Written by Sammy Habbaz, Senior Accountant At LMC, we are constantly working with our clients to find ways to lower their taxes. A common method of doing so is investing in real estate, where taxpayers can take advantage of the “phantom expense” of depreciation. This allows taxpayers to…
The firm was extremely excited when the New York State Council of the Society for Human Resource Management, together with the Best Companies Group, named LMC one of the Best Companies to Work for in New York State. Best Companies to Work for in New York identifies,…
Thanks to our amazing team at LMC we’ve moved past another tax deadline. LMC leadership is extremely proud of our remarkable team for their commitment to the firm and to our clients, and acknowledges their tremendous efforts. In the beginning of April, the firm invited Dylan’s Candy Bar…
Written by David Neuman, JD, Tax and Legal Manager More and more car buyers are purchasing electric vehicles. Approximately 282,000 EV’s were sold in the U.S. during the fourth quarter of 2022, up 51% from a year earlier. Individuals who purchase new electric vehicles may be eligible for a…
A new rule which took effect May 1, 2023 forces good-credit home buyers to pay more for their mortgages in order to subsidize loans to higher-risk borrowers. This is affecting all mortgages originating at private banks across the country. According to mortgage industry specialists, borrowers with a…
LMC is proud to share two prestigious recognitions the firm has been awarded recently. The firm was extremely excited when the New York State Council of the Society for Human Resource Management, together with the Best Companies Group, named LMC one of the Best Companies to Work for…
Op-Ed Written by Shahrzad Pantera Relationship Manager, LMCLS How does someone obtain financial literacy? As we in the industry know, it is no small task. In today’s economic conditions and market activity, even an experienced and seasoned professional can have a hard time navigating the waters of…
LMC continues to show appreciation to its dedicated staff, who have been working hard this tax season. We were happy to offer more curated events throughout March. In the beginning of March, staff enjoyed delicious, fresh, made-to-order donuts. The donuts were fried on-site, and employees customized…
On February 28, 2023, the U.S. Supreme Court decided Bittner v. United States, No. 21-1195, holding that the Bank Secrecy Act (“BSA”) treats the failure to file a Report of Foreign Bank and Financial Accounts (“FBAR”) as one violation carrying a maximum penalty of $10,000, regardless of how…
Since the beginning of 2020, LMC has made significant efforts to reach out to every client about the Employee Retention Credit (ERC) program and, based on eligibility, the significant financial benefits it can provide. Recently, there have been a proliferation of companies promoting ERC credits that appear too…
