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…
Parents and grandparents often look for ways to help younger family members achieve important financial goals, whether it’s paying for college, purchasing a first home, or building long-term wealth. Gifting investments or other assets is one strategy families may consider as part of broader financial and estate planning….
In our March newsletter article, we provided an overview of the newly established Trump Accounts, a tax-advantaged savings vehicle designed to help families build long-term financial security for children. That discussion addressed the key features of the program, including a one-time $1,000 government seed contribution for American children…
