A Head Start in Saving—With Strings Attached The One Big Beautiful Bill introduced new tax advantaged savings accounts for minors, known as Trump Accounts. Beginning in 2026, a government-backed savings initiative will offer eligible children a $1,000 head start on investing—automatically deposited into a special custodial retirement account….
LMC was recently featured in Accounting Today’s Practice Profile series, which highlighted our work with clients within the art industry—including artists, galleries, and collectors. The article shares how our art-focused practice has developed under the leadership of partners Steven Goldglit and Michael Young, both of whom bring…
Charitable giving is about to become more complex. Beginning in 2026, new tax rules will change how deductions work for millions of Americans. These adjustments—part of the recently passed One Big Beautiful Bill Act—introduce new benefits for some taxpayers, reduce deductions for others, and generally complicate how charitable…
LMC is incredibly proud of our outstanding employees for their dedication to both the firm and our clients. This past month, LMC team members took part in the following events: Yankees & Mets Game LMC Team Outing On Sunday, July 6th, LMC team members enjoyed a sunny…
On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law, introducing extensive changes to the U.S. tax code. Most taxpayers want to know how this will affect their corporate and personal returns. While the legislation spans a wide range of policy areas, we…
Written by David Newman, JD LMC Tax & Legal Manager President Trump’s tax package, the One Big Beautiful Bill Act, passed the House of Representatives in May and could significantly broaden how families use their 529 college savings plans if enacted into law. Traditionally reserved for higher education costs, 529 funds…
LMC is incredibly proud of our outstanding employees for their dedication to both the firm and our clients. This past month, LMC team members took part in the following events: LMC Audit Team Golf Simulator Event On Thursday, June 19th, members of the LMC Audit Team enjoyed…
Following a strong 2025 tax season, the Internal Revenue Service (IRS) is now facing operational challenges that could affect the upcoming 2026 filing season. A recent report from the National Taxpayer Advocate highlights significant staffing reductions across the agency, which may lead to slower processing times, reduced customer…
LMC would like to welcome our recent new hires! We are thrilled to introduce our new employees and excited to have the following people join our growing team: Jordan Alexander – Family Office Senior Analyst Jordan joins LMC with 3 years of experience in portfolio management and…
In our February 2025 Bottom Line Newsletter, we highlighted growing momentum around the idea of eliminating the penny due to rising costs and declining usage. Now, that proposal has become official. The U.S. Treasury Department has confirmed plans to end penny production, with new coins expected to stop…
