On December 3, 2024, a federal judge in Texas issued a preliminary injunction temporarily blocking the enforcement of the Corporate Transparency Act (CTA) and its beneficial ownership reporting requirements. This ruling delays the January 1, 2025, compliance deadline for businesses required to report ownership information to the Financial…
LMC is incredibly proud of our outstanding employees for their dedication to both the firm and our clients. This past month, LMC team members took part in the following events: LMC Halloween Happy Hour On October 31st, LMC celebrated Halloween with a festive happy hour at the…
Written by Gus A. Molina LMC Audit Manager Maximize your money, minimize your worries. According to a recent QuickBooks survey, 50% of small business owners regularly experience cash flow problems. In this article, we will discuss how companies are staying ahead of collections through clear communication, proactive…
President-elect Donald Trump’s “Department of Government Efficiency” (DOGE), led by Elon Musk and Vivek Ramaswamy, is exploring ways to streamline government processes. Among the ideas being discussed is the development of a free tax-filing app that could allow Americans to file their taxes directly with the IRS. While…
As Donald Trump returns to the presidency, his tax proposals outlined from the campaign trail have come into focus. These policy proposals offer a mix of tax cuts, credits, and tariff-based revenue strategies designed to reduce burdens for businesses, workers, and retirees while reshaping trade policies. However, it…
LMC is incredibly proud of our outstanding employees for their dedication to both the firm and our clients. This past month, LMC team members took part in the following events: LMC Softball Team LMC team members wrapped up playing in a corporate softball league this fall. It…
As the 2024 presidential election nears, both candidates—Former President Donald Trump and Vice-President Kamala Harris—have outlined tax plans designed to appeal to different groups, such as small business owners, hospitality workers, and families. Their approaches, while distinct, reflect their broader economic goals. However, it’s essential to note that…
Written by Meghann Smith Senior Analyst, LMC Family Office As the year draws to a close, many families focus on charitable giving to fulfill philanthropic goals and optimize tax benefits. Successful year-end planning involves proper timing, understanding tax requirements, and choosing the right giving vehicles. With the 2024…
Written by Gus A. Molina LMC Audit Manager In the ever-changing world of business and finance, one truth remains constant: cash is king. Whether you’re a small business owner or a corporate leader, managing cash effectively is crucial to staying competitive and resilient. In this series, we’ll…
Starting January 1, 2024, many small businesses will be required to disclose details about their Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA) passed in 2021. This regulation aims to help law enforcement combat money laundering and financial fraud…
