Current Office Status
Begining on May 24, 2024, we will be closing our office at 12:00pm on Friday. This will remain in effect until August 30, 2024 (Labor Day Weekend).
Welcome to Don Brooks & Associates, Inc. Online Office
Spend Some Time
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 domino effect occurs each time the Federal Reserve changes interest rates. An increase leads to higher rates for consumers when they borrow, while paving the way to better returns for savings accounts. A decrease results in paying less interest when borrowing money, but also causes a drop in how much your savings can earn.
Read more: Important Moves to Consider When Interest Rates Change
Retirement accounts that provide tax breaks have very specific rules that must be followed if you want to enjoy the financial rewards of those tax breaks.
Read more: Avoid a Penalty and Tax Surprise when Withdrawing from Retirement Accounts
6 Surprising Taxable Items
If something of value changes hands, you can bet the IRS considers a way to tax it. Here are six taxable items that might surprise you:
Especially important for new business startups
Beginning in 2024, many small businesses will have to report information about their owners to the Financial Crimes Enforcement Network (commonly referred to as FinCEN), a bureau of the U.S. Department of the Treasury that collects and analyzes information to help fight financial crimes. Here is what you need to know.
Read more: SMALL BUSINESS ALERT: New Federal Reporting Required
(HARTFORD, CT) – Governor Ned Lamont today announced that three significant tax relief measures will take effect in Connecticut at the start of 2024, and among them are the largest income tax reduction ever enacted in state history, an increase in a tax credit targeting the lowest-income workers, and an expansion of exemptions on certain pension and annuity earnings to benefit seniors.
Read more: Governor Lamont Announces Connecticut Income Tax Rates Go Down
WASHINGTON —The Internal Revenue Service today announced Monday, Jan. 29, 2024, as the official start date of the nation’s 2024 tax season when the agency will begin accepting and processing 2023 tax returns.
IR-2023-40, March 7, 2023
WASHINGTON — The Internal Revenue Service today issued a renewed warning urging people to carefully review the Employee Retention Credit (ERC) guidelines before trying to claim the credit as promoters continue pushing ineligible people to file.
The IRS and tax professionals continue to see third parties aggressively promoting these ERC schemes on radio and online. These promoters charge large upfront fees or a fee that is contingent on the amount of the refund. And the promoters may not inform taxpayers that wage deductions claimed on the business' federal income tax return must be reduced by the amount of the credit.
Read more: IRS issues renewed warning on Employee Retention Credit claims
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