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Contained on this page of our website, you will find news briefs relevant to the financial industry. This area is updated frequently, as we continue to provide our clients and visitors the most current information available.

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Working for Unreported Cash	3/5/2010
While Congress is trying to entice companies to start hiring again, many businesses have become used to working with leaner staffs. Some continue to eliminate jobs and cut back hours. Claims for unemployment benefits are up one week and down the next. The unemployment rate stands at 9.7%, with... (Details)

American Recovery & Reinvestment Act of 2009	12/8/2009
The recently enacted “American(Details)

IRS releases 2010 Mileage Rates	12/3/2009
The Internal Revenue Service has issued the 2010 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans,... (Details)

50 Questions to Ask When Interviewing a CPA	11/11/2009
Hiring a CPA is not the easiest thing to do - especially if you do your due diligence. What should you ask? How do you know that he/she is who they say they are? Can you verify that they are licensed? Here is a great article on exactly what to look for and the questions... (Details)

Accountability - What ever happened to it???	10/6/2009
Accountability seems to be something other people DON'T do. What about ourselves? Are we accountable? The following article provides us with 5 tips to aid us in holding ourselves accountable to others. Let us know what you think by sending an email (address shown below)... (Details)

IRS Whistleblower Program a BIG HIT!	10/5/2009
The IRS’s paid informant program yielded 476 tips last fiscal year about 1,246 tax evaders after Congress substantially revamped the program in 2006. The change in the law boosted whistleblower payments from a maximum of 15 percent to a maximum of 30 percent of the proceeds recovered. Last... (Details)

Unlicensed Tax Preparers-61% prepared incorrectly	9/4/2009
During the 2008 filing season, the Treasury Inspector General for Tax Administration (TIGTA) found that a majority of tax returns prepared by a sample of unenrolled, unlicensed preparers... (Details)

Small Business Stimulus Tax Breaks Near Deadline	8/20/2009
The IRS said that time is running out for many small businesses that wish to take advantage of the tax breaks in the stimulus bill. Eligible individuals have until Oct. 15 to choose the expanded business loss carryback option included in this year’s American Recovery and Reinvestment Act,... (Details)

More Stimulus Contracts to Go to Small Businesses	8/20/2009
The Small Business Administration and the Commerce Department plan to offer more federal contracts to small businesses, but a small business advocacy group is skeptical. Federal officials from the two agencies intend to participate in more than 200 procurement events across the country... (Details)

Tax Preparer Standards - IRS lets Public Decide	7/27/2009
IRS Asks Public for Ideas on Tax Preparer Standards Washington, D.C. (July 27, 2009) The Internal Revenue Service wants ordinary taxpayers to offer suggestions on how to improve tax preparer performance. Last month, IRS Commissioner Doug Shulman announced plans to develop... (Details)

Check Withholding to Prevent Year-end Surprise	6/26/2009
However, particular taxpayers who fall into any of the following groups should review their tax withholding rates to ensure enough tax is withheld: multiple job holders, families in which both spouses work, workers who can be claimed as dependents by other taxpayers and pensioners. Failure... (Details)

Tax Free - Cash for Clunker Autos	6/22/2009
On June 18, the Senate passed H.R. 2346, the Supplemental Appropriations Act of 2009. The House had previously passed the measure, so it's on the way to the White House... (Details)

Tax Break for Cars Bought with No Sales Tax	6/11/2009
IRS Offers Tax Break for Cars Bought in States with No Sales Tax Washington, D.C. (June 11, 2009) The IRS said a tax break is now available to purchase new motor vehicles in states that do not have a sales tax. Earlier this year, the stimulus package signed into law by President... (Details)

IRS Plans to Step Up Tax Preparer Regulation	6/5/2009
IRS Commissioner Doug Shulman intends to propose a comprehensive set of recommendations by the end of 2009 to ensure “uniform and high ethical standards of conduct for tax preparers” in order to increase taxpayer compliance. Some of the potential recommendations coming out of the IRS could... (Details)

IRS has $1.3 Billion in Unclaimed Refunds	3/3/2009
WASHINGTON — Unclaimed refunds totaling approximately $1.3 billion are awaiting over a million people who did not file a federal income tax return for 2005, the Internal Revenue Service announced today. However, to collect the money,... (Details)

Weekly Savings Tip - America Saves Week	2/23/2009
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2009 Stimulus Act - Preliminary Tax Changes	2/12/2009
Late on February 11, Nancy Pelosi (D-CA), Speaker of the House of Representatives, issued a Fact Sheet carrying a preliminary overview of the Conference Report on the American... (Details)

