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Welcome to Don Brooks & Associates, Inc. Online Office
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Explore our Online Office. There are many different ways to use the services here. You can:
- Learn about the services we offer.
- Stay Alert to tax and accounting news.
- Link to a variety of news and other helpful sites.
- Take Advantage of numerous tax tips.
Please browse the pages of this site and feel free to e-mail any questions, suggestions or other feedback. This web site is meant to be an extension of services provided to you.
Visit often as additional news and helpful information will be continually added in an effort to serve you better.
A Taxpayer-Favorable COVID Deadline Case With Potential Refund and Penalty Implications
A recent Court of Federal Claims decision, Kwong v. United States, could matter for taxpayers who assumed certain refund claims, refund suits, or penalty challenges became untimely during the COVID period. The court held that the pre-2021 version of Internal Revenue Code section 7508A(d) automatically postponed certain federal tax deadlines for qualified taxpayers during the COVID disaster period, and that for the taxpayer in the case, the postponement ran through July 10, 2023 [2].
Although the decision is favorable to taxpayers, it is not the last word. It is a trial-court decision, not binding nationwide, and it conflicts with the IRS’s narrower reading of the statute reflected in its regulations [2]. Still, the case is important because it offers a substantial statutory argument for taxpayers whose deadlines fell during the COVID disaster period.
Covering the bases on basis
Basis is a common IRS term, but probably does not enter into your everyday conversation. This IRS term is important because it impacts the taxes you pay when you sell, exchange or give away property.
It's never too early to understand how it works
You’ve loved dogs all your life so you decide to start a dog training business. Turning your hobby into a business can provide tax benefits if you do it right. But it can also create a big tax headache if you do it wrong.
Surprise! Your stock loss is not deductible.
Mention the word IRS and everyone's blood pressure tends to go up a bit. Unfortunately, thieves know this too and often use the IRS as a threat to get you to fall for their latest scam.
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