Archive for News

IRS Announces changes in Retirement Plan limits for 2024

The Internal Revenue Service has announced that the amount individuals can contribute to their 401(k) plans in 2024 increases to $23,000, up from $22,500 for 2023. The IRS also has issued technical guidance regarding all the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items….

Revised Form 1099-K Reporting for 2023

If you thought that selling those Taylor Swift tickets this past year on StubHub was going to get you a form 1099-K, then think again.   The Internal Revenue Service has recently announced that they are postponing the lower threshold of $600 for Form 1099-K reporting, and will…

2024 Tax Year Adjustments and Rates

The IRS has announced some important amounts for the 2024 tax year. Below is a summary:   For those who do not itemize on their tax returns, the standard deduction for married couples filing jointly for tax year 2024 rises to $29,200, an increase of $1,500 from tax…

LMC Gives Back: Volunteer Day

On Thursday, November 16th, LMC closed the office for the day to allow our team to give back and serve the community through our first company-wide LMC Gives Back Day. At LMC, we believe that giving back is not only a core value of our firm, but also…

LMC Hosts First Whole Company Alignment Event

On Thursday, November 2nd our team gathered for our first Whole Company Alignment, an interactive presentation led by firm leadership, to introduce our team to the firm’s vision, promises and values.   LMC has experienced tremendous growth over the past few years. As the firm continues to reach new…

2023 Year-End Tax Planning

Congress has not enacted significant tax legislation in 2023, although tax changes could be added to year-end budget legislation. In the meantime, tried and true tax planning techniques, the continuing tax ramifications of legislation enacted in 2022, and the scheduled 2026 expiration of many tax breaks leave taxpayers…

IRS Announces New ERC Withdrawal Process

In the last Bottom Line newsletter, we explained the effective hold by the Internal Revenue Service (IRS) on processing new ERC claims until the end of the 2023 year. Recently, the IRS announced details of a special withdrawal process made to help those who filed a claim and…

Short Term Rentals Face More Regulations in New York City

Starting September 5th, 2023, New York City introduced significant changes to its regulations governing short-term rentals, particularly affecting Airbnb, VRBO and short-term rental hosts. These new regulations will significantly affect New York City short-term rental hosts.   New York City has long been a popular destination for travelers,…

IRS Puts Hold on ERC Claim Processing

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…

Navigating the Student Loan Landscape: What Borrowers Need to Know

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…