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Tax in Action: Practical Strategies for Tax Pros
Jeremy Wells, EA, CPA
14 episodes
6 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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When Disaster Strikes: Navigating Casualty Loss Deductions
Tax in Action: Practical Strategies for Tax Pros
1 hour
2 months ago
When Disaster Strikes: Navigating Casualty Loss Deductions

Natural disasters, accidents, and sudden destructive events can create significant financial hardship, but the tax code provides some relief through casualty loss deductions. This episode breaks down the complex rules governing what qualifies as a deductible casualty loss, including the critical distinction between personal and business losses under the Tax Cuts and Jobs Act. Jeremy walks through the three-part test for casualty losses, calculation methods using fair market value changes, and the reporting requirements on Form 4684, using a real-world hurricane damage scenario to illustrate these concepts.

Sponsors
SafeSend - taxshow.promo/safesend


  • (00:00) - Introduction to the Series
  • (01:08) - Understanding Casualty Losses
  • (02:57) - Case Study: Jessica's Print Shop
  • (05:16) - Types of Casualty Losses
  • (06:57) - Tax Cuts and Jobs Act Impact
  • (12:22) - Determining Deductible Casualty Losses
  • (18:36) - An Identifiable Event
  • (27:09) - Determining Casualty Loses or Gains
  • (32:04) - Filing an Insurance Claim
  • (41:19) - Reporting Casualty Losses
  • (50:51) - What to Do For Casualty Gain
  • (57:21) - Conclusion and Recap

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 the 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.