Tax in Action: Practical Strategies for Tax Pros Podcast By Jeremy Wells EA CPA cover art

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.© 2025 Jeremy Wells, EA, CPA Economics
Episodes
  • The Refund Statute of Limitations: When Time Runs Out

    The Refund Statute of Limitations: When Time Runs Out
    Jul 9 2025

    Understanding the refund statute of limitations can mean the difference between claiming a refund and losing that money forever. This episode breaks down the complex rules around when taxpayers can file refund claims and how much they can recover, using the recent Hamilton v. US case as a cautionary tale. Whether you're dealing with late-filed returns, amended returns, or clients who've fallen behind on their taxes, these statute of limitations rules will determine what's possible and what's permanently lost.

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    • (00:00) - Welcome to Tax in Action
    • (01:50) - Understanding Finality in Tax Code
    • (03:28) - Assessment vs. Refund Statute of Limitations
    • (04:11) - Challenges and Misunderstandings
    • (07:37) - Case Study: Hamilton v. US
    • (13:09) - Key Tax Code Sections
    • (17:21) - When Can a Taxpayer Claim a Refund
    • (33:21) - Estimated Payments
    • (34:52) - Special Considerations and Exceptions
    • (54:17) - Conclusion and Key Takeaways

    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
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    This podcast is a production of the Earmark Media
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    55 mins
  • Joint vs Separate: Marriage Filing Fundamentals

    Joint vs Separate: Marriage Filing Fundamentals
    Jun 25 2025

    Most tax professionals assume joint filing is the default for married couples, but the tax code actually says the opposite. Jeremy Wells explores the surprising reality that married filing separately is technically the default status, requiring both spouses to elect joint filing under IRC Section 6013. He breaks down the key disadvantages of separate returns—from reduced credits to income limitations—while explaining legitimate scenarios where paying extra tax through separate filing can lead to better overall financial outcomes, particularly with student loan repayment strategies.

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    • (00:00) - Welcome to Tax in Action
    • (01:03) - Default Filing Status for Married Couples
    • (02:42) - Misinterpretations of Joint Filing
    • (06:30) - Exceptions and Special Cases
    • (11:00) - Why Joint Returns Have Become the Default for Married Couples
    • (22:43) - Disadvantages of Filing Separately
    • (32:04) - Loss of Available Credits
    • (46:22) - Reasons to Consider Filing Separately
    • (54:55) - Common Myths and Misunderstandings
    • (57:49) - Exceptions to Irrevocable Joint Filing
    • (01:01:24) - Conclusion and Final Thoughts

    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
    Show more Show less
    1 hr and 2 mins
  • The 1031 Exchange Basics

    The 1031 Exchange Basics
    Jun 11 2025

    Jeremy Wells breaks down the fundamentals of Section 1031 exchanges, explaining how real estate investors can defer capital gains taxes by swapping properties rather than selling and buying separately. He clarifies common misconceptions about these transactions, walks through the strict timing requirements including the 45-day identification and 180-day completion rules, and examines court cases that reveal when the IRS challenges whether replacement properties were truly intended for investment purposes. The discussion covers qualifying property types, disqualified persons, and the practical mechanics of using qualified intermediaries to facilitate these tax-advantaged exchanges.

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    • (00:00) - Introduction to 1031 Exchanges
    • (02:06) - Understanding the Basics of 1031 Exchanges
    • (04:15) - Mechanics of a 1031 Exchange
    • (08:22) - Qualifying Property for 1031 Exchanges
    • (19:24) - Case Studies: Real-Life 1031 Exchange Scenarios
    • (29:17) - Taxpayer's Genuine Effort to Rent Property
    • (30:47) - Disqualified Persons in Section 1031 Exchanges
    • (34:03) - Understanding Like-Kind Property
    • (43:55) - Deferred Like-Kind Exchanges
    • (51:48) - Reporting Like-Kind Exchanges on Form 8824
    • (56:26) - Conclusion and Final Thoughts

    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
    Show more Show less
    57 mins
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