Archive for News

LMC Holiday Party at Tempura NYC

This week, LMC Certified Public Accountants held the firm’s holiday party at Tempura NYC.   It was a great evening of fun, laughter, comradery and rejoicing. Everyone enjoyed socializing at the well-stocked open bar, as well as a full buffet of appetizers, entrees and desserts. Managing Partner, Lee M….

End of Year Strategies to Save On Your 2022 Taxes

As we start the month of December, we thought we might mention some last minute tips that just might help you save on your 2022 taxes.   Do you itemize your deductions, or do you take the standard deduction?   Some taxpayers subtract one overall deduction which is…

NYC Pass-Through Entity Tax Application Now Open

By David Neuman, JD    The New York City Pass-Through Entity Tax (“NYC PTET”) online application is now available, allowing individuals eligible to opt in to the NYC PTET on behalf of an eligible city partnership or eligible city resident S corporation. Only an authorized person may make this election on behalf…

IRS raises interest rates for Q1 2023

There are occasions when taxes are paid late and the IRS computes and interest amount on the late payment. We are often asked how the IRS computes interest.   As reported by Accounting Today, for the calendar quarter starting Jan. 1st, 2023, the IRS has just announced that…

Student Loan Forgiveness Update

By David Neuman, JD    Last week, President Biden announced that the application process for the new, one-time, student loan forgiveness initiative is fully live and active. Over 12 million borrowers have already applied for loan forgiveness, according to top administration officials.   Under Biden’s plan, 40 million…

Year-End Charitable Giving Tips Specifically Using a Donor Advised Fund (DAF)

As we are nearing year-end, many clients are focused on what they can do to reduce the amount of taxes they will owe. One way to reduce taxes and to also assist those in need, is to donate to charity. In addition to simply writing checks directly to…

LMC Recognized by Crain’s as a Top 100 Best Place to Work in NYC

LMC Certified Public Accountants is proud to announce that the firm has been named one of Crain’s New York Business 100 Best Places to Work in NYC for 2022.      On Thursday, September 29th, 2022, LMC partners Thomas Procida, CPA, Michael Young, CPA, Ephraim Fishman, CPA and Maritza…

What are the tax ramifications of having employees in multiple states?

By Ephraim Fishman, CPA   Remote and hybrid work options have become more accepted and many employees are insisting on this option. Remote work has many benefits for companies, including access to a wider pool of employee talent, reduced employee turnover, and cost savings. Many workers who were…

Real Estate Professional Status

By David Neuman, JD    Real estate professional status can provide relief from the passive activity loss limitation rules and the 3.8% net income investment tax (“NIIT”), resulting in significant tax savings.   Rental activities are, per se, passive. Passive activity loss (“PAL”) rules limit the ability to…

2020 Social Security Tax Deferral Payments Due December 31st

By David Neuman, JD    The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, enacted in response to the COVID-19 pandemic, allowed employers to defer the payment and deposit of the employer’s share of Social Security tax.   Employers were able to take advantage of the deferral by…