The art market is subject to changes driven by global, political, economic, and technological factors. Navigating these trends requires a keen understanding of the interplay between culture and wealth, and the implications for art investors and collectors. At LMC Advisors, we understand the unique intersection of art…
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…
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…
The IRS has announced some important amounts for the 2024 tax year. Below is a summary: For those who do not itemize on their tax returns, the standard deduction for married couples filing jointly for tax year 2024 rises to $29,200, an increase of $1,500 from tax…
On Thursday, November 16th, LMC closed the office for the day to allow our team to give back and serve the community through our first company-wide LMC Gives Back Day. At LMC, we believe that giving back is not only a core value of our firm, but also…
On Thursday, November 2nd our team gathered for our first Whole Company Alignment, an interactive presentation led by firm leadership, to introduce our team to the firm’s vision, promises and values. LMC has experienced tremendous growth over the past few years. As the firm continues to reach new…
Congress has not enacted significant tax legislation in 2023, although tax changes could be added to year-end budget legislation. In the meantime, tried and true tax planning techniques, the continuing tax ramifications of legislation enacted in 2022, and the scheduled 2026 expiration of many tax breaks leave taxpayers…
