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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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 your federal...
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'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/...
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...
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 regist
