Don't Let the Biggest LM-2 Reporting Changes in 20 Years Turn Reporting Season Into a Compliance Nightmare
The Department of Labor has significantly expanded LM-2 reporting requirements, increasing the amount of financial detail many labor organizations must collect, validate, and disclose.
If your current system has not been updated for the NEW DOL changes, now is the time to prepare.
Micro Force’s Quick LM-2 helps labor organizations capture required LM-2 reporting information throughout the year - reducing manual effort, improving reporting accuracy, and simplifying preparation for evolving Department of Labor requirements.
Quick LM-2 is available for Microsoft Dynamics 365 Business Central. We have also updated this solution to support labor organizations using Dynamics GP, as well as any other accounting systems such as NetSuite and QuickBooks, provided data is being captured as needed for the new DOL reporting requirements.
Purpose-built for labor organizations using Microsoft Dynamics. Designed to help you prepare for the new LM-2 reporting requirements with greater confidence.
Some of the largest labor unions in the country enjoy our Quick LM-2 solution, including:
American Postal Service Union
ASFCME
Security Police Fire Union
AFGE
District Council 37
International Brotherhood
NYSUL Professionals
Built for Labor Organizations!
Dynamics
First developed for Microsoft Dynamics in 2007
PURPOSE
Purpose-built for LM-2 reporting
MANUAL
Eliminates manual reporting work
ACCURACY
Improve reporting accuracy – single source of truth
DOL
Prepare for the new June 2026 DOL requirements
The Rules have changed. Has Your Business Accounting System been updated to accommodate all the new DOL changes?
For the first time in more than two decades, the U.S. Department of Labor has fundamentally changed LM-2 reporting.
The revised requirements mean many labor organizations must collect more detailed financial information, support expanded reporting schedules and prepare for greater transparency.
For finance teams, this isn't simply a new form. It changes how reporting information needs to be captured throughout the year.
Without an updated system, organizations will face:
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More manual data collection
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Increased reporting complexity
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Greater risk of errors and omissions
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More spreadsheet reconciliation
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Additional validation before filing
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Increased risk during an audit, due to not having a "single source of truth"!
The challenge isn't simply producing the report. It's having accurate, complete information available when it's time to file but also for potential Department of Labor audits.
It Costs More Than You Know to Produce Your LM-2 Report Year-after-Year
Labor Unions who comply with annual LM-2 reporting face a substantial work-effort to gather and consolidate the information needed.
Attempting to create the LM-2 report manually requires massive hours of your resources time, makes you vulnerable to errors, and is one of the biggest challenges for Labor Unions to pull together year after year.
Multiply the hours spent collecting data from various sources, meticulously transforming the data to meet cash basis and special requirements, and correcting errors from manual processing to identify a major repeatable expense.
Why Generic Reporting Tools Fall Short
Most reporting tools weren't designed specifically for Department of Labor LM-2 reporting. They often require manual exports, custom reports, or spreadsheet manipulation.
Quick LM-2 was purpose-built for labor organizations using Microsoft Dynamics, helping capture required information throughout the year rather than reconstructing it at year end.
What's Changing with LM-2 Reporting?
Beginning with fiscal years starting on or after July 1, 2026, the Department of Labor's revised LM-2 regulations introduce significant changes to labor organization reporting.
New LM-2 Long Form
New LM-2 Long Form
Labor organizations with $40 million or more in annual cash receipts must complete the new LM-2 Long Form, which expands reporting into 32 detailed schedules and requires significantly more transaction-level financial information.
Updated Filing Thresholds
Form
LM-2 Long Form
LM-2
LM-3
LM-4
Annual Cash Receipts
$40 million and above
$350,000 to $39.999 million
$25,000 to $349,999
Under $25,000
More Detailed Financial Reporting
Depending on the applicable filing requirements, organizations may need additional detail involving:
• Cash receipt categories
• Disbursement schedules
• Officer compensation, benefits, and certain travel-related expenses
• Employee compensation, benefits, and certain travel-related expenses
• Investment activity
• Fixed asset transactions
• Affiliate transactions
• Qualifying foreign transactions
Large labor organizations must also disclose qualifying foreign transactions totaling $5,000 or more with individual foreign entities during the reporting period.
