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Tax in Action: Practical Strategies for Tax Pros

Tax in Action: Practical Strategies for Tax Pros

By: Jeremy Wells EA CPA
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About this listen

 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.© 2026 Jeremy Wells, EA, CPA Economics
Episodes
  • Most Small Business Returns Are Getting Cost of Goods Sold Wrong

    Most Small Business Returns Are Getting Cost of Goods Sold Wrong
    Feb 18 2026

    Cost of goods sold isn't just a special category of expenses — for tax purposes, it's actually part of the definition of gross income, and only manufacturing, merchandising, and mining businesses qualify to report it. Jeremy breaks down what Treasury Regulation 1.61-3 actually says, why service businesses shouldn't have COGS on their returns even when the financial statements show it, and why getting this wrong can be catastrophic for cannabis businesses operating under IRC Section 280E.

    Connect with Jeremy
    https://www.linkedin.com/in/jwellstax
    https://www.steadfastbookkeeping.com

    Subscribe on YouTube
    https://www.youtube.com/@TaxinAction

    Earn CPE for Listening to This Podcast
    https://www.earmark.app/

    This podcast is a production of Earmark Media
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    55 mins
  • You Can't Delegate Filing Deadlines

    You Can't Delegate Filing Deadlines
    Feb 4 2026

    Jeremy walks through the case of a Florida surgeon who lost a $288,000 refund after his CPA failed to file three years of returns, exploring how the failure to file and failure to pay penalties work and why they matter so much. He breaks down the critical differences between these two penalties, explains why an extension to file is never an extension to pay, and covers the Supreme Court's position on taxpayer responsibility even when relying on professionals. The episode also details how first time abatement works, what qualifies as reasonable cause for penalty relief, and why the IRS applies its own administrative waivers before considering statutory reasonable cause exceptions.

    Connect with Jeremy
    https://www.linkedin.com/in/jwellstax
    https://www.steadfastbookkeeping.com

    Subscribe on YouTube
    https://www.youtube.com/@TaxinAction

    Earn CPE for Listening to This Podcast
    https://www.earmark.app/

    This podcast is a production of Earmark Media
    Show More Show Less
    57 mins
  • Non-Cash Donations Gone Wrong: The Besaw Case and Form 8283 Requirements

    Non-Cash Donations Gone Wrong: The Besaw Case and Form 8283 Requirements
    Jan 21 2026

    Jeremy breaks down the 2025 Besaw v. Commissioner tax court case, where a taxpayer lost a $6,760 charitable deduction despite everyone agreeing the donation actually happened. The case reveals why blank Goodwill receipts aren't sufficient, what "contemporaneous written acknowledgement" really means under IRC Section 170, and exactly what documentation taxpayers must maintain—whether they're filing Form 8283 or not. Learn the substantiation requirements for non-cash donations under $250, over $250, and over $5,000, plus how to properly value donated household goods and clothing using fair market value standards.

    Connect with Jeremy
    https://www.linkedin.com/in/jwellstax
    https://www.steadfastbookkeeping.com

    Subscribe on YouTube
    https://www.youtube.com/@TaxinAction

    Earn CPE for Listening to This Podcast
    https://www.earmark.app/

    This podcast is a production of Earmark Media
    Show More Show Less
    57 mins
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