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…
Op-Ed Written by Lourdes Salzmann Senior Tax Accountant Remote work or hybrid environments are here to stay for many industries, particularly for the accounting, finance, and professional services industries. However, finding a healthy and sustainable balance between remote workers and in-person employees can be rather complicated. Remote…
In November 2022, LMC announced a new division to the firm LMC Lending Services by The Bespoke Banker (LMCLS). This division, in partnership with Matthew Salmon, provides a unique service to clients who require assistance with their lender relationships. We are excited to announce that The Bespoke Banker has been named…
Over the course of any year, LMC hosts its share of technical training to hone our employee’s expertise and keep their skills up to date. While those are extremely important, the firm also wanted to sharpen our staff members’ soft skills. We therefore hosted an engaging, in-person training…
The IRS recently reminded taxpayers that they must again answer a digital asset question and report all digital asset related income when they file their 2022 federal income tax return. Although there was a similar question in 2021, for this year, the term “digital assets” has replaced “virtual…
The IRS recently announced a postponement of the $600 reporting threshold for third-party settlement organizations, which was set to be in effect for the 2022 calendar year. As a result, the IRS says third-party settlement organizations will not have to report tax year 2022 transactions on a Form…