House Passes Economic Stimulus Bill	1/29/2009
House of Representatives passes economic stimulus bill — Senate to vote on its version next... (Details)

IRS releases 2009 Mileage Rates	12/20/2008
For 2009, the standard mileage rate for the cost of operating your car for business use is 55 cents per mile. Car expenses and use of the standard mileage rate are explained in chapter 4 of Publication 463, Travel, Entertainment,... (Details)

Withholding Tax Crackdown	12/10/2008
IRS Commissioner Douglas Shulman said the agency would begin ramping up enforcement against tax abuses such as the avoidance of withholding taxes, especially on dividends. In a speech at a Washington, D.C., tax conference, Shulman said that withholding taxes is one of the... (Details)

2008 New Tax Law - Housing Act	11/24/2008
The “American Housing Rescue and Foreclosure Prevention Act of 2008”—the Housing Act—was signed into law by the President on July 30, 2008. This sweeping measure is designed to shore up the ailing housing market as well as tighten... (Details)

2008 New Tax Law - Emergency Stabilization Act	11/24/2008
On Oct. 3, 2008, the President signed into law the Emergency Economic Stabilization Act of 2008. Although virtually all of the press coverage of this law has concentrated on... (Details)

2008 New Tax Laws - Heroes Act	11/24/2008
The “Heroes Earnings Assistance and Relief Tax Act of 2008” (the 2008 Heroes Act) provides targeted tax relief for military members and their families, fully offset with tightened expatriation rules, a new rule requiring U.S.... (Details)

2008 New Tax Law - Extenders Act	11/24/2008
The “Tax Extenders and Alternative Minimum Tax Relief Act of 2008” (the 2008 Extenders Act), which was enacted on Oct. 3, 2008, provides extensions for several popular tax breaks and the addition of several new relief provisions,... (Details)

Survey Finds Unlicensed Tax Preparers Not Reliable	9/18/2008
A growing number of U.S. taxpayers are relying on tax preparers to file their returns. For the 2007 tax year, that meant 83 million returns, or more than half of all taxpayers. What troubles the Treasury Inspector General for Tax Administration (TIGTA) is, there is... (Details)

Mortgage Debt Forgiveness	7/18/2008
There is now tax relief for struggling homeowners. If your mortgage debt is partly or entirely forgiven during 2007, 2008 or 2009 you may be able to claim special tax relief by filling out Form 982 and attaching it to... (Details)

IRS Changes Business Tax Extension Timeline	7/1/2008
The Internal Revenue Service has moved the extended due date for partnership, estate and trust tax returns from Oct. 15 to Sept. 15 to avoid overlapping with the extended deadline for individual taxes. The change is aimed at easing the burden on taxpayers who must report... (Details)

IRS Increases Business Mileage Rate	6/27/2008
The Internal Revenue Service is trying to cope with rising gas prices by increasing the optional standard mileage rates that taxpayers can use to calculate the deductible costs of operating an automobile. The (Details)

Tax Credit for Hybrid Vehicles - 2007	3/21/2008
If you bought a hybrid vehicle in 2007, you may be entitled to a tax credit on your 2007 return. The credit is worth as much as $3,000 for the most fuel-efficient models. The precise amount depends on the make and model of the vehicle and when the vehicle was purchased.... (Details)

IRS Has $1.2B in Unclaimed Tax Refunds for 2004	3/21/2008
IRS Has $1.2B in Unclaimed Tax Refunds for 2004Washington, D.C. (March 20, 2008) By WebCPA staff The... (Details)

What Are Your Chances of Being Audited?	3/20/2008
IRS's 2007 data book provides some clues - 2007 Data Book (Pub 55B, March 2008) IRS has issued its annual data book, which provides statistical data on its fiscal year (FY) 2007 activities. As this article explains, the data book provides valuable information about... (Details)

Stimulus Rebate Calculator	3/20/2008
IRS has announced the availability of an online calculator to help taxpayers determine if they are eligible to receive an economic stimulus payment and if they are, how much they can expect (see http://www.irs.gov/app/espc/... (Details)

IRS announces economic stimulus payment schedules	3/20/2008
IRS has announced that it will begin sending more than 130 million economic stimulus payments starting May 2. The initial round of weekly payments will be completed by early July. IRS also announced the availability of a new online calculator on its web site to help people determine the amount... (Details)

IRS Warns of New E-Mail and Telephone Scams	1/30/2008
WASHINGTON — The Internal Revenue Service today warned taxpayers to beware of several current e-mail and telephone... (Details)

