January 1, 2022 signaled the start of the new year as well as the start date for a number of new laws, rules, and regulations. Among them is one that will impact business owners utilizing third-party network payment providers, such as PayPal, and Venmo. The new rule,…
When the COVID-19 pandemic started, no one could have envisioned how long remote work would last, or that working remotely could become a permanent option for many employees. Many LMC clients have reached out to us for clarification on the withholding tax requirements for remote workers. They are…
The Taxpayer Certainty and Disaster Tax Relief Act of 2020 extended through the end of 2021 four temporary tax changes that affect charitable contributions, that were originally enacted by the CARES Act. Here is a summary of the provisions: Deduction for individuals who don’t itemize; cash donations…
The IRS began issuing the third round of Economic Impact Payments in March 2021 and continued through December 2021. The third payments differ from the earlier payments in several respects: • Payment amounts are different. The maximum credit is $1,400 per person, including all qualifying dependents claimed on…
As the tax filing deadline approaches, the LMC tax team wanted to share some changes in the tax law that might affect you: Changes to the charitable contribution deduction Taxpayers who don’t itemize deductions may qualify to take a deduction of up to $600 for married…
The COVID-19 pandemic created unprecedented problems for businesses that were required to shut down or limit operations. The government responded by enacting the Coronavirus Aid, Relief, and Economic Security Act, which created the Employee Retention Credit. This program is intended to help businesses retain their employees during the…
If you are an owner of commercial real estate, you likely have heard of cost segregation. But perhaps you have not been informed of the incredible tax benefits it offers and how much it can improve your business’s cash flow. Many business owners have utilized cost segregation studies…
Do you run a company with an at-home workforce, leaving you with employees now working in another state? Are you such an employee yourself? You may be facing some tax confusion. Having some basic understanding of what happens will help businesses make the right decisions about classifying…
It’s a trend: software moving to a monthly or yearly subscription model rather than a single download you can use indefinitely. QuickBooks is the latest company to transition. At the end of September, the popular accounting software began charging a low monthly payment for its online service rather…
The IRS has announced the new retirement plan numbers for 2022. Retirement limits for 401(k) and similar plans are up. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased to $20,500, up from $19,500. …
