Auto Filings and Auto Payments with Charles Read

He has 50 years of financial leadership experience in a broad range of industries including being a licensed certified public accountant. His background stretches across accounting tax manufacturing, construction, information technology, marketing, transportation, logistics, human resources, wholesale distribution, insurance, credit, and more.

He has held his series seven and 6366 licenses. And one of the most interesting things that I found is he’s one of only 86 people in the last 16 years to pass the US Tax Court, non-attorney practitioners examination, which enables him to represent clients in the US Tax Court without being an attorney.

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Brett:

I’m excited about our next guest. He has 50 years of financial leadership experience in a broad range of industries including being a licensed certified public accountant. His background stretches across accounting tax manufacturing, construction, information technology, marketing, transportation, logistics, human resources, wholesale distribution, insurance, credit, and more. He has held his series seven and 6366 licenses. And one of the most interesting things that I found is he’s one of only 86 people in the last 16 years to pass the US Tax Court, non-attorney practitioners examination, which enables him to represent clients in the US Tax Court without being an attorney. Please welcome to the show with,?Charles Read, Charles, how are you today?

Charles:

Brett, I’m fine. Glad to be here. Thanks for having me.

Brett:

Absolutely. And also want to thank you for your service as a United States Marine, a combat veteran, a veteran of the Vietnam War. And so before our listeners getting to know you for the first time, would you give us a little bit more about your background and your current focus? Sure.

Charles:

I grew up in Iowa. I’m a Midwestern boy. After high school, I joined the Marine Corps spend four years including two years overseas in a combat tour, nom, came back was stationed, Ken said he met and married my wife, five children when I married her, I claim insanity. But we were married for 45 years before she passed, I found that my military experience and my training were not valued in the business world. So went to college, got my bachelor’s, my Masters passed my CPA exam, while still in school, went to work for Texas Instruments, spent 15 years working for various companies small and large. Then 30 years ago, Ruth and I, my wife started our own business. Because I was tired of working for other people and realized I was never going to run a major corporation because I didn’t have the political goals. I was unwilling to stab people in back and toss them off the ladder. So we started on a business. And it was payroll and accounting and mobile service. technology changed in the mobile went away. And I sold off the accounting to my partner here about 10 years ago, and focused on payroll, and been growing the payroll heavily ever since. We provide payroll and payroll-related services to small and medium-sized businesses around the country. payroll, Payroll Tax Service compliance, timekeeping workers comp, benefits, other things, but all payroll related.

Brett:

Amazing, wow. So much there and so many ways that we could go down to different avenues. And by the way, that’s a getpayrol.com, that?getpayroll.com?to learn more about Charles Read and in the payroll services to help you out. Before we dive into, you know, this really interesting, unique designation you have with representing the ability to represent clients the US task or tax without being an attorney, as well as touching on some capital gains tax deferral things that are happening right now with the Biden administration, proposing some changes. And just the economy in general, we’ll talk about I want to take one other step back, Charles, you know, I believe we’ve all been given certain gifts in this life. And so some people call these strengths are superpowers. I believe their God-given gifts and these gifts he gave to us to be a blessing help to others. So I want you to go back to maybe your high school days or your university days and when you’re a younger, younger lad, what’s the maybe one or two gifts that you believe you were given? And how do they help, how you help him bless people today?

Charles:

Well, this was brought home to me by my staff, I’d done up an interview tape for the survivor, the TV show, and in that they say, one word to describe yourself. Ask my staff, and they all came back unanimously and said, tenacious, I can be like a dog with a bone. I just don’t give up. I just go on and go on and go on. And I’ve been that way all my life. When I was 14, I took a bicycle and from Iowa to California to see my grandmother. Turn 15 on the way so I don’t like to go with things. I just get in. And that’s good for my clients because I don’t let go I had one tax penalty situation that took nine years to solve with the Internal Revenue Service. So from my point of view, tenacity is good. From my wife’s point of view, not so much, but it worked. It worked for me.

Brett:

Absolutely love it. tenacity, it just keeps going. And when you get something you’re going to, you’re going to see it through. Is that a fair summary?

Charles:

Absolutely, he’s chewing on a deal. There’s no bone left.

Brett:

Love it, love it. So now let’s dive right into maybe the biggest secret to being able to, show and pass an exam and be able to provide, you know, representation for clients in the US Tax Court, you know, we’re here at Capital Gains Tax Solutions. And one of the biggest things is want to know is if someone uses the strategy, which we specialize in the Deferred Sales Trust, what happens is if you have to face You know, the IRS or have to face, you know, the US and some kind of legal battle. So, tell us about your experience with the US Tax Court, maybe even the IRS, and some of these things over your years.

Charles:

Well, I fight the IRS on almost a daily basis. We have employment tax situations, which is our specialty. The IRS in fiscal 19, issued over $13 billion in employment tax penalties. And we’re specialists at getting those abated and solved. And in some cases, you have to take those situations to us Tax Court, or disc court, not wanting to be an attorney, I became a US Tax Court practitioner, I studied for it, I decided I was going to become one and I did. That’s, that’s an athlete. So it took a couple of years to study the US Tax Court exam once every two years in November, and in DC at the Tax Court. That’s the only time they give it. They really don’t want us but they’re forced to, in that it’s part of the law that established in the US Tax Court that non-attorneys could practice in it was a holdover from the previous IRS appeals mechanism. So I set for it and pass it here a number of years ago. But it lets me go to the court and present a present an argument and a petition, it’s $60, to file a petition with the US Tax Court. So it’s cheap, you don’t have to spend $5,000 for an attorney on a retainer to file a petition in District Court. So by going to Tax Court with the tax court, you don’t have to pay the taxes upfront. The payment is told deferred until the Tax Court cases are settled. So if you get tight to the wire with pain or losing, you file a petition with the Tax Court, it stops all the collection efforts, then the first thing that happens is it kicks back to docket appeals. So you get a whole nother bite at the apple. And you’re not dealing with the collections people, you’re not dealing with exams, you’re dealing with appeals at a higher level than you normally would. So you get people who are more knowledgeable, more experienced, you’re dealing with a tax counsel for the IRS, and 95% of all US tax court cases are settled pre-court. So you’re probably going to get a better deal than if you’re fighting it out trying to find out with collections or an appeals hearing because they don’t want to go to court. If they lose when they go to court, then a precedent is set. So the hazards of litigation, are in many cases on the IRS not on you. Because you know your maximum liability. The liability that the IRS undertakes may be far, far more than they’re willing to take on.

Brett:

Wow, that’s so enlightening to make sure I encapsulate that for me and for our listeners. So A to file a petition $60 in US Tax Court and versus potentially an attorney $5,000. So the first thing, two once you are guests in this petition stage, you can defer the payments. In other words, you’re moving it out of collections where perhaps they don’t really have the authority, perhaps they’re just there to collect. And now you’re going to actually fight an appeal and you’re gonna defer the payment until the case is solved. Which gets kicked back appeals at a certain point, or maybe during this period of time, which you’re dealing with people who can actually perhaps negotiate or work through this. And 95% of these are solved pre-trial because if they were the IRC is risky, not only your case but a new precedent moving forward, which obviously can be more costly. Is that a fair summary?

Charles:

Fair summary.

Brett:

Wow, that’s really fascinating. And you know, because I think that one of the biggest misconceptions is that we don’t have the leverage. Okay, I say we as the people, and I’m just curious. Perhaps that’s the part of the rewarding part is by using the law and hiring and working with someone like yourself to fight that you can give some of the power back to the people. Is that a fair summary? Or tell us more about that, Charles?

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