Jeremy Wells, EA, CPA

Jeremy Wells, EA, CPA Contact information, map and directions, contact form, opening hours, services, ratings, photos, videos and announcements from Jeremy Wells, EA, CPA, Tax preparation service, 99 King Street Unit 592, Saint Augustine, FL.

🎓 CE available! 🎓Buying a vehicle through your business sounds like a clean tax win, but the rules around ownership, usa...
10/12/2026

🎓 CE available! 🎓

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 riskier—than most owners realize.

In this course, 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.

You can now earn CPE for the course, "Your Business Doesn't Need to Own Your Car" on Earmark.

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Struggling with creating proposals and pricing services for your accounting firm? Tired of hourly billing but scared to ...
10/12/2026

Struggling with creating proposals and pricing services for your accounting firm? Tired of hourly billing but scared to set fixed fees?

In this episode of Relay's Gearing Up, I discuss my approaches to discovery, pricing, and proposal to improve close rates and attract high-value clients.

📽️ Check out the episode here: https://relayfi.com/blog/pricing-small-business-bookkeeping-services -and-pricing-for-small-business-bookkeeping-services-gearing-up-episode-10

😎 Summer is the perfect time to review your firm's processes and workflows!🧾 Sales💵 Pricing📈 Marketing⚙️ Workflows📨 Comm...
10/10/2026

😎 Summer is the perfect time to review your firm's processes and workflows!

🧾 Sales
💵 Pricing
📈 Marketing
⚙️ Workflows
📨 Communication

I cover how I integrate software, video, and templates to optimize workflows and strengthen client relationships.

Discover how to simplify your workflow to gain efficiencies with client engagement, project management, and collections.

🎥 Watch here: https://www.ignitionapp.com/webinars/tax-season-workflow-tips

⏰ The refund statute of limitations: When time runs out ⏰Your client has a refund waiting. But the clock is ticking. And...
10/09/2026

⏰ The refund statute of limitations: When time runs out ⏰

Your client has a refund waiting. But the clock is ticking. And once the refund statute of limitations closes, that money is gone forever.

In the latest Tax in Action episode, I break down

📆 What the refund statute of limitations actually is (it’s not “three years from the due date”)
👀 How the lookback period controls how much can be refunded
💉 COVID-era traps that caught many taxpayers (and pros) off guard
😫 Rare exceptions like “financial disability” (and why they’re hard to claim)
🏛️ Lessons from the Hamilton v. US case

Don’t let time run out on your client’s refund. Understand these rules before amending returns or filing late returns.

🎧 Listen now: https://tax.show/6

🛑 Not every firm needs to scale.We’re told to➡️ “Grow your firm.”➡️ “Add staff, double revenue, build an empire.”But wha...
10/07/2026

🛑 Not every firm needs to scale.

We’re told to
➡️ “Grow your firm.”
➡️ “Add staff, double revenue, build an empire.”

But what if that’s not why you became a tax advisor?

On a recent episode of Growing Your Firm with Jetpack Workflow, I shared how

📈 I doubled my firm during the pandemic by adding staff, tripling client load, and scaling fast.
🤨 I ended up spending more time managing people than helping clients.
✅ I intentionally scaled back to align with why I entered this profession.

The takeaway?

✨ Growth is not the same as success.
✨ Scaling requires systems, SOPs, and energy that not every practitioner has.
✨ A well-run, high-value, intentionally small firm can be more profitable and fulfilling than a bloated, busy one.

Your firm can fit your life, not the other way around.

I'd love to hear your take.

🎥 Click here to watch: https://www.youtube.com/watch?v=StWoFQqR8-I

🎓 CE available! 🎓S corporations maintain three separate ledgers — retained earnings, AAA, and shareholder stock basis — ...
10/07/2026

🎓 CE available! 🎓

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 many tax professionals run into trouble.

In this course, 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.

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🎓 CE available! 🎓Beyond 7216: The FTC Safeguards Rule, SOC 2, and Your Firm's WISPThis course examines the legal and reg...
10/05/2026

🎓 CE available! 🎓

Beyond 7216: The FTC Safeguards Rule, SOC 2, and Your Firm's WISP

This course examines the legal and regulatory framework that accounting and tax firms must follow when adopting technology or artificial intelligence to protect taxpayer information.

