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Tax in Action: Practical Strategies for Tax Pros
Jeremy Wells, EA, CPA
14 episodes
5 days ago
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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All content for Tax in Action: Practical Strategies for Tax Pros is the property of Jeremy Wells, EA, CPA and is served directly from their servers with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.
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.
Show more...
Business
Education
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The Legal Case for Better Books: Why Recordkeeping Isn't Optional
Tax in Action: Practical Strategies for Tax Pros
1 hour 4 minutes
2 weeks ago
The Legal Case for Better Books: Why Recordkeeping Isn't Optional

Jeremy dives into the often-overlooked legal requirements for taxpayer recordkeeping under IRC Section 6001, explaining why accurate books aren't just nice to have: they're mandatory. He breaks down the Cohan rule (and why it's widely misunderstood), explores how good recordkeeping can shift the burden of proof to the IRS under Section 7491, and offers practical ways tax professionals can encourage better client recordkeeping without becoming bookkeepers themselves.

Sponsors
SafeSend - taxshow.promo/safesend


  • (00:00) - Introduction: The Struggles of Accounting Firms
  • (01:06) - Challenges with PBC Data
  • (01:56) - Balancing Bookkeeping and Tax Services
  • (04:03) - Legal Requirements for Bookkeeping
  • (04:43) - The Cohan Rule Explained
  • (10:23) - Penalties for Inadequate Record Keeping
  • (25:01) - When Cohan Doesn't Apply
  • (30:06) - Ethical Considerations for Tax Practitioners
  • (34:39) - Encouraging Better Bookkeeping Practices
  • (44:12) - Leveraging Technology for Record Keeping
  • (47:08) - Offering Bookkeeping Review Services
  • (53:06) - Building a Network of Preferred Partners
  • (55:52) - Pricing and Providing Additional Services
  • (01:02:37) - Conclusion: Adding Value Without Extra Work

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

Tax in Action: Practical Strategies for Tax Pros
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.