Written by Jeffrey S. Gold, CPA LMC Tax Director UPDATE: The final budget approved on May 27, 2026, did not include any of the proposed changes to the PTET credit. New York City Mayor Zohran Mamdani and City Council Speaker Julie Menin have proposed significant changes to…
Donor-advised funds (DAFs) have become one of the most popular charitable giving tools for high-income and high-net-worth taxpayers. They offer immediate tax deductions while allowing charitable contributions to be distributed over time. It was always assumed that the donor maintained complete control on where the funds would eventually…
A recent federal court decision has raised questions about IRS penalties and interest charges assessed during the COVID-19 pandemic. As a result, some taxpayers who paid certain IRS penalties or related interest associated with COVID-era postponed filing and payment deadlines may be eligible to pursue refund claims. …
LMC is incredibly proud of our employees and their dedication to both the firm and our clients. This past month, LMC team members took part in the following events: 2026 Needlers Foundation Annual Gala On Wednesday, April 29, LMC was honored to be a sponsor and attend…
Significant changes to federal student loan repayment and forgiveness programs continue to reshape the landscape for borrowers. Updates to repayment plans, forgiveness eligibility, and tax treatment could result in higher monthly payments, longer repayment periods, and new tax consequences for some individuals. Many of the proposed changes…
Following the Supreme Court’s decision earlier this year that struck down tariffs imposed under the International Emergency Economic Powers Act (IEEPA), U.S. Customs and Border Protection (CBP) has begun implementing a formal refund process. CBP has introduced a new system, the Consolidated Administration and Processing of Entries…
Written by David Neuman, JD LMC Tax & Legal Manager As remote work continues to reshape the modern workforce, many businesses are hiring employees who live outside the state where the company is based. While this approach provides access to a broader talent pool and increased flexibility, it…
LMC is incredibly proud of our employees and their dedication to both the firm and our clients. This past month, LMC team members took part in the following events: Sushi & Sashimi Luncheon On Thursday, March 26, we brought back a team favorite with a sushi and…
Written by David Newman, JD LMC Tax & Legal Manager Following our July article, Understanding the New $1,000 Savings Accounts for Children, this update highlights recent developments and additional guidance. A new tax-advantaged savings vehicle for children has been introduced under recent legislation. Known as “Trump Accounts”,…
New York is moving forward with a state-sponsored retirement savings initiative that will impact many private employers beginning in 2026. The New York State Secure Choice Savings Program is designed to expand access to retirement savings by requiring certain employers to facilitate payroll-based contributions into individual retirement accounts…
