Archive for News

New York State Law for Independent Contractors – What You Need to Know

On November 22, 2023, New York State took a significant step towards safeguarding the rights of freelance workers by enacting the “Freelance Isn’t Free” Act. This legislation, set to take effect on May 20th, 2024, aims to provide vital protections for freelancers and independent contractors across the state….

The Basics: Qualified Business Income (QBI) Deduction

The Tax Cuts and Jobs Act (TCJA) of 2017 introduced a significant change in the tax landscape for business owners by establishing the Qualified Business Income (QBI) deduction. It’s important to note that this deduction is temporary, set to expire at the end of 2025 unless Congress takes…

LMC March Madness – Carnival, Yoga and more!

As LMC’s dedicated staff have been working hard throughout this busy season, the firm continued showing our appreciation by offering more curated events last month and opportunities to de-stress. Not only did we have our annual March madness college basketball bracket competition, we hosted new fun events for…

Maximizing Real Estate Opportunities: The Advantage of 1031 Exchanges

Written by Jon Porcelli Senior Tax Manager In the scope of real estate investment, a 1031 exchange (like-kind exchange) stands out as a key strategy for deferring capital gains taxes through the swap of one investment property for another. This approach, rooted in Section 1031 of the Internal…

Empowering Business Success: The Role of Effective Accounting Relationships and Internal Controls

Written by Nick Grgas Audit Director In the complex world of business, fostering a strong relationship between clients and accountants is not just beneficial—it’s essential for success. It’s clear that the most productive accounting relationships are those built on continuous communication and mutual understanding. Unfortunately, many businesses still…

Update on the Employee or Independent Contractor Classification Under the Fair Labor Standards Act

On March 11, 2024, the labor classification guidelines under the Fair Labor Standards Act (FLSA) underwent a significant transformation from the U.S. Department of Labor (DOL). This development redefined the criteria for distinguishing between employees and independent contractors, pivoting from previous regulations that emphasized control and the potential…

House Passes Tax Extenders Bill – Impending Senate Vote

The house recently passed the Tax Extenders Bill, reviving several tax breaks, including the enhanced Child Tax Credit, incentives for economic growth, improvements in interest expense, and more. The measure was approved by a vote of 357 to 70, now heads to the Senate floor which is impending…

Simplified Tax Notices: IRS New Move for Clarity

With the 2024 tax season upon us, last month, Treasury Secretary Janet Yellen announced, on a call with reporters, that as part of its new Simple Notice Initiative, the IRS has rewritten most commonly received notices. The notices should now be shorter, clearer, and easier to understand. According…

Tax Considerations for Sports Bettors & Gamblers

As the digital landscape of gambling continues to expand with the legalization of online sports betting in more states, both seasoned bettors and novices are navigating the complex world, whether they owe taxes on their gambling winnings. With the recent exciting finish of the 2024 Super Bowl, many…

Art & Finance: Tax Considerations for Art Collectors and Investors

The art market is subject to changes driven by global, political, economic, and technological factors. Navigating these trends requires a keen understanding of the interplay between culture and wealth, and the implications for art investors and collectors.   At LMC Advisors, we understand the unique intersection of art…