Archive for News

LMC Hosts Second Quarterly Renewal in 2024

On Tuesday, May 21st, LMC hosted its second Quarterly Renewal, an engaging meeting highlighting key firm-wide initiatives.   The Monopoly-themed meeting included reflections on first-quarter accomplishments, discussions on upcoming strategic initiatives, breakout sessions and a delicious lunch. The afternoon was dedicated to LMC Gives Back community service projects….

May LMC Employee Events

A big thanks to our incredible team at LMC. Leadership is extremely proud of our remarkable employees for their dedication to the firm and our clients. LMC hosted and participated in the following employee events in May 2024:   LMC Gives Back Day Service Projects On the afternoon…

Key Role Differences Between a Bookkeeper, a Controller and a CFO

Bookkeepers, Controllers, and Chief Financial Officers (CFOs) are crucial to managing an organization’s financial health. Understanding the responsibilities and differences between these roles is essential for effective financial management. This article explores each role, highlighting the differences. Please reach out to our Partners, Moussa Hasbani or Maritza Ortiz if you are interested in…

Congratulations to LMC’s Promotions

We take immense pride in celebrating the accomplishments and dedication of our entire team. LMC is excited to announce and celebrate the promotion of several individuals – Thomas Procida, Gary Sozzi and Jonathan Porcelli – advancing to the next level in their careers and driving the growth of LMC and our team.   Thomas has…

Understanding the New Overtime Rule: What It Means for Workers and Employers

The Fair Labor Standards Act (FLSA) ensures most workers receive overtime pay for working more than 40 hours a week. The Department of Labor (DOL) has recently updated the FLSA’s overtime regulations, expanding coverage to millions of lower-paid salaried workers in the U.S.   On April 23, 2024,…

LMC Spotlight: George Vogel & Ari Shamir

  Featuring George Vogel, CPA Family Office & Tax Partner   Featuring Ari Shamir, CPA Family Office Co-Lead     The Bottom Line was excited to interview George Vogel, Family Office and Tax Partner, and Ari Shamir, Family Office and Tax Director of LMC Family Office Services. George…

IRS Warns of Tax Traps

The Internal Revenue Service (IRS) has recently highlighted new concerns through its annual Dirty Dozen campaign, a cautionary list aimed at educating the public on common tax scams and schemes. This year, a specific focus has been placed on complex tax strategies that target wealthy individuals, signaling the…

Navigating the Timing of IRS Audit Rules: Timelines and Considerations

After filing taxes, many individuals find themselves gripped by anxiety about possible errors or omissions on their returns. Misreported income, inappropriate deductions, or entirely unfiled past returns can trigger fears of impending audits or penalties from the Internal Revenue Service (IRS). Understanding the statute of limitations on tax…

April LMC Employee Appreciation Events

Thanks to our amazing employees at LMC, we’ve successfully moved past another tax deadline. LMC leadership is extremely proud of our remarkable team for their commitment to the firm and to our clients. To acknowledge their tremendous efforts, LMC hosted the following Employee Appreciation Events in April 2024….

Understanding the Corporate Transparency Act & Beneficial Ownership Information Requirements

Written by David J. Neuman, JD Tax & Legal Manager   Starting January 1, 2025, 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…