Tax professionals will learn how the IRC § 7216 auxiliary services exception, the Gramm-Leach-Bliley Act, and the FTC Safeguards Rule combine to require a Written Information Security Program.

The course also covers how SOC 2 reports help evaluate software vendors and the IRS Office of Professional Responsibility's 2026 Circular 230 guidance on the use of AI.

Link in comments ⤵️

🏢 Why do buyers push for asset sales instead of stock sales?Two words: stepped-up basis. Fresh depreciation + leaving li...
10/05/2026

🏢 Why do buyers push for asset sales instead of stock sales?

Two words: stepped-up basis. Fresh depreciation + leaving liabilities behind can make a huge difference.

In this article, I explain

- Why buyers push for asset sales (stepped-up basis and leaving liabilities behind) and why sellers often resist
- How the residual method allocates purchase price across all seven asset classes, from cash to goodwill
- Why goodwill is often the most valuable—and most misunderstood—asset in a service business sale, including the personal vs. corporate goodwill distinction from Martin Ice Cream Company v. Commissioner.

I also share where I draw the line as a practitioner: I won't prepare a return without a properly documented allocation both parties have agreed to. No exceptions.

If you work with clients on business sales, this one's worth your time:

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💡 Business owner? Side hustler? Contractor? You might qualify for one of the most misunderstood tax breaks in the entire...
10/03/2026

💡 Business owner? Side hustler? Contractor? You might qualify for one of the most misunderstood tax breaks in the entire tax code: the Qualified Business Income Deduction (QBID).

I recently shared some thoughts with Bankrate about how this deduction works. Here’s what you should know in plain English:

✅ Who benefits most?
Owners of businesses that report income on their personal tax return: sole proprietors, partnerships, and S corporations.

✅ Do you lose it if you make “too much”?
Possibly. This deduction has income phaseouts that can reduce or wipe it out entirely. The more your taxable income grows, the more careful you need to be.

✅ What about certain professions?
Certain fields (law, accounting, consulting, medical, etc.) can be limited more quickly than others. But even if you don’t fall under those “specified service” rules, phaseouts still matter.

✅ It’s not always DIY-friendly.
The QBI is famous for complicated calculations. If you’re a small business owner, don’t assume TurboTax has your back. Sometimes a quick consult can save you thousands.

💡 Key takeaway:
The QBI isn’t automatic. It’s strategic.
Know the thresholds. Run the numbers. And don’t leave it on the table.

📰 Here’s the article where I break this down: https://www.bankrate.com/taxes/qualified-business-income-deduction-what-it-is-and-how-to-claim-it/

Are you sure your "limited partners" are actually limited partners under federal tax law? The IRS and the courts aren't ...
10/02/2026

Are you sure your "limited partners" are actually limited partners under federal tax law? The IRS and the courts aren't so sure either.

In this episode of Tax in Action, I break down one of the most unsettled questions in partnership taxation: what does it actually take to be a "partner," and when does that partner owe self-employment tax on their share of income?

Key takeaways from this episode include the following:

🏛️ The Supreme Court's Tower and Culbertson decisions established that federal tax law looks past state law labels to the economic reality of an arrangement—capital contributed, control exercised, or services performed.

🧮 The "hypothetical liquidation" test helps determine whether someone truly holds a capital interest in a partnership, which is central to partner status.

🤔 IRC § 1402(a)(13) exempts a "limited partner, as such" from self-employment tax, but Congress never defined the term, and a 1997 regulatory attempt was blocked by a moratorium that's still technically in effect nearly three decades later.

🫯 The Tax Court's functional analysis approach in Renkemeyer and Soroban conflicts directly with the Fifth Circuit's state law-based approach in Sirius Solutions (formerly K Lane).

🥸 Denham Capital Management, pending at the First Circuit, raises an entirely different question: whether the Tax Court even has jurisdiction to decide this issue at the partnership level.

This is a circuit split in the making, and it has real implications for how LLC members and limited partners report their income. If you work with partnerships in any capacity, this one is worth your time.

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99 King Street Unit 592
Saint Augustine, FL
32085

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