Looking Beyond Traditional Accounting Roles
The JNR Messenger
Key Tax Changes Could Affect Your Tax Situation in 2021
The American Rescue Plan Act of 2021 is one of the most progressive pieces of legislation in history that was designed to build a bridge to an equitable economic recovery. There are significant tax provisions in the American Rescue Plan Act of 2021 that could affect your tax situation. 

Here’s what you need to know:

Cryptocurrency Tax
New crypto tax rules may mean major changes for average investors and miners, although the true impact will not be known until Treasury implements law through regulation. Under current law, crypto exchanges are not required to report losses and gains realized by their customers through the purchase and sale of digital assets, but the legislation being debated in the Senate will change that, meaning the IRS will know about taxpayers’ crypto income.


JNR Partner Derrick Apple is a specialist in Cryptocurrency Tax. Please contact him with any questions or if you would like to learn more. (843) 723-2768 or dapple@jnrcpas.com.
Minimizing Capital Gains Tax on Sale of a Home
If you're looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home to reduce your taxable gain on the sale of a home.

The IRS home sale exclusion rule allows an exclusion of gain up to $250,000 for a single taxpayer or $500,000 for a married couple filing jointly. This exclusion can be used over and over during your lifetime (but not more frequently than every 24 months), as long as you meet certain ownership and use tests.
Please let us know if you have any questions or comments. We are readily available to discuss your tax, audit, accounting, and consulting needs.

Warm regards,

The Partners of Jarrard, Nowell & Russell
(843) 723-2768 Phone (843) 722-0155 Fax - www.jnrcpas.com - info@jnrcpas.com