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Crown Colony Office Park 300 Congress Street, Unit 406 Quincy, MA 02169 Phone: (617) 439-0600 Fax: (617) 439-7080 |
John S. Crosby, CPAJohn S. Crosby, CPA, began his career in public accounting in 1986. A specialist in start-ups and emerging growth companies, John has worked extensively with closely held businesses in numerous fields and industries, including construction, manufacturing, wholesale and retail sales, restaurants, insurance brokerage, medical and dental practices. He also has served numerous foreign-owned subsidiaries of international manufacturing conglomerates. John's areas of concentration include accounting and auditing; corporate, individual, trust and estate taxation; and strategic planning for businesses and individuals.617-314-6921 Click here to email John S. Crosby |
May 05, 2021 The IRS and the Treasury Department have automatically extended the federal income tax filing due date for individuals for the 2020 tax year, from April 15, 2021, to May 17, 2021. Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. April 21, 2021 The IRS needs to issue new rules and guidance to implement the American Rescue Plan, experts said on March 11 as President Joe Biden signed his COVID-19 relief measure. April 01, 2021 The IRS and the Treasury Department have automatically extended the federal income tax filing due date for individuals for the 2020 tax year, from April 15, 2021, to May 17, 2021. Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. March 17, 2021 On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021. Some of the tax-related provisions include the following: February 24, 2021 The IRS is urging employers to take advantage of the newly-extended employee retention credit (ERC), which makes it easier for businesses that have chosen to keep their employees on the payroll despite challenges posed by COVID-19. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Division EE of P.L. 116-260), which was enacted December 27, 2020, made a number of changes to the ERC previously made available under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) ( P.L. 116-136), including modifying and extending the ERC, for six months through June 30, 2021. February 01, 2021 The IRS has urged taxpayers to e-file their returns and use direct deposit to ensure filing accurate tax returns and expedite their tax refunds to avoid a variety of pandemic-related issues. January 22, 2021 Final regulations clarify the definition of "real property" that qualifies for a like-kind exchange, including incidental personal property. Under the Tax Cuts and Jobs Act (TCJA, P.L. 115-97), like-kind exchanges occurring after 2017 are limited to real property used in a trade or business or for investment. January 04, 2021 The IRS has released the annual inflation adjustments for 2021 for the income tax rate tables, and for over 50 other tax provisions. The IRS makes these cost-of-living adjustments (COLAs) each year to reflect inflation. December 16, 2020 The IRS has issued final regulations that provide guidance for employers on federal income tax withholding from employees' wages. The final regulations: November 02, 2020 For 2021, the Social Security tax wage cap will be $142,800, and Social Security and Supplemental Security Income (SSI) benefits will increase by 1.3 percent. These changes reflect cost-of-living adjustments to account for inflation. |