House & Senate Consider AMT Patch Bill	10/18/2007
On Oct. 17, House Ways and Means Committee Chair Charlie Rangel (D-NY) said that he will introduce the details of two separate pieces of tax legislation the week of Oct. 22: (1) a “stop-gap” bill that would contain a one-year AMT patch and a group of popular tax extenders; and (2) the “mother of... (Details)

House OKs Tax Collection Responsibility Act	10/10/2007
The House on Oct. 10 by a vote of 232-173 approved H.R. 3056, the Tax Collection Responsibility Act of 2007. The bill would among other items repeal IRS's authority to use private debt collection companies, delay implementation of withholding taxes on government contractors, and revise the tax... (Details)

House approves home mortgage debt forgiveness bill	10/4/2007
On Oct.4, the House by a vote of 386 to 27 approved H.R. 3648, the "Mortgage Forgiveness Debt Relief Act of 2007." The measure was favorably reported out of the House Ways and Means Committee on Sept. 26 unanimously by voice vote. The bill would include a permanent exclusion from... (Details)

IRS Encourages Taxpayers to Protect Records	6/6/2007
IRS has issued a reminder to taxpayers and businesses to protect financial and tax records in the event of hurricanes as well as other disasters. The agency encouraged individuals and businesses to take advantage of paperless recordkeeping,... (Details)

Kiddie Tax Broadened to 18 Year Olds	6/6/2007
On May 25, the President signed into law H. R. 2206, the Iraq emergency supplemental appropriations bill (P.L. 110-28) containing the Small Business and Work Opportunity Tax Act of 2007 (the Small Business Act). Included in the Small Business Act... (Details)

IRS Warns of Yet Another E-mail Scam	6/5/2007
The latest e-mail scam targeting taxpayers is intended to fool people into believing they are under investigation by IRS's Criminal Investigation (CI) division, IRS said in a warning released on May 31. As described by the agency, the e-mail... (Details)

S-Corp Loans Can Raise Shareholder Basis	3/28/2007
Shareholders in an S corporation may deduct their share of the S corporation's net operating losses. However, the deduction that a shareholder may take is limited to the sum of the adjusted basis of the shareholder's stock in the S corporation and the adjusted basis of any debt of the S corporation... (Details)

What Are Your Chances of Getting Audited?	3/23/2007
IRS has issued its annual data book, which provides statistical... (Details)

Tax Deadline moved to April 17, 2007	2/1/2007
Tax season just got two days longer, thanks to a holiday in the District of Columbia. The IRS has announced that filers will have until April 17 to file returns or extension requests because the traditional filing deadline of April 15 falls on a Sunday and April 16 is Emancipation Day, a legal... (Details)

Should I buy or lease assets for my business?	12/21/2006
This decision depends on several factors, such as the cost of the asset, your cash and/or credit position, and the asset's value to you now and in the future. In the short term, leasing an asset allows you to try out a product without making a lengthy commitment.... (Details)

Credit for Hybrids Begins Phase-Out	11/10/2006
After reviewing the third quarter sales of Toyota Motor Sales, USA, Inc.,... (Details)

Another Illegal Tax Scheme - BUSTED!	11/6/2006
WASHINGTON, D.C. - The Department of Justice today filed suit in federal court in Denver to stop a Fort Collins, Colo., couple and their organization from promoting an abusive tax scheme. According to Justice Department papers filed in the case,... (Details)

IRS Changes Address for Hand Delivered Documents	7/5/2006
Because of the closure of the IRS headquarters building, there is a temporary change of address for the delivery of taxpayer requests... (Details)

Charlotte NC CPA Firm featured on MS Website	3/21/2006
To make tax season a lot less taxing for many small-business owners, the Microsoft Professional Accountants’ Network, a group of experts and a bunch of resources, has been created. It’s part of the Microsoft Partner Program, an industry-leading network of companies that use Microsoft software and... (Details)

Protect your wallet in a divorce	9/21/2005
Protect your wallet in a divorce Don't leave a marriage with your finances in turmoil. Here's how to preserve your financial health. NEW YORK (CNN/Money) - Making plans to preserve your assets in case of a divorce may not be very romantic. But with half the population headed for divorce... (Details)

2005 IRS Standard Mileage Rate - Increased	9/12/2005
The IRS has announced an increase in the optional standard mileage rates used by employees, self-employed individuals, and other taxpayers for the last four months of 2005. The rate has been increased to 48.5 cents per mile for all business miles... (Details)

IRS Launches S-Corp Tax Evasion Study	7/25/2005
WASHINGTON — Internal Revenue Service officials announced today the launch of a study to assess the reporting compliance of S corporations. The study, carried out under the National Research Program (NRP), will examine 5,000 randomly selected S corporation returns from tax years 2003 and 2004.... (Details)

