Nashville Tax Lawyer

Business success is often affected by tax issues. The type of business operated will determine which taxes need to be paid, and how they need to be paid. Business taxes include excise tax, employment tax, self-employment tax, estimated tax, and income tax. Mr. Frazier provides representation for business tax issues and advises business owners. He assists clients with obtaining 501(c)(3) status and guides them through the establishment and maintenance of nonprofits. In order to form a 501(c)(3) nonprofit, you need to follow both federal and state formalities. The first step is following the mandates of Tennessee state law to form a nonprofit corporation. Next, you will need to take certain steps to obtain federal and Tennessee tax exemptions. Our Nashville tax attorney can help you understand the tax implications of choices that you make for your business and provide the legal advice that you need to stay well-informed throughout the life of your business.

If you file an income tax return without paying your full taxes, a bill will be issued from the IRS. The bill triggers the IRS collection process, which can turn aggressive in its efforts to collect the tax. After three letters attempting to collect the taxes, the third giving you a chance to pay within 10 days, the IRS will warn you that it has the option of filing a federal tax lien. The IRS may look for assets to levy if you fail to respond to the third letter. Your finances can suffer a drastic blow from wage garnishments, liens, or bank levies by the IRS. Our firm can represent you in connection with IRS collections, working proactively to stop them when possible. Nashville tax lawyer Charles R. Frazier understands the stress that facing collections can cause, and he wants to take that burden off your shoulders.

Often, making the right choices at the outset is more cost-effective for a business than fighting to resolve disputes down the road. One of the first steps in the life of a successful business is selecting the right structure based on your objectives for the business and your sense of which tax and liability arrangement would be best. Mr. Frazier has served owners of small and medium-sized businesses throughout the Nashville metro area, and he uses his experience to help clients make educated choices that allow them to grow their businesses. When a dispute is unavoidable, Mr. Frazier has the litigation experience to help protect businesses.

Making the right choices at the earliest stages of your business can help you avoid challenges later. In Tennessee, business structures include corporations, limited liability companies (LLCs), limited partnerships (LPs), limited liability partnerships (LLPs), and general partnerships. Different laws govern each of these structures. Under the Tennessee Business Corporation Act, a corporation or domestic corporation is incorporated for profit under the state’s rules. Corporations are supposed to maintain a registered office and a registered agent in the state of Tennessee. Mr. Frazier can help you form your business by using the structure that would allow you to achieve your goals, whether that is an LLC, a partnership, or a corporation. Often, the tax treatment is a deciding factor for which type of structure should be formed.

Business owners periodically need the advice of counsel, and they also may need an effective advocate to fight for their interests in case of a dispute. Many businesses do not want to put resources toward maintaining an in-house counsel. Mr. Frazier can serve as ongoing counsel for a business and advise on an as-needed basis about such issues as legal compliance, governance, fiduciary obligations, employee-employer relations, and minority and majority equity owner connections. As corporate counsel, we can advise on daily issues that affect a business’ relationship with clients, vendors, supervisors, equity holders, officers, and workers. We have negotiated a wide range of contractual relationships for our clients, including both partnership and shareholder structures, as well as tactical alliances and joint ventures.

Estate planning can affect how our possessions are distributed after death and dictate our end-of-life medical care. It may entail making a will and executing various other instruments, such as a durable power of attorney and a living will. Outdated estate plans can have disastrous consequences. By contrast, a carefully considered estate plan can reduce the chances that taxing authorities become unnamed beneficiaries of a decedent’s estate. Our firm asks clients to consider the possibility of life changes that could render an estate plan ineffective. These changes could include the addition of new family members, poor health, a disability, the loss of loved ones, changes in financial or marital situation, changes in state of residence, tax law changes, and changes in charitable inclinations.

Mr. Frazier strives to maintain a balance between the competing interests of different generations when advising clients on the complex legal, economic, and emotional issues related to transferring wealth and business interests. He endeavors to provide clients with the peace of mind that their wishes will be respected by helping them draft wills and trusts. Wills are legal documents that describe how the individual making the will, known as a testator, wants his or her property and affairs handled after death. In Tennessee, testators must be at least age 18 and of sound mind. Two witnesses need to sign the will in order for the will to be enforceable. There are certain conditions in which oral wills and holographic wills are valid.

When you need to protect your finances, your future, and your loved ones, you should make sure that you understand your rights and options. Mr. Frazier represents clients throughout Davidson, Williamson, and Rutherford Counties, as well as elsewhere in Tennessee. He also handles IRS (federal) cases across the country. Call us at 615-267-0125 or contact us through our online form if you need a tax lawyer in the Nashville area or assistance with a business or estate planning matter.