New Foreign Transaction Reporting
Large labor organizations must disclose qualifying foreign transactions totaling $5,000 or more with individual foreign entities during the reporting period.
The revised regulations remove certain functional spending classifications while expanding detailed financial disclosures across new reporting schedules.
Is Your Organization Ready?
Before reporting season, assess whether your processes and accounting data are prepared for the revised requirements.
2026 LM-2 Compliance Readiness Checklist:
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Determine which filing form applies
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Review reporting thresholds
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Evaluate chart-of-accounts requirements
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Assess transaction-level tracking
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Prepare for expanded schedules
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Identify gaps before filing season
How Quick LM-2 Simplifies Reporting
Quick LM-2 for Microsoft Dynamics 365 Business Central creates a structured, repeatable reporting process so your team can prepare throughout the year instead of reconstructing information at year end.
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Capture Reporting Data Throughout the Year
Capture required LM-2 information as normal accounting transactions are processed, or import required information through a structured process when using another accounting system.
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Reduce Manual Data Collection
Reduce spreadsheet-based processes, duplicate entry, and the time spent gathering reporting information from disconnected sources.
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Improve Reporting Accuracy
Capture reporting classifications closer to the original transaction - or through a structured import and review process - to help reduce manual coding errors and year-end corrections.
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Support Expanded Reporting Requirements
Maintain the additional transaction detail needed to support evolving Department of Labor reporting requirements.
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Review Before You File
Use reconciliation and validation reports to review reporting information before generating the annual LM-2 filing output.
From Daily Transactions to LM-2 Filing
Quick LM-2 turns annual reporting into a more manageable year-round process.
1. Enter and classify transactions
Process normal accounting activity while capturing the information needed for LM-2 reporting.
2. Capture or import LM-2 detail
Maintain reporting information within the Quick LM-2 reporting environment.
3. Review coding and make adjustments
Review LM-2 classifications and make appropriate changes when necessary.
4. Reconcile and validate
Run reconciliation and validation reports before filing.
5. Generate LM-2 filing output
Use the information captured throughout the year to generate the required LM-2 reporting output.
The Result: Less Tedious Manual Work at Filing Time
Quick LM-2 automatically populates required LM-2 schedules using information captured throughout the year, helping your team reduce manual effort, improve reporting accuracy, and prepare for filing with greater confidence.
How To Create Your LM-2 Report the Easy Way:
Get Quick LM-2 modules from Micro Force to capture all the transactions that are in your Microsoft Dynamics ERP for Schedules 14-20 automatically.
Eliminate extra effort by your AP team to meet cash basis and special conditions from the DOL. Quick LM-2 will handle it for you.
Consolidate - Import transactions you may have on spreadsheets or from other sources.
Easily make adjustments to your data before submitting your final report to the Department of Labor.
Quick LM-2 Highlights:
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Works seamlessly in your existing ERP without any extra effort by your staff
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Automatically captures necessary LM-2 information while entering regular transactions by using default setups
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Permits coding for LM-2 after vendor invoices have been posted or paid
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Features to capture vendor purchases via credit card purchases or corrections
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Imports data from spreadsheets or other sources and apply default LM-2 values to eliminate hours of extra manual effort by your staff
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Includes reconciling reporting that can be used monthly to reduce the painful year end work that may be required if not using this module
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Includes full reporting, with the option to export to Microsoft Excel
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LM-2 data recorded and stored in your ERP, so you have “one source of truth” versus solutions that require data exporting to Excel to create LM-2 reporting
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Is fully compliant with the Department of Labor
What You Get: Ready-to-File LM-2 Reports Without the Tedious Manual Work
Quick LM-2 automatically populates the required LM-2 schedules using information captured throughout the year, helping your team reduce manual effort, improve reporting accuracy, and prepare for filing with confidence.
