LMC was delighted to be a tournament sponsor of the 10th Annual Cedar Beach Classic held by Long Island Disc Golf (LIDG) on Saturday, August 27th. The Cedar Beach Classic is an all-day disc golf tournament, featuring pro and amateur players, at Long Island’s first Disc Golf Course….
By David Neuman, JD Last week, the President announced a three-part plan which will significantly impact student loan debt. Further details were subsequently summarized in a Fact Sheet issued by the White House. The proposal calls for targeted debt relief to be granted by Department of…
LMC employees enjoyed a fun team outing after work on Tuesday, August 23rd – a Mets vs Yankees baseball game. The fun started in the office with pizza, refreshments and beer as staff gathered together to socialize before going to the game at Yankee Stadium. Whether they were…
By David Neuman, JD The Internal Revenue Service (“IRS”) has provided penalty relief in Notice 2022-36 for certain taxpayers from failure to file penalties and certain international information return penalties with respect to tax returns for the taxable years 2019 and 2020. In order to be eligible…
LMC is honored to announce exciting news – our firm has been recognized as a Top 300 accounting firm by INSIDE Public Accounting (IPA)! LMC has ranked #258 out of the top 500 firms selected by IPA. The IPA Top 500 is an annual list…
By David Neuman, JD and Alan Wong, CPA Late last week, the Inflation Reduction Act of 2022 (the “Act”) was passed by the House of Representatives and has been sent to President Joe Biden for his signature and enactment into law. This important piece of legislation would,…
By David Neuman, JD and Alan Wong, CPA New York State has opened a “screening tool” for small businesses to determine if they qualify for the COVID-19 Capital Costs Tax Credit Program. This $250 million tax-credit program, which is being issued on a first come first serve…
By Ephraim Fishman, CPA This past Wednesday, the Federal Reserve moved to further tighten credit by raising its benchmark interest rate by a sizable 0.75 percentage point for a second straight time. The central bank is aggressively raising borrowing costs to try to slow spending, cool the…
By Ephraim Fishman, CPA If you are like most people, the recent market turmoil has you concerned about where to invest your money. The stock market in tanking, bonds have lost on average 8% of their value, gold is down 4% and let’s not even get started…
Most importing companies are faced with the challenge on how to properly manage inventory levels. Bring in too much unsold merchandise and you are forced to cover the carrying costs including the costs to warehouse the merchandise for extended periods as well as the financing costs. Keep the…
