Archive for News

LMC CEO Lee M. Cohen, CPA, Featured on Momentum Podcast

LMC CEO Lee M. Cohen, CPA, was recently featured on the Momentum podcast with host Victor Braca. During this insightful conversation, Lee shared his journey in building LMC, his innovative approach to modern accounting, and his commitment to giving back to the community.   Key highlights from the…

Update on The Corporate Transparency Act and Beneficial Ownership Information Reporting

Written by David Newman, JD LMC Tax & Legal Manager   The Corporate Transparency Act (CTA) and its requirement to report Beneficial Ownership Information (BOI) remain in a state of uncertainty as the legal challenges surrounding its enforcement continue. A nationwide injunction currently blocks the Treasury Department’s enforcement…

K-1 Reporting – Variances Between GAAP and Tax Reporting

Written by James F. Hahn, CPA LMC Tax Supervisor   Many small to mid-sized companies are required to have audited financial statements prepared. This is normally due to lending requirements or regulatory requirements specific to certain industries. These financial statements are generally prepared using Generally Accepted Accounting Principles…

Required Minimum Distributions from Retirement Accounts

Written by Jeffrey S. Gold, CPA LMC Tax Director   For most retirement accounts such as IRAs and 401(k)s, the IRS requires owners to withdraw a certain amount of funds each year once a certain age is reached. This is known as the Required Minimum Distribution (RMD). Not…

IRS Announces Special Payments for Missed COVID Stimulus Funds

The IRS is working to distribute approximately $2.4 billion in payments to taxpayers who missed out on COVID-19 stimulus funds. These payments, reaching up to $1,400 per individual, are expected to be delivered in the beginning of 2025 to roughly one million people. The effort is part of…

LMC Partners Attend Ascend Partner Summit

LMC Partners recently attended the Ascend Partner Summit in Phoenix, Arizona, where the firm was honored to receive Ascend’s Transformation Award in recognition of the firm’s achievements during 2024. This award highlights the firm’s dedication to continuous improvement and excellence.   The summit brought together firms from across…

ON HOLD AGAIN: Beneficial Ownership Information (BOI) Reporting Requirements

The Fifth Circuit Court of Appeals recently reinstated an injunction halting enforcement of Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act, reversing an earlier decision from Monday, December 23rd, 2024.   As a result, the requirements for businesses nationwide to file BOI reports have been…

Beneficial Ownership Information (BOI) Reporting Deadlines Extended to January 13, 2025

Please note: BOI reporting requirements are once again on hold as of Friday, December 27th, 2024.   The Financial Crimes Enforcement Network (FinCEN) has announced an extension of deadlines for most reporting companies towards Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (CTA). This extension follows…

LMC Events

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 Holiday Party On December 3rd, LMC ‘s annual holiday party, themed “A Night of Stars and…

Ten Considerations to Maximize Year-End Gifting and Tax Planning for 2024

  Co-written by Meghann Smith Senior Analyst, LMC Family Office   Co-written by Faye R. Strobel, CPA, CTP Senior Business Manager, LMC Family Office   As the year draws to a close, family offices and high-net-worth individuals are focusing on optimizing tax efficiency. Strategic planning ensures fully leveraging…