When the COVID-19 pandemic started, no one could have envisioned how long remote work would last, or that working remotely could become a permanent option for many employees. Many LMC clients have reached out to us for clarification on the withholding tax requirements for remote workers. They are…
The Taxpayer Certainty and Disaster Tax Relief Act of 2020 extended through the end of 2021 four temporary tax changes that affect charitable contributions, that were originally enacted by the CARES Act. Here is a summary of the provisions: Deduction for individuals who don’t itemize; cash donations…
As we start 2022, LMC continues to have unprecedented growth. We realized that we needed to increase our staff levels to keep up with the growing workload. So far this year we have added 11 people to our professional & administrative teams. In January 2022, we hired the following staff…
At LMC, our team’s main focus is to service and support our clients. During this demanding time of year, we wanted to offer our appreciation to our hardworking staff who are so crucial in accomplishing the goals we have for this busy season. We recently hosted a…
The IRS began issuing the third round of Economic Impact Payments in March 2021 and continued through December 2021. The third payments differ from the earlier payments in several respects: • Payment amounts are different. The maximum credit is $1,400 per person, including all qualifying dependents claimed on…
As the tax filing deadline approaches, the LMC tax team wanted to share some changes in the tax law that might affect you: Changes to the charitable contribution deduction Taxpayers who don’t itemize deductions may qualify to take a deduction of up to $600 for married…
The COVID-19 pandemic created unprecedented problems for businesses that were required to shut down or limit operations. The government responded by enacting the Coronavirus Aid, Relief, and Economic Security Act, which created the Employee Retention Credit. This program is intended to help businesses retain their employees during the…
LMC, is proud to announce our firm’s 12 staff promotions in 2022. Senior Manager: Nick Grgas – Senior Manager, Audit Gary Sozzi – Senior Manager, Tax Supervisor: Ovadia Mosseri, CPA – Supervisor, Audit Frank Waite, CPA – Supervisor, Audit Gus Molina – Supervisor, Audit Bianka Gozhita, CPA – Supervisor, Audit Dayna Antisell,…
If you are an owner of commercial real estate, you likely have heard of cost segregation. But perhaps you have not been informed of the incredible tax benefits it offers and how much it can improve your business’s cash flow. Many business owners have utilized cost segregation studies…
Do you run a company with an at-home workforce, leaving you with employees now working in another state? Are you such an employee yourself? You may be facing some tax confusion. Having some basic understanding of what happens will help businesses make the right decisions about classifying…
