Auxano Ltd; Certified Public Accountants

10/06/2024

Tax filing Disaster Relief:

For taxpayers that have an extended tax filing deadline of October 15, 2024, that deadline has been extended to May 1, 2025 due to hurricane Helene. If you live, or you CPA/tax professional’s office is located in Alabama, Georgia, South Carolina, North Carolina, and designated counties in Florida, Tennessee and Virginia, May 1 2025 is the new due date for your extended 2023 return and the original due date for your 2024 returns.

01/08/2024

Great is Thy faithfulness
Morning by morning new mercies I see
All I have needed Thy hand hath provided
Great is Thy faithfulness, Lord, unto me

Yesterday was my birthday and all I can say is thank you Lord for all you’ve done for me.

Yesterday was an uneventful days as the past couple of weeks were packed with travel and adventures. Thank you all for each acknowledgment, telephone call, text, Facebook post, thought and Prayer for me on yesterday. Your kindness means the world. God bless you and here’s to 2024 being an amazing year❤️.

12/31/2023

10/23/2023

The number of people actually using their sick days is on the rise, and the reasons for taking them are more varied than they used to be.

Have you ever used your sick days for something other than being physically ill?

Younger employees especially are calling in sick more than they used to, and some employers say it’s costing them money.

10/22/2023

A PTO Payout Policy Checklist for Metro Atlanta Business Owners

PTO payout policies vary widely, depending on the company's regulations and state laws. Here are some provisions to include in your company's policy.

10/20/2023

You'll certainly breathe a sigh of relief when your debts are forgiven, but you might not fully be out of hot water. The IRS often views forgiven debt as taxable income, but like many tax issues, there are nuances.

Here's a brief breakdown:

1. Mortgage Forgiveness: If a lender forgives some or all of your home mortgage due to foreclosure, short sale, or loan modification, that amount might be considered taxable income. However, certain exceptions apply, especially if the loan was used to buy, build, or improve a primary residence.

2. Credit Card Debt: If you settle a credit card debt for less than what you owe, the forgiven amount can be considered taxable.

3. Student Loans: Some forgiven student loans are taxable, while others, like those forgiven under public service loan forgiveness programs, are often tax-free.

4. Car Loans: If a lender forgives part of what you owe after a repossession, this can result in taxable income.

5. Business Debt: Forgiven business debts can also be considered taxable income.

10/20/2023

Perry's Taxpayer Bill of Rights Breakdown

IRS language can be a lot, but knowing their speak when it comes to the taxpayer bill of rights is essential. Let’s break down #6-10 on that list in plain English.

10/19/2023

Tax problems aren’t something you want hanging over your head for eternity. And thanks to the Taxpayer Bill of Rights, specifically the right to finality, you have a right to know:
- How long the IRS can take action against you
- How long they’re going to take to process things
- What your deadlines are for responding

Included in this right is the right to have tax problems wrapped up and done, such that they can’t be brought up again later. Thus, there are legal restrictions on certain IRS actions, such as how often they can audit the same tax return (unless there is evidence of fraud, of course) and how many years they can take collection action against you.

10/18/2023

The IRS is continuing its attempts to modernize their systems and give taxpayers more accessibility. Starting in 2024, a test pilot program for their free filing platform called Direct File will open for 13 states.

And while we applaud the IRS's efforts to improve the way they operate, we also know the track record of free filing softwares -- specifically, they aren't looking out for what's best for YOU.

The Internal Revenue Service is moving ahead with its plan to build its own free tax filing program, announcing Tuesday that a pilot version will be available to some taxpayers in 13 states next year.