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.
Tax in Action: Practical Strategies for Tax Pros
Claim This Podcastby Jeremy Wells, EA, CPA
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Podcast Overview
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.
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Publishing Since
4/15/2025
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Recent Episodes
May 27, 2026
S Corp Ownership Changes: What Every Tax Advisor Needs to Know
<p>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.</p><p><strong>Connect with Jeremy<br></strong><a href="https://www.linkedin.com/in/jwellstax">https://www.linkedin.com/in/jwellstax</a><br><a href="https://www.steadfastbookkeeping.com/">https://www.steadfastbookkeeping.com</a></p><p><strong>Subscribe on YouTube</strong><br><a href="https://www.youtube.com/@TaxinAction">https://www.youtube.com/@TaxinAction</a><strong></strong></p><p>Earn CPE for Listening to This Podcast<br><a href="https://www.earmark.app/">https://www.earmark.app/</a></p><p>This podcast is a production of <a href="http://earmark.me/"><strong>Earmark Media</strong></a></p>
May 13, 2026
The S Corp's Three Ledgers: Retained Earnings, AAA, and Stock Basis
<p>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.</p><p><ul><li>(00:00) - Why S Corps Are Hybrid</li> <li>(02:20) - Three Key Ledgers</li> <li>(06:35) - Retained Earnings Basics</li> <li>(10:52) - IRS Scrutiny of Retained Earnings</li> <li>(15:13) - AAA Explained and Origins</li> <li>(21:43) - AAA vs Retained Earnings</li> <li>(27:29) - Stock Basis and Common Mistakes</li> <li>(36:23) - Capital Contributions and Form 7203</li> <li>(43:37) - Basis Ordering Rules and Elections</li> <li>(48:55) - Worked Example and Wrap Up</li> </ul><br><strong>Jeremy's Article on S Corp Ledgers</strong><br><a href="https://www.jwells.tax/p/the-three-ledgers-of-an-s-corporation">https://www.jwells.tax/p/the-three-ledgers-of-an-s-corporation</a></p><p><strong>Connect with Jeremy<br></strong><a href="https://www.linkedin.com/in/jwellstax">https://www.linkedin.com/in/jwellstax</a><br><a href="https://www.steadfastbookkeeping.com/">https://www.steadfastbookkeeping.com</a></p><p><strong>Subscribe on YouTube</strong><br><a href="https://www.youtube.com/@TaxinAction">https://www.youtube.com/@TaxinAction</a><strong></strong></p><p>Earn CPE for Listening to This Podcast<br><a href="https://www.earmark.app/">https://www.earmark.app/</a></p><p>This podcast is a production of <a href="http://earmark.me/"><strong>Earmark Media</strong></a></p>
April 29, 2026
Your Business Doesn't Need to Own Your Car
<p>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.</p><p><ul><li>(00:00) - Influencer Tax Myths</li> <li>(03:32) - Core Tax Authority</li> <li>(07:25) - Business Trips vs Commutes</li> <li>(14:25) - Home Office Exception</li> <li>(19:09) - Strict Substantiation Rules</li> <li>(26:33) - Mileage Logs That Win</li> <li>(31:49) - Fringe Benefits and Accountable Plans</li> <li>(36:08) - Depreciation Limits and Recapture</li> <li>(43:51) - Standard Mileage Rate Option</li> <li>(45:54) - Three Question Framework</li> <li>(47:52) - Scenario Walkthroughs</li> <li>(55:58) - Key Takeaways and Wrap Up</li> </ul><br><strong>Connect with Jeremy<br></strong><a href="https://www.linkedin.com/in/jwellstax">https://www.linkedin.com/in/jwellstax</a><br><a href="https://www.steadfastbookkeeping.com/">https://www.steadfastbookkeeping.com</a></p><p><strong>Subscribe on YouTube</strong><br><a href="https://www.youtube.com/@TaxinAction">https://www.youtube.com/@TaxinAction</a><strong></strong></p><p>Earn CPE for Listening to This Podcast<br><a href="https://www.earmark.app/">https://www.earmark.app/</a></p><p>This podcast is a production of <a href="http://earmark.me/"><strong>Earmark Media</strong></a></p>
30 total episodes available
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