Tax in Action: Practical Strategies for Tax Pros

Jeremy Wells, EA, CPA
  • 4.9 (17)
  • 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. 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. (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

  2. 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. (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

  3. Jun 10

    Cracking Open the Shell: How S Corp Asset Sales Actually Work

    A buyer who wants a business but not its liabilities will often buy the assets instead of the stock, and that one decision reshapes how the entire deal gets reported. This episode breaks down the S corporation asset sale from the ground up: allocating the purchase price across seven asset classes using the residual method under Section 1060, reporting it on Form 8594, and handling goodwill and other Section 197 intangibles. It also covers why each asset's character drives the gain that passes through to shareholders, and what documentation has to be locked down before you prepare a single return. (00:00) - Stock vs Asset Sales (03:32) - Course Goals Overview (06:04) - Lighthouse Example Setup (13:16) - Why Buyers Prefer Assets (16:29) - Section 1060 Basics (25:36) - Residual Method Classes (32:17) - Goodwill and Going Concern (40:45) - Personal Goodwill Cases (42:57) - Form 8594 Reporting (47:53) - Elections 338 and 336 (50:08) - Due Diligence Checklist (53:18) - Workflow 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

  4. May 27

    S Corp Ownership Changes: What Every Tax Advisor Needs to Know

    When ownership in an S corporation changes hands, the tax consequences routinely catch both clients and their advisors off guard. Jeremy walks through the two critical questions that drive correct reporting — who or what acquired the stock, and when did the transfer actually occur for tax purposes — and explains how the answers determine whether a transaction is treated as a capital sale, a stock redemption, or a distribution. He also covers the two close-the-books elections available under IRC Section 1377(a)(2) and Reg. 1.1368-1(g), and why locking in those elections before filing — ideally before the transaction closes — can make a significant difference in how income gets allocated between outgoing and incoming shareholders. 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

  5. May 13

    The S Corp's Three Ledgers: Retained Earnings, AAA, and Stock Basis

    S corporations maintain three separate ledgers — retained earnings, AAA, and shareholder stock basis — and each one answers a different question about the entity and its owners. Understanding why they diverge, and which one actually governs whether a distribution is taxable or a loss is deductible, is where a lot of tax professionals run into trouble. Jeremy walks through the mechanics of all three, including Form 7203, the order-of-operations rules for calculating stock basis, and what's really going on when a practitioner misclassifies distributions in excess of basis as shareholder loans. (00:00) - Why S Corps Are Hybrid (02:20) - Three Key Ledgers (06:35) - Retained Earnings Basics (10:52) - IRS Scrutiny of Retained Earnings (15:13) - AAA Explained and Origins (21:43) - AAA vs Retained Earnings (27:29) - Stock Basis and Common Mistakes (36:23) - Capital Contributions and Form 7203 (43:37) - Basis Ordering Rules and Elections (48:55) - Worked Example and Wrap Up Jeremy's Article on S Corp Ledgershttps://www.jwells.tax/p/the-three-ledgers-of-an-s-corporation 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

  6. Apr 29

    Your Business Doesn't Need to Own Your Car

    Buying a vehicle through your business sounds like a clean tax win, but the rules around ownership, usage, and substantiation make it far more complicated — and far riskier — than most owners realize. Jeremy breaks down what actually determines whether a vehicle expense is deductible, why mileage logs are full of trips the IRS won't allow, and how a shift in business use percentage can trigger depreciation recapture that wipes out years of deductions. (00:00) - Influencer Tax Myths (03:32) - Core Tax Authority (07:25) - Business Trips vs Commutes (14:25) - Home Office Exception (19:09) - Strict Substantiation Rules (26:33) - Mileage Logs That Win (31:49) - Fringe Benefits and Accountable Plans (36:08) - Depreciation Limits and Recapture (43:51) - Standard Mileage Rate Option (45:54) - Three Question Framework (47:52) - Scenario Walkthroughs (55:58) - 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

  7. Apr 15

    Section 199A: Simple Below the Threshold… Complicated Above It

    The Section 199A qualified business income deduction can put serious tax savings on the table for small business owners — but only if you understand how it actually works. Jeremy walks through who qualifies, how taxable income thresholds and specified service trade or business rules affect the deduction, and how wage and property limitations come into play for higher earners. He also covers the new $400 minimum QBI deduction introduced by the One Big Beautiful Bill Act, effective for tax year 2026.(00:00) - Why QBI Exists (02:22) - Episode Roadmap (03:16) - Qualified Trade or Business (05:21) - Base Deduction Basics (06:23) - New 2026 Minimum Deduction (07:50) - Defining Qualified Business Income (11:23) - What Income Is Excluded (16:46) - Taxable Income Thresholds (20:30) - Wage and Property Limits (24:22) - Planning With S Corp Wages (28:44) - Wage Limit Court Case (31:48) - Worked Example Jessica (34:16) - Aggregation Election Rules (36:03) - Specified Service Businesses (41:01) - SSTB Phaseout Example (43:27) - De Minimis and Anti Abuse (46:32) - Rental Real Estate Safe Harbor (52:16) - 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

  8. Apr 1

    Worker Classification, Part 2: Statutory Workers and Misclassification Relief

    Part two of worker classification moves beyond the common law control test to cover the specific worker categories defined in the tax code — statutory employees, statutory non-employees, and the rare but real dual-status worker. Jeremy also walks through the relief options available to both employers and workers when a classification goes wrong, including Section 3509, Section 530, and Form SS-8. 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

See All (32)

4.9
out of 5
17 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
    32
  • Rating
    Clean
  • Copyright
    © 2026 Jeremy Wells, EA, CPA

You Might Also Like