Why Generic Systems or External Reporting Fall Short
Our Quick LM2 solution was designed specifically for Labor Unions to address the Department of Labor LM-2 reporting requirements for Schedules 14 to 20. Other LM2 solutions require manual exports, custom reports, spreadsheet manipulation, or extensive year-end data gathering. Audits have revealed that systems did not match what was reported in their annual report.
Quick LM-2 was purpose-built for labor organizations.
Instead of treating LM-2 reporting as a separate annual project, Quick LM-2 helps your team maintain the required reporting information as part of a structured year-round process.
One LM-2 Reporting Solution. Multiple Accounting Environments.
Microsoft Dynamics 365 Business Central
Quick LM-2 is embedded directly in Microsoft Dynamics 365 Business Central, allowing LM-2 information to be incorporated into standard business processes.
Microsoft Dynamics GP
Micro Force has updated its Dynamics GP solution to address the new LM-2 reporting requirements.
NetSuite, QuickBooks, and Other Business Applications
Quick LM-2 also can support organizations using other accounting or business applications when the required data can be exported, mapped, imported, and validated appropriately. Because data environments vary, Micro Force will review your current system and reporting process to confirm whether the solution is a fit.
Why Micro Force?
Decades of Microsoft Dynamics Experience. Purpose-Built LM-2 Expertise.
Using accrual accounting business software systems to report on a cash basis to meet the unique Department of Labor annual requirements for LM2 annual reporting is complex and challenging., if a system has not been created specifically for this purpose. Like our solution was. It requires an understanding of labor organization reporting requirements, accounting data structures, and the practical realities of capturing transaction detail throughout the year.
For decades, Micro Force has helped organizations extend and optimize their Microsoft Dynamics systems with purpose-built solutions for specialized business requirements. We are now offering this solution for labor unions who are using ANY business software system.
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Decades of LM2 annual reporting experience
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Purpose-built solutions for your industry
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Expertise in labor organization reporting requirements
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Responsive U.S.-based support and consulting
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Ongoing product enhancements to address changing DOL regulations
What Quick LM-2 Customers Say
CUSTOMER PROOF
“Quick-LM2 transformed LM-2 reporting from a separate annual project into a seamless part of our daily accounting operations.”
- Ron
CUSTOMER PROOF
“Our team's favorite feature is that LM-2 changes can be made after transactions are posted. It gives us the flexibility we need while keeping day-to-day operations moving.”
-Deborah
CUSTOMER PROOF
“Quick-LM2 is so well integrated with Microsoft Dynamics that our staff didn't have to change how they work. We simply process transactions as usual, make LM-2 adjustments when needed, and save weeks of year-end reporting effort. It's one of the easiest software solutions we've ever implemented.”
-Paul
Why Labor Organizations Choose Quick LM-2
Designed Specifically for LM-2 Reporting
Quick LM-2 wasn't adapted from a generic reporting solution. Micro Force developed it specifically for labor organizations using Microsoft Dynamics.
Reduce Reporting Time
Automate repetitive reporting tasks so your accounting tema spends less time gathering information and more time reviewing it.
Improve Confidence
Reduce manual entry, spreadsheet errors, and last-minute reporting surprises by maintaining reporting information that is embedded in your business software system.
Stay Ready for Regulatory Change
As Department of Labor reporting evolves, Quick LM-2 helps organizations adapt with a structured, repeatable reporting process.
Maximize Your Microsoft Dynamics Investment
Leverage your exisiting ERP investment instead of maintaining disconnected reporting tools and manual processes.
