Tax in Action: Practical Strategies for Tax Pros

The Legal Case for Better Books: Why Recordkeeping Isn't Optional

Listen Later

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

    ...more
    View all episodesView all episodes
    Download on the App Store
    Tax in Action: Practical Strategies for Tax ProsBy Jeremy Wells, EA, CPA
    • 4.9
    • 4.9
    • 4.9
    • 4.9
    • 4.9

    4.9

    9 ratings

    More shows like Tax in Action: Practical Strategies for Tax Pros

    View all
    The Clark Howard Podcast by Clark Howard

    The Clark Howard Podcast

    5,460 Listeners

    Tax Smart Real Estate Investors Podcast by Hall CPA

    Tax Smart Real Estate Investors Podcast

    418 Listeners

    Talking Tax by Bloomberg Tax

    Talking Tax

    111 Listeners

    Tax Notes Talk by Tax Notes

    Tax Notes Talk

    90 Listeners

    The Accounting Podcast by Blake Oliver & David Leary

    The Accounting Podcast

    337 Listeners

    Small Business Tax Savings Podcast by Mike Jesowshek, CPA

    Small Business Tax Savings Podcast

    249 Listeners

    The Megyn Kelly Show by SiriusXM

    The Megyn Kelly Show

    40,494 Listeners

    Earmark Podcast | Earn Free Accounting CPE by Blake Oliver, CPA

    Earmark Podcast | Earn Free Accounting CPE

    28 Listeners

    Tax Chats by Dyreng and Hoopes

    Tax Chats

    38 Listeners

    The Concierge CPA by Jackie Meyer

    The Concierge CPA

    10 Listeners

    Federal Tax Updates by Roger Harris, EA and Annie Schwab, CPA

    Federal Tax Updates

    32 Listeners

    Jason On Firms Podcast by Jason Staats

    Jason On Firms Podcast

    57 Listeners

    The Mr. R Show by Chris Picciurro and John Tripolsky

    The Mr. R Show

    0 Listeners

    Unofficial QuickBooks Accountants Podcast by Alicia Katz Pollock, MAT

    Unofficial QuickBooks Accountants Podcast

    42 Listeners

    Audit Smarter by Sam Mansour, CPA & Abdullah Mansour

    Audit Smarter

    0 Listeners