In last month’s Bottom Line newsletter, we explained how the IRS has slowed the processing of any new Employee Retention Credit claims, in order to guard against fraudulent or incorrect submissions. The ERC is a pandemic-era relief program made up of refundable tax credits designed for businesses that…
The U.S. Department of Education’s COVID-19 relief for student loans has ended. Student loan interest has resumed starting on Sept. 1, 2023, and payments are due starting in October 2023. This means that Federal student loan borrowers will need to start making payments again this month after a…
Our team recently enjoyed a fun, fresh start to their day when LMC invited Agavi Organic Juice Bar to the firm’s kitchen to create individualized acai bowls for our employees. Everyone enjoyed the delicious Acai bowls and were able to choose from a variety of toppings…
LMC is proud to have recently supported the organizations Sephardic Community Center (SCC), Sephardic Bikur Holim (SBH), and Long Island Disc Golf (LIDG), as each organization hosted events during August. On Sunday, August 27th, LMC was proud to sponsor the Sephardic Community Center’s 4th annual Center Court…
The NYSSCPA Multistate & Local Taxation Committee recently held their monthly meeting at LMC’s offices, which included attendance and remarks from the NYC Tax Commissioner, Preston Niblack. Niblack was appointed commissioner of the Department of Finance by Mayor Eric Adams in December 2021. LMC Tax Manager, Jeffrey…
In the last month, the IRS announced that due to “deep concerns about dubious Employee Retention Credit claims being submitted, they have slowed the processing of these claims to guard against fraudulent or incorrect submissions.” In 2020, Congress created the Employee Retention Tax Credit as a response…
LMC is honored to announce the firm has, once again, been recognized as a Top 300 accounting firm by INSIDE Public Accounting (IPA). The IPA Top 500 is an annual list that recognizes the top U.S.-based accounting firms. IPA ranks the largest public accounting firms in…
Were you concerned that Congress was not going to raise the debt limit? Well, you can relax now that we know the government will not default on its debts. Since 1960, Congress has acted 78 separate times to raise, extend or revise the government’s debt limit. Once…
So many of our clients have been frustrated by the length of time it can take to get a response from the IRS when submitting paper documentation. Last Wednesday, Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel announced the Paperless Processing Initiative to try and reduce the…
United States Citizenship and Immigration Services has announced a new Form I-9, that went into effect on August 1st, 2023. The Form I-9 is used to verify the identity and employment authorization of individuals hired for employment. The Basics All employers must use Form I-9 to…