Key Quick LM-2 Capabilities
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Embedded LM-2 functionality for Microsoft Dynamics 365 Business Central
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Updated Microsoft Dynamics GP reporting solution for new DOL requirements
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Quick LM2 solution available for any accounting business software system
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Flexible coding adjustments
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Reconciliation and validation reporting
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LM-2 electronic output generation to upload schedules to the DOL website
Is Quick LM-2 Right For Your Organization?
Quick LM-2 may be a good fit if your labor organization:
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Uses Microsoft Dynamics 365 Business Central
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Uses Microsoft Dynamics GP
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Uses another accounting system capable of capturing allocations to schedules
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Wants to reduce manual LM-2 reporting work
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Is preparing for the revised Department of Labor requirements
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Wants to reduce reliance on spreadsheet-based reporting
A Clearer Path to Implementation
Quick LM-2 is designed to work with your existing Microsoft Dynamics environment. Micro Force helps evaluate your current reporting process, configure the solution, validate reporting requirements, and prepare your team to use it before the next filing cycle.
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Review your current LM-2 reporting workflow
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Confirm Microsoft Dynamics compatibility
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Configure reporting classifications and required data
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Validate reports and reconciliation processes
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Prepare users for year-round reporting
Frequently Asked Questions
What changed with LM-2 reporting in 2026?
The Department of Labor introduced significant changes to LM-2 reporting, including a new LM-2 Long Form for organizations with annual receipts of $40 million or more, increased filing thresholds, expanded financial disclosures, new foreign transaction reporting requirements, and additional reporting schedules.
When do the new LM-2 rules take effect?
The revised regulations became effective July 1, 2026, and apply to fiscal years beginning on or after that date.
Who must file the new LM-2 Long Form?
Labor organizations with annual receipts of $40 million or more must file the new LM-2 Long Form.
What information requires more detailed reporting?
The revised rules expand reporting requirements for revenue sources, vendor payments, officer compensation, employee benefits, investment activity, affiliate transactions, fixed asset transactions, and qualifying foreign transactions.
Do the new rules affect smaller labor organizations?
Yes. Filing thresholds have changed, and additional reporting requirements affect organizations below the $40 million Long Form threshold. Every labor organization should review the revised requirements to determine which form applies and whether internal reporting processes need to change.
How does Quick LM-2 simplify LM-2 reporting?
For Microsoft Dynamics 365 Business Central users, Quick LM-2 is embedded within standard business processes, allowing users to capture required reporting information while processing normal accounting activity. For Dynamics GP and other supported reporting scenarios, Micro Force uses its updated solution and data-handling approach to create a structured process for capturing, importing, reviewing, validating, and reporting LM-2 information.
Does Quick LM-2 work with accounting systems other than Microsoft Dynamics?
Potentially. Quick LM-2 is available for Microsoft Dynamics 365 Business Central, and Micro Force has updated its Dynamics GP solution. The same reporting approach may work with NetSuite, QuickBooks, and other business applications when the required data can be exported and mapped appropriately. A brief review with Micro Force can confirm whether your current environment is compatible.
Can Quick LM-2 replace our LM-2 spreadsheets?
Quick LM-2 is designed to significantly reduce reliance on disconnected spreadsheets by maintaining or importing information into a structured LM-2 reporting process. The exact workflow depends on your accounting application, available data, historical information, and reporting requirements.
How long does implementation take?
Implementation can take as little as one month, but timing depends on your accounting environment, existing reporting process, data structure, and configuration requirements. Micro Force can review your environment and provide an implementation plan.
Can Quick LM-2 help us prepare for future reporting changes?
By capturing and organizing reporting information throughout the year, Quick LM-2 provides a structured reporting process that can be adapted as Department of Labor requirements evolve.
Don't Wait Until Filing Season to Discover Your Reporting Process Is Not Ready!
The new LM-2 requirements increase the amount of information many labor organizations need to collect, validate, and report.
Quick LM-2 helps turn that challenge into a structured, year-round process - reducing manual work, improving reporting accuracy, and helping your team prepare with confidence.
Find out how Quick LM-2 can work with your accounting environment and reporting process