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, Business consultant, 99 King Street Unit 592, Saint Augustine, FL.

🚩 Tracking your P&L isn’t enough!Too many founders🚀 Launch fast📈 Scale fast🤝 Sell fast…but ignore their financial and le...
09/19/2026

🚩 Tracking your P&L isn’t enough!

Too many founders
🚀 Launch fast
📈 Scale fast
🤝 Sell fast

…but ignore their financial and legal infrastructure.

In this interview, I shared
🗓️ Why cleaning up 2 years of financials in 2 weeks before a deal is the worst way to run your business.
📑 Why your balance sheet matters more than your P&L when it’s time to get funding, add partners, or negotiate credit.
🛡️ Why you need your legal entity, bookkeeping, and cash systems in place early—not as a luxury, but as protective scaffolding.

You can’t build a stable business on a shaky foundation.
You can’t make strategic decisions with unclear numbers.
You can’t outsource all financial responsibility just because it’s “not fun.”

Investors, lenders, and your future self will thank you for taking your finances seriously.

💡 If you’re a founder: What’s been your biggest challenge in getting your financial systems in place?

📽️ Watch here: https://www.youtube.com/watch?v=StWoFQqR8-I

A Florida surgeon lost $288,000 because his CPA failed to file three years of tax returns, and the courts said he couldn...
09/18/2026

A Florida surgeon lost $288,000 because his CPA failed to file three years of tax returns, and the courts said he couldn't blame the professional.

In the latest episode of Tax in Action, I break down the Wayne Lee case and what it reveals about taxpayer responsibility, even when working with professionals. The Supreme Court's position in US v. Boyle is clear: you cannot delegate filing and payment deadlines to a tax professional, no matter how much you trust them.

I walk through the critical differences between failure to file penalties (5% per month) and failure to pay penalties (0.5% per month), and why understanding this distinction matters so much for both taxpayers and practitioners. I also cover why an extension to file is never an extension to pay, a point that trips up countless taxpayers every year.

The episode also explores penalty relief options, including first time abatement and what actually qualifies as reasonable cause. Spoiler: reliance on a tax professional doesn't qualify, and the IRS applies its own administrative waivers before even considering statutory reasonable cause exceptions.

Whether you're a tax professional advising clients or a taxpayer trying to understand your obligations, this episode breaks down the penalties, the relief options, and the legal precedents that shape how the IRS and courts view taxpayer responsibility.

Link in comments ⤵️

🚨 Ever had a client ask, “Can I write this off?” …because of something they saw on social media?I went on the Accounting...
09/16/2026

🚨 Ever had a client ask, “Can I write this off?” …because of something they saw on social media?

I went on the Accounting Podcast to discuss the rise of tax misinformation and how we as tax and accounting professionals can respond without losing our minds (or our clients).

In this episode, we discussed
🧐 Why “questionable” tax deductions are everywhere right now
⚖️ How to weigh the risk vs. reward of aggressive positions
🔎 Why nuance matters more than ever in client conversations
🥸 How to deal with clients who bring in advice from influencers, not professionals

🎧 Listen here: https://accounting.show/303

The rise of cryptocurrency scams has brought renewed attention to an often-misunderstood area of tax law: theft loss ded...
09/16/2026

The rise of cryptocurrency scams has brought renewed attention to an often-misunderstood area of tax law: theft loss deductions.

In this Tax in Action episode, I dive deep into the complex rules governing when taxpayers can actually deduct losses from theft. Many practitioners and taxpayers are confused about the critical distinction between when a theft occurs versus when it's discovered and how timing can mean the difference between a deductible loss and no deduction at all.

I break down the three essential criteria for claiming theft losses, explore five modern scam scenarios recently clarified by IRS Chief Counsel (including "pig butchering" schemes targeting crypto investors), and examine why Ponzi schemes get special treatment under current law.

The episode also covers a fascinating 1984 court case involving Civil War veterans' land rights that perfectly illustrates how even expert tax judges can fundamentally disagree on basic tax law principles.

Whether you're dealing with traditional theft situations or navigating the new world of digital asset scams, understanding these rules is crucial for proper tax planning and compliance.

Check out the full episode for detailed analysis and practical insights that could save you and your clients significant confusion down the road.

Link in comments ⤵️

09/14/2026

Those blank Goodwill receipts sitting in your tax folder? They might not be worth what you think.

I recently discussed a Tax Court case on the podcast where a taxpayer lost their entire non-cash charitable deduction, not because they didn't donate, but because of missing paperwork.

Here's what happened: The taxpayer donated property to charity and claimed the deduction on their return. During an audit, the IRS discovered they hadn't completed the required documentation. The case went to Tax Court, and the taxpayer lost.

The kicker? The issue wasn't about:
• The property itself
• The charity's legitimacy
• How they filed their return

It was about Form 8283 and proper documentation that doesn't even get filed with your return, but must exist if the IRS comes knocking.

