CPA – Small Business - Tax Planning & Preparation
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LESEMANN
& ASSOCIATES, PLLC
CERTIFIED PUBLIC ACCOUNTANTS CHARLOTTE
NC - LAKE NORMAN NC - HUNTERSVILLE NC - CORNELIUS NC
- DAVIDSON NC -
MOORESVILLE NC - SOUTH CAROLINA
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What is on your credit report? It is important to know what is on your credit report and your credit score. Your credit score is based on a statistical analysis of your credit files and credit worthiness. It takes into account...
Next week, on July 13, Microsoft will be ending its support for Windows XP with Service Pack 2 – a popular operating system that many of our clients have used for years.(Details)
Senate Finance Committee Chairman Max Baucus, D-Mont., has scaled back the carried interest and S corporation tax provisions, in addition to several others, after the tax extenders and unemployment legislation hit a speed bump in the Senate.
The Internal Revenue Service has issued a private letter ruling recognizing California’s community property laws in regard to the tax treatment of registered domestic partners, potentially benefiting same-sex couples.
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...
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,...
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...
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)...
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...
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,...
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...
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.
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...
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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...
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,...
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...
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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...
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....
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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...
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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...
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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,...
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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...
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...
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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...
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.
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....
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...
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...
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/...
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...
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...
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...
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,...
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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...
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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...
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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...
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...
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....
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,...
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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...
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...
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...
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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....
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Scant first quarter hiring by small businesses in Silicon Valley and elsewhere shows many companies still lack the confidence to make new permanent hires.
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.
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.
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...
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)
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)
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.
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...
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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...
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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...
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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,...
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...
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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...
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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)
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....
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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.
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)
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...
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...
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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,...
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...
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...
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....
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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.
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.
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.
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Lesemann
& Associates, PLLC, is a Certified Public Accounting
(CPA) firm serving businesses and individuals in
the Charlotte NC, Huntersville NC, Cornelius NC,
Davidson NC, and all of the Mecklenburg NC area.
Our services include: Tax Planning, Budgeting, Financial
Planning & Statements, Investment Reviews &
Strategies, Recordkeeping, Visit our Accounting
services page and review how we can help you
grow.
