Posts by jnrllc

Keeping full and accurate homeowner records is not only vital for claiming deductions on your tax return, but also for determining the basis or adjusted basis of your home. These records include your purchase contract and settlement papers if you bought the property, or other objective evidence if you acquired it by gift, inheritance, or…

Charleston, S.C. – Jarrard, Nowell & Russell, LLC (JNR) a Charleston-based accounting and business advisory firm, has promoted Justine Lovell to supervisor in the firm’s N. Charleston office.     Lovell joined the firm as bookkeeper and accounts manager in 2017 when JNR acquired the practice of Donald R. Stephens, CPA. She had held positions…

Of all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive Match PLan for Employees) is the easiest to set up and the least expensive to manage. The catch is that you’ll need to set it up by October 1st. Here’s what you need to know. What is a SIMPLE IRA Plan? SIMPLE IRA…

Creditors keep their evaluation standards secret, making it difficult to know just how to improve your credit rating. Nonetheless, it is still important to understand the factors that determine creditworthiness. Periodically reviewing your credit report can also help you protect your credit rating from fraud–and you from identity theft. Credit Evaluation Factors Many factors are…

 Charleston, S.C. – Jarrard, Nowell & Russell, LLC, a Charleston-based accounting and business advisory firm, has named Aaron Gaspar and Jay Gibson as supervisors. Both work out of the firm’s downtown Charleston office.     Gaspar previously served as senior tax accountant with the firm. In addition to preparing and reviewing personal, corporate, non-profit, and…

The list of medical care services for a range of chronic conditions allowed to be provided by a high deductible health plan (HDHP) was expanded effective July 17, 2019. These medical services and items are limited to the specific medical care services or items listed for chronic conditions including hypertension, congestive heart failure, osteoporosis, asthma,…

 Charleston, S.C. – As principal of Jarrard, Nowell & Russell, LLC, a Charleston-based accounting and business advisory firm, William Russell has been named to the board of the Charleston Regional Development Alliance (CRDA).   Russell is a certified public accountant with over 25 years of experience in corporate financial management and captive insurance company management. …

If you’re conscientious about financial reporting, you may already have a sense of your company’s worth, but in some instances, you might need a formal business valuation, such as: Certain transactions: Are you selling your business? Planning an IPO? Need financing? Tax purposes: This includes estate planning, stock option distribution, and S Corporation conversions. Litigation:…

Many people use a tax professional to prepare their taxes. Anyone who prepares, or assists in preparing, all or substantially all of a federal tax return for compensation is required to have a valid Preparer Tax Identification Number (PTIN). All enrolled agents must also have a valid PTIN. If you choose to have someone prepare…