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…
By Ephraim Fishman, CPA Remote and hybrid work options have become more accepted and many employees are insisting on this option. Remote work has many benefits for companies, including access to a wider pool of employee talent, reduced employee turnover, and cost savings. Many workers who were…
Written By David Neuman, JD Real estate professional status can provide relief from the passive activity loss limitation rules and the 3.8% net income investment tax (“NIIT”), resulting in significant tax savings. Rental activities are, per se, passive. Passive activity loss (“PAL”) rules limit the ability…
By David Neuman, JD The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, enacted in response to the COVID-19 pandemic, allowed employers to defer the payment and deposit of the employer’s share of Social Security tax. Employers were able to take advantage of the deferral by…
By David Neuman, JD Last week, the President announced a three-part plan which will significantly impact student loan debt. Further details were subsequently summarized in a Fact Sheet issued by the White House. The proposal calls for targeted debt relief to be granted by Department of…
By David Neuman, JD The Internal Revenue Service (“IRS”) has provided penalty relief in Notice 2022-36 for certain taxpayers from failure to file penalties and certain international information return penalties with respect to tax returns for the taxable years 2019 and 2020. In order to be eligible…
LMC is honored to announce exciting news – our firm has been recognized as a Top 300 accounting firm by INSIDE Public Accounting (IPA)! LMC has ranked #258 out of the top 500 firms selected by IPA. The IPA Top 500 is an annual list…
By David Neuman, JD and Alan Wong, CPA Late last week, the Inflation Reduction Act of 2022 (the “Act”) was passed by the House of Representatives and has been sent to President Joe Biden for his signature and enactment into law. This important piece of legislation would,…
