Op-Ed Written by Shahrzad Pantera Relationship Manager, LMCLS How does someone obtain financial literacy? As we in the industry know, it is no small task. In today’s economic conditions and market activity, even an experienced and seasoned professional can have a hard time navigating the waters of…
LMC continues to show appreciation to its dedicated staff, who have been working hard this tax season. We were happy to offer more curated events throughout March. In the beginning of March, staff enjoyed delicious, fresh, made-to-order donuts. The donuts were fried on-site, and employees customized…
On February 28, 2023, the U.S. Supreme Court decided Bittner v. United States, No. 21-1195, holding that the Bank Secrecy Act (“BSA”) treats the failure to file a Report of Foreign Bank and Financial Accounts (“FBAR”) as one violation carrying a maximum penalty of $10,000, regardless of how…
Since the beginning of 2020, LMC has made significant efforts to reach out to every client about the Employee Retention Credit (ERC) program and, based on eligibility, the significant financial benefits it can provide. Recently, there have been a proliferation of companies promoting ERC credits that appear too…
In February 2023, the Biden-Harris Administration announced an action that will save homebuyers and homeowners with new FHA-insured mortgages an average of $800 per year, lowering housing costs for an estimated 850,000 homebuyers and homeowners in 2023. The Federal Housing Administration (FHA) will reduce its annual mortgage…
As tax season approaches, savvy taxpayers in New York City are looking for every opportunity to reduce their tax bill. At LMC, we help clients navigate complex retirement strategies like IRAs to maximize both short-term savings and long-term growth. The Timing Most suggestions to save on…
Before you sell your home, it’s important to understand the tax implications. There’s a good chance that the profit from your home sale will not be taxable. Unmarried individuals can exclude up to $250,000 in profits from capital gains tax when they sell their primary personal residences, thanks…
The IRS has recently announced that “in the interest of sound tax administration and other factors,” taxpayers in many states will not need to report various payments on their 2022 tax returns. In short, the IRS has determined it will not challenge the taxability of payments related to…
Under legislation signed into law last month with the passage of the Setting Every Community Up for Retirement Enhancement (“SECURE 2.0”), investors can roll up to $35,000 from a 529 account into a Roth individual retirement account starting in 2024. The move converts leftover money originally intended for…
A 2022 New York State law now requires that the New York form that charities must file, Form CHAR500, be submitted only online at the Charity Bureau website. It may no longer be filed by mail as in the past. The form must be filed by the organization…
