The IRS recently announced a postponement of the $600 reporting threshold for third-party settlement organizations, which was set to be in effect for the 2022 calendar year. As a result, the IRS says third-party settlement organizations will not have to report tax year 2022 transactions on a Form…
City Harvest of New York City is the largest food rescue organization in New York City, helping to feed the millions of New Yorkers who are struggling to make ends meet. LMC continued its support of City Harvest of NYC’s great initiative, by setting up an in-office food drive….
New Law Ushers in Major Retirement Changes There’s been buzz about new retirement plan provisions for weeks, and now they’re final, bringing about changes to various federal rules. These changes add benefits and flexibility to current and future retirees. The Secure 2.0 Act of 2022, part of…
A week after the firm hosted its annual Holiday Party at Tempura NYC, the firm also hosted a holiday themed ugly sweater party. LMC employees were encouraged to wear their favorite holiday themed ugly sweater, and bring a wrapped gift to participate in a white elephant gift exchange. The…
This week, LMC held the firm’s holiday party at Tempura NYC. It was a great evening of fun, laughter, comradery and rejoicing. Everyone enjoyed socializing at the well-stocked open bar, as well as a full buffet of appetizers, entrees and desserts. Managing Partner, Lee M. Cohen, CPA, thanked…
As we start the month of December, we thought we might mention some last minute tips that just might help you save on your 2022 taxes. Do you itemize your deductions, or do you take the standard deduction? Some taxpayers subtract one overall deduction which is…
LMC welcomes the opportunity to expand our employees’ knowledge and expertise. One of the ways to accomplish this is to have different teams attend conferences and professional member-sharing opportunities. During November, various LMC employees had the opportunity to travel to many diverse professional accounting industry conferences. Tax…
By David Neuman, JD The New York City Pass-Through Entity Tax (“NYC PTET”) online application is now available, allowing individuals eligible to opt in to the NYC PTET on behalf of an eligible city partnership or eligible city resident S corporation. Only an authorized person may make this election on behalf…
There are occasions when taxes are paid late and the IRS computes and interest amount on the late payment. We are often asked how the IRS computes interest. As reported by Accounting Today, for the calendar quarter starting Jan. 1st, 2023, the IRS has just announced that…
As LMC continues to experience significant expansion across service lines and client demand, the firm has strategically strengthened its leadership team with two key appointments: a Chief Technology Officer and a Chief Human Resource Officer. These additions mark an important step in scaling both our innovation capabilities and…
