LMC is proud to share for a consecutive year, the firm has been recognized as one of the 2024 Best Companies to Work for in New York, by the New York State Council of the Society for Human Resource Management, together with Best Companies Group, BridgeTower Media and Rochester…
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…
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…
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…
The house recently passed the Tax Extenders Bill, reviving several tax breaks, including the enhanced Child Tax Credit, incentives for economic growth, improvements in interest expense, and more. The measure was approved by a vote of 357 to 70, now heads to the Senate floor which is impending…
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…
As the digital landscape of gambling continues to expand with the legalization of online sports betting in more states, both seasoned bettors and novices are navigating the complex world, whether they owe taxes on their gambling winnings. With the recent exciting finish of the 2024 Super Bowl, many…