Small Businesses - Still Unsure of Economy	4/20/2005
Scant first quarter hiring by small businesses in Silicon Valley and elsewhere shows many companies still lack the confidence to make new permanent hires. (Details)

IRS Targets Small Business	4/8/2005
The Internal Revenue Service is targeting small businesses. Concerned about widespread noncompliance with employment tax rules, the IRS in February unveiled a new form for filing employment taxes, it hopes will simplify payroll tax reporting and reduce errors. The IRS also hopes the new form... (Details)

Basic Tax Rules May Baffle Most Taxpayers	4/3/2005
When it comes to knowing basic tax rules... (Details)

Turbo Tax User Granted Election Extension	3/31/2005
In a not-yet published private letter ruling obtained by Tax Analysts, the IRS granted relief to a taxpayer who claims he overlooked an investment income election worthover $70,000 because he used TurboTax software. (Details)

IRS Unveils Redesigned Employment Tax Return	3/7/2005
WASHINGTON –– The Internal Revenue Service today unveiled the redesign of the employment tax return Form 941, Employer’s Quarterly Federal Tax Return. The simplified form should help businesses, tax practitioners and payroll companies avoid common... (Details)

What Traits Does It Take to Start a Business?	3/4/2005
When the seed money is exhausted and the world turns dark, the true entrepreneurs are separated from the dabblers. (Details)

IRS Announces the 2005 Dirty Dozen	3/1/2005
WASHINGTON — The Internal Revenue Service today unveiled its annual listing of notorious tax scams, the “Dirty Dozen,” reminding taxpayers to be wary of schemes that promise to eliminate taxes or otherwise sound too good to be true.(Details)

Internet Auctions - Source Federal Trade Commissio	2/23/2005
According to the FTC, it is not unheard of for eBay to have over 2.5 million items up for auction. Almost everything you could dream of is available at your fingertips.(Details)

Starting a Small Business - Advice and How To's	12/28/2004
Itching to test your skills as the head of your own... (Details)

Beware of the Infected JPEG File	12/9/2004
On September 14, Microsoft issued a security bulletin alerting users to an image-processing vulnerability affecting several pieces... (Details)

Employee Health Coverage - Employer Benefits	11/29/2004
Employers who don't provide health insurance cited cost and employee turnover as the main reasons for not offering the benefit, according to a survey by the state. Nearly... (Details)

October Tax Law Changes Impact Clients Tax Returns	11/22/2004
Starting with a new provision amending IRC Sec. 164 and allowing individuals to deduct either their state and local income taxes or their state and local sales taxes in their 2004... (Details)

2005 IRS Mileage Deduction - Largest Ever!	11/18/2004
11/17/2004 2:46:01 PM, CBS MarketWatch via NewsEdge Corporation : SAN FRANCISCO (CBS.MW) -- Rising gasoline prices are pinching business owners' transportation budgets nationwide, but the IRS' largest-ever annual increase in the mileage-deduction rate will... (Details)

Claiming Casualty Losses	9/27/2004
Affected taxpayers in a Presidential Disaster Area have the option of claiming disaster related... (Details)

Use a Closed-End Lease	9/24/2004
Closed-end leases reduce the company's risk of loss from unexpected devaluations of its leased assets because the residual value is not guaranteed and... (Details)

Real estate swaps more popular as property values	9/14/2004
AP Alert - New Hampshire via NewsEdge Corporation : HAMPTON, N.H.When Ray and Marie Donner sold their inn in Camden, Maine, this spring, they invested the money in New Hampshire real estate to avoid capital gains taxes. We were going to get a substantial proceeds from the sale of the inn,... (Details)

IRS hosts tax workshop for small businesses	9/8/2004
The Internal Revenue Service will conduct a tax workshop for area small-business owners Sept. 22, 2004. The free seminar will be held from 9 a.m. until 4 p.m. at Central Piedmont Community College's West Campus. The workshop will cover business taxes, tax benefits and obligations connected with... (Details)

8 Ways to Get Going When the Going Gets Tough	8/30/2004
Your biggest customer has downsized and taken work in-house that they had been outsourcing to you. The prospect who was hot to do business last month, is stalling this month, or telling you they want your services but at a ridiculously low rate. And when you called the buyer you usually deal... (Details)

Estate Taxes - Death & Decoupling	8/11/2004
Since the early 1980s, the standard will for married people has changed very little, but beginning next year, couples will be well advised to revisit those estate documents.(Details)

How To Audit-Proof Your Tax Return Forever!	8/1/2004
Congress recently passed legislation that is supposed to result in a more "sensitive" Internal Revenue Service. You know, not such a lean, mean, tax-collecting machine.... (Details)

