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…
New Law Ushers in Major Retirement Changes There’s been buzz about new retirement plan provisions for weeks, and now they’re final, bringing about changes to various federal rules. These changes add benefits and flexibility to current and future retirees. The Secure 2.0 Act of 2022, part of…
This week, LMC held the firm’s holiday party at Tempura NYC. It was a great evening of fun, laughter, comradery and rejoicing. Everyone enjoyed socializing at the well-stocked open bar, as well as a full buffet of appetizers, entrees and desserts. Managing Partner, Lee M. Cohen, CPA, thanked…
As we start the month of December, we thought we might mention some last minute tips that just might help you save on your 2022 taxes. Do you itemize your deductions, or do you take the standard deduction? Some taxpayers subtract one overall deduction which is…
By David Neuman, JD The New York City Pass-Through Entity Tax (“NYC PTET”) online application is now available, allowing individuals eligible to opt in to the NYC PTET on behalf of an eligible city partnership or eligible city resident S corporation. Only an authorized person may make this election on behalf…
There are occasions when taxes are paid late and the IRS computes and interest amount on the late payment. We are often asked how the IRS computes interest. As reported by Accounting Today, for the calendar quarter starting Jan. 1st, 2023, the IRS has just announced that…
By David Neuman, JD Last week, President Biden announced that the application process for the new, one-time, student loan forgiveness initiative is fully live and active. Over 12 million borrowers have already applied for loan forgiveness, according to top administration officials. Under Biden’s plan, 40 million…
As we are nearing year-end, many clients are focused on what they can do to reduce the amount of taxes they will owe. One way to reduce taxes and to also assist those in need, is to donate to charity. In addition to simply writing checks directly to…
LMC is proud to announce that the firm has been named one of Crain’s New York Business 100 Best Places to Work in NYC for 2022. On Thursday, September 29th, 2022, LMC partners Thomas Procida, CPA, Michael Young, CPA, Ephraim Fishman, CPA and Maritza Ortiz, Director…
