LMC Partners recently attended the Ascend Partner Summit in Phoenix, Arizona, where the firm was honored to receive Ascend’s Transformation Award in recognition of the firm’s achievements during 2024. This award highlights the firm’s dedication to continuous improvement and excellence. The summit brought together firms from across…
The Fifth Circuit Court of Appeals recently reinstated an injunction halting enforcement of Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act, reversing an earlier decision from Monday, December 23rd, 2024. As a result, the requirements for businesses nationwide to file BOI reports have been…
Please note: BOI reporting requirements are once again on hold as of Friday, December 27th, 2024. The Financial Crimes Enforcement Network (FinCEN) has announced an extension of deadlines for most reporting companies towards Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (CTA). This extension follows…
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 Holiday Party On December 3rd, LMC ‘s annual holiday party, themed “A Night of Stars and…
Co-written by Meghann Smith Senior Analyst, LMC Family Office Co-written by Faye R. Strobel, CPA, CTP Senior Business Manager, LMC Family Office As the year draws to a close, family offices and high-net-worth individuals are focusing on optimizing tax efficiency. Strategic planning ensures fully leveraging…
LMC is excited to announce that CEO, Lee M. Cohen, CPA, has been recognized by Crain’s New York Business as one of the Notable Leaders in Accounting, Consulting, and Law for 2024. Lee’s leadership has played a key role in LMC’s growth and success, guiding the firm with…
Written by Jeffrey S. Gold, CPA LMC Tax Director Cryptocurrencies such as Bitcoin are digital representations of value that function as a unit of account and are considered virtual currency. The use of virtual currencies has proven to be challenging for the IRS from both a guidance…
Written by Michael Kanjo LMC Senior Audit Manager 401(k) employee benefit plan audits are essential for ensuring compliance with federal regulations and maintaining the integrity of retirement plans. These audits are required for “large” plans, which are defined as those with 100 or more participants with account…
On December 3, 2024, a federal judge in Texas issued a preliminary injunction temporarily blocking the enforcement of the Corporate Transparency Act (CTA) and its beneficial ownership reporting requirements. This ruling delays the January 1, 2025, compliance deadline for businesses required to report ownership information to the Financial…
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 Halloween Happy Hour On October 31st, LMC celebrated Halloween with a festive happy hour at the…