Buy Sell Agreements Require Careful Attention	7/28/2004
Knowing the Tax Court ruling in “Estate of Blount” will help you understand and formulate the Buy Sell arrangements of your clients. (Details)

$11 Billion Tax Break Passed for Small Business	7/22/2004
The U.S. House voted unanimously Wednesday to pass legislation that would save small businesses $10.9 billion in taxes from 2006 through 2008. (Details)

Lawmakers Agree to Keep Some Tax Cuts	7/21/2004
WASHINGTON - House and Senate negotiators have agreed to extend for two more years President Bush's tax cuts for wage earners, parents and married... (Details)

Tax Deadline Looms for Many Taxpayers!	7/19/2004
If this doesn't mean anything to you that is because you are not one of the millions that applied for a four (4) month automatic extension on April 15th! Because August 15th is on a Sunday, this year's deadline is August 16th. According... (Details)

Sales and Use Tax: Tips and Traps	7/13/2004
Not applying for a sales permit before commencing sales may prove costly for your clients! (Details)

Top Ten Tax Objectives In Divorce	7/8/2004
Learn about unique tax rules that apply to termination of marriage...(Details)

Business Owners and Summer Vacations	7/6/2004
Two-Thirds of Business Owners Planning Summer Break - Many Will Worry About Business While Vacationing, According... (Details)

Business Laws	7/5/2004
Complying with business laws and regulations can be a burden on small businesses. To help businesses overcome this hindrance, the SBA in cooperation with multiple Federal agencies developed (Details)

Buying a Business - Pros & Cons	7/2/2004
Many of your prospective small business clients may find the idea of running a small business... (Details)

AICPA Poll-Health Care, Taxes Top Small Bus List	7/1/2004
Health care and taxes are the top concerns of small businesses, according to the results of the first online poll of the AICPA Virtual Grassroots Panel. The poll, conducted in Feb., provides a snapshot of the small business environment in which CPAs are actively... (Details)

Appraising Your Business Can Be Invaluable	6/30/2004
Question: I'm thinking about taking on a partner who would buy into my business. Before that can happen, we need to know what the business is worth. We'd rather not spend big dollars for a formal valuation or appraisal, but we will if we must. What are some of the options... (Details)

Home Is Where the Taxman Says it is!	6/29/2004
The IRS has its own defintion of "tax home" that may determine the deductibility of travel expenses, and that definition varies... All homeless people are not sleeping in subways and dining from dumpsters. Some have physical homes -- but no tax homes. The location of a person's tax home,... (Details)

Five (5) tax myths that can cost you $$$$$$$	3/15/2004
We all think we know the parts of the tax code that affect us. But do we really? If you believe some of these myths, you could pay more tax than you should. Myth 1: I’m a student, so I don’t have to pay taxes - There’s no special tax status afforded to students. They are subject to tax... (Details)

Lesemann & Associates to participate in LKN Expo	2/16/2004
On March 4, 2004, Lesemann & Associates, PLLC CPAs will be participating in the Lake Norman Business Expo at Davidson College, Davidson, NC sponsored by the Lake Norman Chamber of Commerce. Plan to stop by and register to have your 2003 Federal & State Individual tax returns prepared at no charge... (Details)

Eighth career's the charm for Huntersville CPA	1/21/2004
Eighth career's the charm for Huntersville CPA By Brooke Weihe Lake Norman Times - Wednesday, January 21, 2004 J.A. Lesemann Jr. has, in the past decade, switched jobs far more often than most of us would ever want to. Whether he's changed occupations in that time, however, is debatable.... (Details)

Prepare for Your CPA & Save $$$	1/10/2004
On January 10, 2004, J. A. Lesemann, Jr. CPA, Managing Memeber of the CPA Firm - Lesemann & Associates, PLLC - presented "Prepare for Your CPA & Save $$$" at the 1st Annual Small Business Expo sponsored by Central Piedmont Community College, Charlotte, NC. For more information, please contact... (Details)

Tips & Tricks for Small Businesses	1/10/2004
On January 10, 2004, J. A. Lesemann, Jr. CPA, Managing Memeber of the CPA Firm - Lesemann & Associates, PLLC - presented "Tips & Tricks for Small Businesses" at the 1st Annual Small Business Expo sponsored by Central Piedmont Community College, Charlotte, NC. For information, please complete contact... (Details)

Website Launched	12/30/2003
In January 2004, the LesemannCPA.com website is launched. Our website is here to provide local individuals and businesses with an outline of our services, as well as a informative portal to keep in touch with financial news which may effect their needs. (Details)

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