named one of Crain’s New York Business 100 Best Places to Work in NYC for 2022. On Thursday, September 29th, 2022, LMC partners Thomas Procida, CPA, Michael Young, CPA, Ephraim Fishman, CPA and Maritza Ortiz, Director…
LMC is proud to announce that Lee M. Cohen, CPA the firm’s founder and managing partner, was named as one of the Notable Leaders in Accounting and Consulting by Crain’s New York Business. Honorees for this outstanding recognition are accounting and consulting professionals working diligently to help master…
By Ephraim Fishman, CPA Remote and hybrid work options have become more accepted and many employees are insisting on this option. Remote work has many benefits for companies, including access to a wider pool of employee talent, reduced employee turnover, and cost savings. Many workers who were…
Written By David Neuman, JD Real estate professional status can provide relief from the passive activity loss limitation rules and the 3.8% net income investment tax (“NIIT”), resulting in significant tax savings. Rental activities are, per se, passive. Passive activity loss (“PAL”) rules limit the ability…
By David Neuman, JD The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, enacted in response to the COVID-19 pandemic, allowed employers to defer the payment and deposit of the employer’s share of Social Security tax. Employers were able to take advantage of the deferral by…
