Tax in Action: Practical Strategies for Tax Pros

Jeremy Wells, EA, CPA
  • 4.7 (19)
  • Business

Join Jeremy Wells, EA, CPA, as he breaks down the complexities of tax law into practical guidance you can apply immediately. Each episode focuses on a specific tax strategy, credit, or compliance issue that matters to tax professionals and business owners. Rather than theoretical discussions, Jeremy delivers actionable insights based on real-world scenarios and current tax regulations. Whether you're navigating Section 1031 exchanges, maximizing research credits, or helping clients with energy tax incentives, this podcast provides the technical details and strategic considerations you need to confidently serve your clients. Perfect for tax practitioners looking to deepen their expertise and business owners wanting to make more informed tax decisions.

  1. 4d ago

    Break Even at the Casino, Still Owe Tax

    SponsorsThomson Reuters - http://taxshow.promo/taxautomation Connect with Jeremyhttps://www.linkedin.com/in/jwellstaxhttps://www.steadfastbookkeeping.com Subscribe on YouTubehttps://www.youtube.com/@TaxinAction Earn CPE for Listening to This Podcasthttps://www.earmark.app/ This podcast is a production of Earmark Media

    Break Even at the Casino, Still Owe Tax

  2. Sep 16

    The Qualified Overtime Deduction, Fact vs. Fiction

    Jeremy unpacks the "no tax on overtime" deduction created by the One Big Beautiful Bill Act, explaining why the name is misleading since qualified overtime compensation is still taxable income subject to withholding, FICA, and (in most states) state tax. He walks through how to isolate the FLSA overtime premium from gross overtime pay, calculate the deduction on the new Schedule 1A, and apply the filing status caps and MAGI phaseouts through real client examples. He also flags the reporting changes coming in 2026, when employers must correctly report the amounts on Form W-2, Box 12, Code TT, and the relaxed 2025 transition rules disappear. SponsorsThomson Reuters - http://taxshow.promo/taxautomation (00:00) - No Tax On Overtime Intro (01:44) - What You Will Learn (03:11) - Where It Lives In The Code (07:27) - Deduction Not An Exclusion (09:25) - Caps Phaseouts And MAGI (13:09) - Defining Qualified Overtime (16:20) - Workweek Rules Under FLSA (26:30) - Exemptions And Who Qualifies (30:23) - SSN And Filing Status Limits (33:40) - 2025 Transition Relief (36:29) - 2026 Reporting Box 12 TT (41:22) - Examples And Calculations (51:37) - Schedule 1A Walkthrough (52:39) - Key Takeaways And Wrap Up Connect with Jeremyhttps://www.linkedin.com/in/jwellstaxhttps://www.steadfastbookkeeping.com Subscribe on YouTubehttps://www.youtube.com/@TaxinAction Earn CPE for Listening to This Podcasthttps://www.earmark.app/ This podcast is a production of Earmark Media

    The Qualified Overtime Deduction, Fact vs. Fiction

  3. Sep 2

    Beyond 7216: The FTC Safeguards Rule, SOC 2, and Your Firm's WISP

    In part two of his series on protecting taxpayer information, Jeremy shifts from who can see client data to how firms actually have to secure it. He walks through the Gramm-Leach-Bliley Act, the FTC Safeguards Rule, and what a written information security plan needs to cover, then explains how SOC 2 reports help firms vet software vendors. He closes with the IRS Office of Professional Responsibility's new AI guidance under Circular 230, and what it means to treat AI like a junior staff member rather than an unsupervised practitioner. SponsorsThomson Reuters - http://taxshow.promo/taxautomation Connect with Jeremyhttps://www.linkedin.com/in/jwellstaxhttps://www.steadfastbookkeeping.com Subscribe on YouTubehttps://www.youtube.com/@TaxinAction Earn CPE for Listening to This Podcasthttps://www.earmark.app/ This podcast is a production of Earmark Media

