Trump Accounts provide families with a new tax-advantaged way to save for children. In addition to the $1,000 federal contribution available for eligible children born from 2025 through 2028, parents, grandparents, employers, and others may have opportunities to contribute additional funds. For families deciding whether to make…
Written by Jeffrey S. Gold, CPA LMC Tax Director About 90% of taxpayers claim the standard deduction rather than itemizing deductions on their federal income tax returns. Beginning with the 2026 tax year, many of these taxpayers may benefit from a new charitable contribution deduction without giving up…
LMC is incredibly proud of our employees and their dedication to both the firm and our clients. This past month, LMC team members took part in the following events: LMC & JP Morgan Young Professionals Networking Event On Thursday, August 13, LMC teamed up with JP Morgan…
Receiving a college scholarship is exciting news for many students and their families. Scholarships, grants, and other forms of financial aid can significantly reduce the cost of higher education. However, many families are surprised to learn that not all scholarship funds receive the same tax treatment. While…
Many people earn income from activities they genuinely enjoy, whether it’s breeding horses, restoring classic cars, photography, woodworking, farming, crafting, or other pursuits. As these activities grow, taxpayers often wonder whether they can be treated as businesses for tax purposes rather than hobbies. The distinction is important…
The New York City Department of Finance has begun mailing NYC Pied-à-Terre (Non-Primary Residence Surcharge) notices to property owners who may be subject to the new tax and providing exemption applications with a due date of August 21, 2026. The tax generally applies to: Condominiums and cooperative…
LMC is incredibly proud of our employees and their dedication to both the firm and our clients. This past month, LMC team members took part in the following events: LMC Audit Team Outing On Thursday, July 23, LMC’s Audit Department took a well-deserved break for a team…
Co-written by Jeffrey S. Gold, CPA LMC Tax Director Co-written by David J. Neuman, JD LMC Tax & Legal Manager As part of its Fiscal Year 2026–2027 Budget, New York enacted a new annual Pied-à-Terre Tax effective for fiscal years beginning on or after…
Last month, we shared an article regarding a recent federal court case that may create refund opportunities for certain taxpayers who paid IRS penalties or related interest associated with COVID-era postponed filing and payment deadlines. Since then, our tax professionals have been reviewing client returns and reaching…
LMC is incredibly proud of our employees and their dedication to both the firm and our clients. This past month, LMC team members took part in the following events: LMC Golf Outing On Wednesday, June 24, LMC team members enjoyed a day of golf at Old Bridge…
