Sec. 1.1.13 & 1.1.16

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Tax Practitoners at the Tax Law Institute
Contact: 1.800.513.1598


Charles Read trained at the Tax Law Institute. He is a CPA Member of the Bar United States Tax Court and Certified U.S. Tax Court Litigator. He received the Judicial Merit Award in 2015 for his exemplary grasp of legal concepts, specifically, the Federal Rules of Evidence as Applied in U.S. Tax Court. Counsel Read is CEO of Custom Payroll Inc. in Lewisville TX. He is a guest lecturer in the Tax Law Institute U.S. Tax Court Trial Practice Programs for Non-attorneys and Attorney Federally Authorized Tax Practitioners. 

2017-2020 Member of the Internal Revenue Service Advisory Council
Charles Read was previously, 3-year term member (2017-2020) of the IRS Advisory Council and the only United States Tax Court Practitioner to hold that position during his term of service. As the Small Business Self Employed and Wage and Investment Adviser to the IRS, he speaks to content found in IRS Publication 334.

"If the matter conerns Federal taxes and litigation then you should be talking to us"


The following excerpts are reproduced from 2018 Publication 334 - Courtesy of the IRS

What's New for 2019

The following are some of the tax changes for 2019. For information on other changes, go to IRS.gov.
  • Standard mileage rate
    • For 2019, the standard mileage rate for the cost of operating your car, van, pickup, or panel truck for each mile of business use is 58 cents a mile.
  • Self-employment tax
    • The maximum net self-employment earnings subject to the social security part of the self-employment tax is $132,900 for 2019.
Reminders
  • Reportable transactions
  • You must file Form 8886, Reportable Transaction Disclosure Statement, to report certain transactions. You may have to pay a penalty if you are required to file Form 8886 but do not do so. You also may have to pay interest and penalties on any reportable transaction understatements. Reportable transactions include:
    • 5. Transactions the same or substantially similar to one of the types of transactions the IRS has identified as a transaction of interest.
    • 4. Transactions that result in losses of at least $2 million in any single tax year ($50,000 if from certain foreign currency transactions) or $4 million in any combination of tax years; and
    • 3. Transactions for which you have, or a related party has, contractual protection against disallowance of the     tax benefits;
    • 2. Transactions offered to you under conditions of confidentiality for which you paid an advisor a minimum fee;
    • 1. Transactions the same as or substantially similar to tax avoidance transactions identified by the IRS;

Dispositions of Business Property

Introduction

If you dispose of business property, you may have a gain or loss that you report on Schedule 1 (Form 1040). However, in some cases you may have a gain that is not taxable or a loss that is not deductible. This chapter discusses whether you have a disposition, how to figure the gain or loss, and where to report the gain or loss.

  • Useful Items
  • You may want to see:
    • Sales and Other Dispositions of Assets
      • Form (and Instructions) 4797
    • Publication 544
  • Sales of Business Property
    • Sch D (Form 1040) Capital Gains and Losses

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