    Beyond 7216: The FTC Safeguards Rule, SOC 2, and Your Firm's WISP

  4. Aug 19

    Section 7216 and the Rules for Sharing Taxpayer Information

    Jeremy opens a two-part series on taxpayer confidentiality by breaking down IRC Sections 7216 and 6713, the rules that govern how tax professionals can use and disclose tax return information. Using a case study of a solo firm owner weighing seasonal hires, an outsourced bookkeeper, and a possible merger, he walks through what actually counts as tax return information, when taxpayer consent is required, and the exceptions that let firms share data without it. He also covers what a tax return preparer and auxiliary service actually mean under the regulations, since those definitions decide whether consent is even needed in the first place. SponsorsThomson Reuters - http://taxshow.promo/taxautomation (00:00) - Client Data Privacy (03:26) - Case Study Grady (06:45) - 7216 Overview (10:24) - Key Definitions (19:37) - What Counts as Info (26:12) - Use vs Disclosure (30:18) - Consent Rules (37:44) - Firm Sharing Limits (43:33) - Other Exceptions (47:35) - Applying to Grady (53:50) - Key Takeaways (55:54) - Next Episode AI Connect with Jeremyhttps://www.linkedin.com/in/jwellstaxhttps://www.steadfastbookkeeping.com Subscribe on YouTubehttps://www.youtube.com/@TaxinAction Earn CPE for Listening to This Podcasthttps://www.earmark.app/ This podcast is a production of Earmark Media

    Section 7216 and the Rules for Sharing Taxpayer Information

  5. Aug 5

    Partnership Exits: Basis, Liabilities, and Hot Assets

    Jeremy closes out his partnership series by tackling outside basis, how partnership liabilities affect that basis, and what happens when a partner exits. Using a case study of two LLC members with mounting losses, he walks through abandonment, a buyout by the remaining partner, a partnership redemption, and a sale to a third party, comparing the tax results of each. He also covers Section 751 hot assets and why unrealized receivables and appreciated inventory can turn part of a capital gain into ordinary income. SponsorsThomson Reuters - http://taxshow.promo/taxautomation (00:00) - Series Wrap and Big Topics (01:43) - Case Study Setup Lighthouse LLC (03:29) - Outside Basis Basics (07:39) - Tracking Basis and Proof (13:36) - Loss Limits and Suspensions (19:53) - Basis Ordering and Distributions (26:01) - Liabilities Under Section 752 (32:33) - Recourse vs Nonrecourse Debt (37:49) - Excess Distributions and Exits (40:34) - Abandonment and Hot Assets (46:56) - Jessica Exit Options Compared (55:55) - Key Takeaways and Next Series Connect with Jeremyhttps://www.linkedin.com/in/jwellstaxhttps://www.steadfastbookkeeping.com Subscribe on YouTubehttps://www.youtube.com/@TaxinAction Earn CPE for Listening to This Podcasthttps://www.earmark.app/ This podcast is a production of Earmark Media

    Partnership Exits: Basis, Liabilities, and Hot Assets

  6. Jul 22

    Cash, Property, Sweat Equity: Structuring Partner Returns

    Jeremy breaks down how partnerships can divide profits among partners who contribute very different things — cash, property, or just time and effort — without running afoul of federal tax law. Using a hypothetical partnership as a running example, he covers what makes an allocation legitimate versus a tax dodge, and why the IRS cares so much about the difference. SponsorsThomson Reuters - http://taxshow.promo/taxautomation (00:00) - Meet Lighthouse LLC (01:17) - Investor Payback Goals (04:32) - Course Roadmap (05:40) - Pass Through Basics (08:47) - Baisey Case Lesson (14:18) - Separately Stated Items (20:39) - Partner vs Partnership Tests (23:22) - Unreimbursed Expenses (27:27) - Property Contributions 721 (32:01) - 704c Built In Gain (36:37) - Capital Accounts Explained (42:04) - Substantial Economic Effect (52:05) - Drafting The Waterfall (55:55) - Key Takeaways Next Steps Connect with Jeremyhttps://www.linkedin.com/in/jwellstaxhttps://www.steadfastbookkeeping.com Subscribe on YouTubehttps://www.youtube.com/@TaxinAction Earn CPE for Listening to This Podcasthttps://www.earmark.app/ This podcast is a production of Earmark Media

