On November 22, 2023, New York State took a significant step towards safeguarding the rights of freelance workers by enacting the “Freelance Isn’t Free” Act. This legislation, set to take effect on May 20th, 2024, aims to provide vital protections for freelancers and independent contractors across the state….
The Tax Cuts and Jobs Act (TCJA) of 2017 introduced a significant change in the tax landscape for business owners by establishing the Qualified Business Income (QBI) deduction. It’s important to note that this deduction is temporary, set to expire at the end of 2025 unless Congress takes…
As LMC’s dedicated staff have been working hard throughout this busy season, the firm continued showing our appreciation by offering more curated events last month and opportunities to de-stress. Not only did we have our annual March madness college basketball bracket competition, we hosted new fun events for…
LMC is proud to announce that, for a consecutive year, the firm has been recognized as a 2024 Regional Leader by AccountingToday! In addition, our strategic investment partner, Ascend, is listed as a 2024 Top 100 firm by AccountingToday. This dual recognition further underscores the strength of our…
The dedicated staff at LMC have been working hard throughout this busy season, and the firm wanted to continue showing our appreciation by offering curated events throughout the month. Health and Wellness Initiative The firm has continued our health and wellness initiative by offering a variety…
Written by Jon Porcelli Senior Tax Manager In the scope of real estate investment, a 1031 exchange (like-kind exchange) stands out as a key strategy for deferring capital gains taxes through the swap of one investment property for another. This approach, rooted in Section 1031 of the Internal…
Written by Nick Grgas Audit Director In the complex world of business, fostering a strong relationship between clients and accountants is not just beneficial—it’s essential for success. It’s clear that the most productive accounting relationships are those built on continuous communication and mutual understanding. Unfortunately, many businesses still…
LMC attended the recent MAGIC Event in Las Vegas, which took place February 13th to 15th. This event is known for showcasing a wide spectrum of brands across sportswear, apparel, footwear, and accessories. This engagement highlights our commitment to supporting our clients as they exhibited at the event….
On March 11, 2024, the labor classification guidelines under the Fair Labor Standards Act (FLSA) underwent a significant transformation from the U.S. Department of Labor (DOL). This development redefined the criteria for distinguishing between employees and independent contractors, pivoting from previous regulations that emphasized control and the potential…
Featuring Lee Hamway Managing Partner, LM Mortgage Consulting and Advisory Services The Bottom Line was excited to interview Lee Hamway, Managing Partner at LM Mortgage Consulting and Advisory Services. Lee is a veteran mortgage professional, specializing in simple and complex real estate financing transactions. BL: How…
