With the 2024 tax season upon us, last month, Treasury Secretary Janet Yellen announced, on a call with reporters, that as part of its new Simple Notice Initiative, the IRS has rewritten most commonly received notices. The notices should now be shorter, clearer, and easier to understand. According…
On Tuesday, February 6th, LMC hosted its first Quarterly Renewal, an engaging and interactive session to highlight key initiatives of the firm, which is a continuation from the firm’s first Whole Company Alignment event in November last year. The firm came together to reflect on our collective…
LMC is thrilled to announce the promotion of Christopher Kotan, CPA to Partner in the firm. Christopher has been an invaluable asset to our firm, serving as a dedicated and loyal tax professional, demonstrating proactive leadership to our teams by overseeing the Tax department and playing a…
As we begin 2024 and the impending tax season, we are committed to helping clients organize and gather their tax documents and information. Many of you have received an email describing a new program called TaxCaddy that we have implemented. It is an innovative tool to help us…
The Child Tax Credit is for individuals who claim a child as a dependent, but only if the child meets certain conditions, such as being under the age of 17. The credit applies not only to sons and daughters, but includes stepchildren, foster children, brothers, sisters, stepbrothers, stepsisters,…
The Internal Revenue Service has, once again, announced a new initiative aimed at combating dubious Employee Retention Credit (ERC) claims. The IRS recently launched a new Voluntary Disclosure Program to help businesses pay back funds they may have received after filing ERC claims in error. The new…
As the new year begins, we take immense pride in celebrating the accomplishments and dedication of our entire team. LMC is proud to announce and recognize the promotion of several individuals to the next level in their careers. Congratulations to all on their well-deserved promotions! We look forward…
Earlier this week, the IRS announced in Notice 2024-7 that it will be waiving the failure-to-pay penalties for eligible taxpayers that failed to pay back taxes for the tax years 2020 and 2021. The IRS temporarily suspended mailing automated reminders to pay overdue tax bills during the pandemic,…
The Internal Revenue Service has announced that the amount individuals can contribute to their 401(k) plans in 2024 increases to $23,000, up from $22,500 for 2023. The IRS also has issued technical guidance regarding all the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items….
If you thought that selling those Taylor Swift tickets this past year on StubHub was going to get you a form 1099-K, then think again. The Internal Revenue Service has recently announced that they are postponing the lower threshold of $600 for Form 1099-K reporting, and will…
