At LMC, we proudly recognize and celebrate the dedication, accomplishments, and leadership of our outstanding team members. We are thrilled to announce the well-deserved promotions of – Thomas Procida, Gary Sozzi and Jonathan Porcelli – advancing to the next level in their careers and driving the growth of LMC and our team….
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,…
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.
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…
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…
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….
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…
LMC is proud to share for a consecutive year, the firm has been recognized as one of the 2024 Best Companies to Work for in New York, by the New York State Council of the Society for Human Resource Management, together with Best Companies Group, BridgeTower Media and Rochester…
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 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…