    Cash, Property, Sweat Equity: Structuring Partner Returns

  7. Jul 8

    Limited Partner or Not? Why Courts Are Split on Your Tax Bill

    Jeremy digs into what actually makes someone a partner for federal tax purposes, tracing the definition back to the Supreme Court's Tower and Culbertson decisions and the "hypothetical liquidation" test for capital interests. From there, he unpacks the messier question of self-employment tax on partnership income: the undefined "limited partner as such" exception under IRC Section 1402(a)(13), and the current circuit split between the Tax Court's functional analysis (Renkemeyer, Soroban) and the Fifth Circuit's state-law approach in Sirius Solutions, with Denham Capital Management still pending at the First Circuit. SponsorsThomson Reuters - http://taxshow.promo/taxautomation (00:00) - Partnerships Recap Goals (01:27) - LLC Members Case Study (03:17) - Are Partners Equal (05:11) - Who Counts As Partner (10:14) - Tower Case Principles (14:48) - Culbertson Intent Test (17:30) - Congress Defines Capital Interest (26:26) - Capital Interest Explained (28:47) - General Versus Limited Partners (30:18) - Self Employment Tax Basics (33:19) - Limited Partner Definition Fight (36:06) - Key Court Cases Split (48:47) - New Cases Jurisdiction Issues (52:12) - Back To LLC Example (55:02) - Takeaways Next Episode Connect with Jeremyhttps://www.linkedin.com/in/jwellstaxhttps://www.steadfastbookkeeping.com Subscribe on YouTubehttps://www.youtube.com/@TaxinAction Earn CPE for Listening to This Podcasthttps://www.earmark.app/ This podcast is a production of Earmark Media

    Limited Partner or Not? Why Courts Are Split on Your Tax Bill

  8. Jun 24

    When Does Co-Ownership Become a Partnership

    Two friends sharing a short-term rental, a married couple flipping houses, siblings splitting the income from a property they own together: any of these could be a partnership for federal tax purposes, often without the owners realizing it. This episode works through how federal tax law defines a partnership, when one actually forms, and why mere co-ownership does not automatically create one, drawing on Subchapter K, the regulations, and foundational cases like Tower and Culbertson. It also separates two regimes that frequently get conflated, the qualified joint venture under Section 761 and the community property LLC exception under Revenue Procedure 2002-69, and closes with a framework for making the call. SponsorsThomson Reuters - http://taxshow.promo/taxautomation (00:00) - Rental Friends Scenario (01:36) - Why Partnership Status Matters (02:28) - Aggregate Versus Entity (04:22) - Goals For This Episode (05:51) - IRS Partnership Definition (09:12) - Mere Co Ownership Tests (14:10) - LLCs And Entity Rules (17:20) - When A Partnership Forms (23:22) - Supreme Court Guidance (27:45) - Court Factors Checklist (33:50) - Electing Out Of Subchapter K (39:41) - Spouse Exceptions Explained (49:08) - Two Step Decision Framework (54:31) - Case Study Short Term Rental (57:01) - Key Takeaways And Wrap Up Connect with Jeremyhttps://www.linkedin.com/in/jwellstaxhttps://www.steadfastbookkeeping.com Subscribe on YouTubehttps://www.youtube.com/@TaxinAction Earn CPE for Listening to This Podcasthttps://www.earmark.app/ This podcast is a production of Earmark Media

    When Does Co-Ownership Become a Partnership
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4.7
out of 5
19 Ratings

About

Join Jeremy Wells, EA, CPA, as he breaks down the complexities of tax law into practical guidance you can apply immediately. Each episode focuses on a specific tax strategy, credit, or compliance issue that matters to tax professionals and business owners. Rather than theoretical discussions, Jeremy delivers actionable insights based on real-world scenarios and current tax regulations. Whether you're navigating Section 1031 exchanges, maximizing research credits, or helping clients with energy tax incentives, this podcast provides the technical details and strategic considerations you need to confidently serve your clients. Perfect for tax practitioners looking to deepen their expertise and business owners wanting to make more informed tax decisions.

Information

  • Creator
    Jeremy Wells, EA, CPA
  • Years Active
    2025 - 2026
  • Episodes
    38
  • Rating
    Clean
  • Copyright
    © 2026 Earmark Media LLC

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