News & Information Relevant to Your Financial Success
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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Latest Articles and News from Lesemann CPA
IRS Rules Expenses Paid by PPP Loan Are Not Deductible
On October 9, 2020, we sent out an e-Blast: SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or Less. In addition to this, we have been discussing with many clients that the message coming out of Washington DC was that expenses paid with PPP...
SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or Less
As we did back in late March and early April of this year when government assistance became available to businesses in the US that were suffering due to the COVID-19 virus, we wanted to make you aware of some new developments as it relates to PPP loan forgiveness. ...
NC Extra Credit Grant Program for 2019 Taxes
On September 4th, Governor Roy Cooper signed into law the Coronavirus Relief Act 3.0, which was passed by the North Carolina General Assembly. The law includes the Extra Credit Grant program to be administered by the North Carolina Department of Revenue (NCDOR)....
FAFSA for 2021-2022 Academic Year Opens on October 1st
The FAFSA (Free Application for Federal Student Aid) for the 2021-2022 year opens on October 1, 2020. The FAFSA is a prerequisite for federal student loans, grants, and work-study. In addition, colleges typically require the FAFSA before distributing their own...
Payroll Tax Deferral – Employers Need to Know the Facts
On August 28, 2020, the U.S. Treasury Department and Internal Revenue Service (IRS) issued Notice 2020-65 (Treasury Notice). This notice implemented the Presidential Memorandum that was issued on August 8, 2020 which allowed Employers the option to defer (i.e....
The Ugly Side of the American Dream | The American Dream – STEP 3
Updated January 2024 First of all, let me tell you that it is much easier for me to write this article telling you what you should be doing than for me to do it. The subject is Ugly, Gruesome, Hideous & Repugnant! As our Managing Member, I hate this side of our...
The American Dream, STEP 2 – Choosing Your Legal & Tax Structure
Updated 12/23 With inflation, human resource challenges, and a dip in consumer spending, starting a business can be challenging! But it can be done if you seek out trusted advice from Lesemann CPAs. We want to help small businesses succeed. One of the best ways to...
NC General Assembly Unanimously Passes COVID-19 Relief Bill
Do you know that the phrase "never say never" first appeared in the Charles Dickens' novel The Pickwick Papers? On Saturday, the NC General Assembly proved it true once again by passing unanimously Senate Bill 704: COVID-19 Recover Act. One of the bill's primary...
Resources and Updates Related to Covid-19 in NC
A few months ago, we started living under the COVID-19 umbrella (some would call it more of a tent). We were told to stay at home, learned a new term called "social distancing" and realized that the face masks that we were used to only seeing on those in the medical...
CARES Act Creates 2nd Economic Disaster Loan Program
The CARES Act has been passed by Congress and signed by President Trump. With the signing of this Act into law, we now have an additional economic disaster loan program available to small businesses. Managed under SBA 7(a) loan program, this new Business Loan Program...
