Written by David Neuman, JD, Tax and Legal Manager More and more car buyers are purchasing electric vehicles. Approximately 282,000 EV’s were sold in the U.S. during the fourth quarter of 2022, up 51% from a year earlier. Individuals who purchase new electric vehicles may be eligible for a…
A new rule which took effect May 1, 2023 forces good-credit home buyers to pay more for their mortgages in order to subsidize loans to higher-risk borrowers. This is affecting all mortgages originating at private banks across the country. According to mortgage industry specialists, borrowers with a…
LMC is proud to share two prestigious recognitions the firm has been awarded recently. The firm was extremely excited when the New York State Council of the Society for Human Resource Management, together with the Best Companies Group, named LMC one of the Best Companies to Work for…
Op-Ed Written by Shahrzad Pantera Relationship Manager, LMCLS How does someone obtain financial literacy? As we in the industry know, it is no small task. In today’s economic conditions and market activity, even an experienced and seasoned professional can have a hard time navigating the waters of…
LMC continues to show appreciation to its dedicated staff, who have been working hard this tax season. We were happy to offer more curated events throughout March. In the beginning of March, staff enjoyed delicious, fresh, made-to-order donuts. The donuts were fried on-site, and employees customized…
On February 28, 2023, the U.S. Supreme Court decided Bittner v. United States, No. 21-1195, holding that the Bank Secrecy Act (“BSA”) treats the failure to file a Report of Foreign Bank and Financial Accounts (“FBAR”) as one violation carrying a maximum penalty of $10,000, regardless of how…
Since the beginning of 2020, LMC has made significant efforts to reach out to every client about the Employee Retention Credit (ERC) program and, based on eligibility, the significant financial benefits it can provide. Recently, there have been a proliferation of companies promoting ERC credits that appear too…
In February 2023, the Biden-Harris Administration announced an action that will save homebuyers and homeowners with new FHA-insured mortgages an average of $800 per year, lowering housing costs for an estimated 850,000 homebuyers and homeowners in 2023. The Federal Housing Administration (FHA) will reduce its annual mortgage…
As tax season approaches, savvy taxpayers in New York City are looking for every opportunity to reduce their tax bill. At LMC, we help clients navigate complex retirement strategies like IRAs to maximize both short-term savings and long-term growth. The Timing Most suggestions to save on…
Before you sell your home, it’s important to understand the tax implications. There’s a good chance that the profit from your home sale will not be taxable. Unmarried individuals can exclude up to $250,000 in profits from capital gains tax when they sell their primary personal residences, thanks…