As tax professionals, we see this constantly. Clients hand us stacks of blank donation receipts, expecting big deductions. But without proper documentation, those receipts are just paper.

So, before you (or your clients) start calculating those donation deductions, make sure you understand the documentation requirements. A blank receipt won't cut it when the IRS asks for proof.

Whether you're preparing returns or planning your own donations, knowing these rules before you donate can save you from losing legitimate deductions down the road.

📋 What documentation challenges have you encountered with charitable contributions?

Want more? Link in comments ⤵️

🎧 Listen to the full episode: https://tax.show/20

🗂️ Protect your firm and your clients with document retention best practices!In today’s world, effective document retent...
09/14/2026

🗂️ Protect your firm and your clients with document retention best practices!

In today’s world, effective document retention isn’t just about keeping records. It’s about safeguarding client trust, ensuring compliance, and managing risk.

In my recent course with Financial Guardians, LLC, I covered the following:
📥 Secure methods for accepting and storing client documents
🗓️ Determining legally compliant retention periods
🗑️ Best practices for secure disposal of records

A clear, consistent retention policy protects both your clients and your practice. Proactive compliance makes audits smoother and liability lower. Properly training your team ensures policies are more than just words on paper.

If you want to strengthen your firm’s compliance framework and give clients greater peace of mind, this course is for you.

Link in comments ⤵️

Thinking about getting serious with your business? Start by getting serious about your taxes.In this conversation with J...
09/12/2026

Thinking about getting serious with your business? Start by getting serious about your taxes.

In this conversation with Josh Elledge on the UpMyInfluence podcast, we tackled one of the most common questions I get from freelancers and small business owners:

“When should I hire a tax professional?”

Short answer?
📅 Yesterday.

Slightly longer answer?
💡 The moment you start treating your work like a real business, not just a side hustle.

We talked about
🪤 Why mixing personal and business finances is a trap (for you and for the IRS)
💸 Why DIY tax prep might feel cheaper… but often costs more in the long run
🥸 How tax planning is really business planning in disguise

If you’re running a business—even if it’s just you and a laptop—you need to think about taxes proactively, not reactively.

🎧 Listen to the full conversation here: https://upmyinfluence.com/umi-blog/tax-season-jwellcfo-jeremy-wells/

Running a business is incredibly difficult, and most owners are building toward an exit strategy. Whether that's in thre...
09/11/2026

Running a business is incredibly difficult, and most owners are building toward an exit strategy. Whether that's in three years or ten years, they want to get acquired, make a profit, and reinvest in the next project.

But here's something that catches a lot of business owners off guard:

🚨 S corporation acquisitions can be way more complicated than partnerships or sole proprietorships, especially when you're dealing with non-qualified acquirers.

As I discussed on a recent Tax in Action podcast episode, when you're dealing with an S corporation, you have to think about eligible shareholders. It's generally only US-based individuals.

Non-US people? Generally not eligible to be owners in S corporations. Partnerships and C corporations? Nope to them, too.

There are some very specific exceptions, but in general, the kinds of legal entities created to do mergers and acquisitions aren't going to be eligible S corporation shareholders.

So, if you have an acquisition involving one of those non-qualified acquirers, you're looking at potentially terminating that S election, which could cause serious problems.

There are ways around it. You could do an asset sale instead of a stock sale, or what's called an F reorganization. But these solutions are complex and beyond the scope of most practices. They're not something you want to deal with regularly.

🚩 This is one of those S corporation red flags that challenges the "default to S corporation" mentality. Sometimes partnerships or sole proprietorships actually serve business owners better, especially when acquisition is part of the long-term plan.

The bottom line? If you're building to sell, think carefully about entity structure from day one. The S corporation benefits might not be worth the acquisition headaches down the road.

Listen to the full episode: https://tax.show/3

If you struggle with controlling the pace and flow of tax return work in your firm, you may benefit from implementing a ...
09/09/2026

If you struggle with controlling the pace and flow of tax return work in your firm, you may benefit from implementing a scheduling procedure. My firm, Steadfast Bookkeeping, did that for the first time this year, and it appears to be working well for us.

Link in comments ⤵️

🏠 The $500k Exclusion Explained 💸In the latest Tax in Action episode, I dive deep into Section 121's capital gains exclu...
09/09/2026

🏠 The $500k Exclusion Explained 💸

In the latest Tax in Action episode, I dive deep into Section 121's capital gains exclusion rules using the Weber v. Commissioner case as a cautionary tale. This couple owned their home for 10 years but lost their entire exclusion because they failed the critical "two-out-of-five year" use test after converting their home to a rental property.

I break down the ownership and use tests, explain how rental conversions can disqualify you from the exclusion, and cover the partial exclusion exceptions for employment changes, health issues, and unforeseen circumstances. Understanding these nuances is essential for tax professionals and homeowners alike.

Don't let your clients make costly mistakes with home sales. Listen to learn the critical details that could save hundreds of thousands in taxes.

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99 King Street Unit 592
Saint Augustine, FL
32085

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