In the last Bottom Line newsletter, we explained the effective hold by the Internal Revenue Service (IRS) on processing new ERC claims until the end of the 2023 year. Recently, the IRS announced details of a special withdrawal process made to help those who filed a claim and…
Starting September 5th, 2023, New York City introduced significant changes to its regulations governing short-term rentals, particularly affecting Airbnb, VRBO and short-term rental hosts. These new regulations will significantly affect New York City short-term rental hosts. New York City has long been a popular destination for travelers,…
In last month’s Bottom Line newsletter, we explained how the IRS has slowed the processing of any new Employee Retention Credit claims, in order to guard against fraudulent or incorrect submissions. The ERC is a pandemic-era relief program made up of refundable tax credits designed for businesses that…
The U.S. Department of Education’s COVID-19 relief for student loans has ended. Student loan interest has resumed starting on Sept. 1, 2023, and payments are due starting in October 2023. This means that Federal student loan borrowers will need to start making payments again this month after a…
Our team recently enjoyed a fun, fresh start to their day when LMC invited Agavi Organic Juice Bar to the firm’s kitchen to create individualized acai bowls for our employees. Everyone enjoyed the delicious Acai bowls and were able to choose from a variety of toppings…
LMC is proud to have recently supported the organizations Sephardic Community Center (SCC), Sephardic Bikur Holim (SBH), and Long Island Disc Golf (LIDG), as each organization hosted events during August. On Sunday, August 27th, LMC was proud to sponsor the Sephardic Community Center’s 4th annual Center Court…
The NYSSCPA Multistate & Local Taxation Committee recently held their monthly meeting at LMC’s offices, which included attendance and remarks from the NYC Tax Commissioner, Preston Niblack. Niblack was appointed commissioner of the Department of Finance by Mayor Eric Adams in December 2021. LMC Tax Manager, Jeffrey…
In the last month, the IRS announced that due to “deep concerns about dubious Employee Retention Credit claims being submitted, they have slowed the processing of these claims to guard against fraudulent or incorrect submissions.” In 2020, Congress created the Employee Retention Tax Credit as a response…
It is hard to believe that it has been a year since the passing of our Partner Emeritus, Donald Hecht. Donald was an icon in the accounting industry, as well as a visionary, whose advice and counsel was sought after by clients as well as a host of…
LMC is honored to announce the firm has, once again, been recognized as a Top 300 accounting firm by INSIDE Public Accounting (IPA). The IPA Top 500 is an annual list that recognizes the top U.S.-based accounting firms. IPA ranks the largest public accounting firms in…
