Treasury & IRS Announce Digital Asset Transaction Reporting Guidance

Posted by Rick Miller | Jan 22, 2024 | 0 Comments

In a recent announcement, the Treasury Department and Internal Revenue Service informed businesses that they do not have to report the receipt of digital assets the same way they report the receipt of cash – until Treasury and IRS issue necessary regulations. This is good news for many businesses that engage in digital asset transactions. However, it’s important to understand the new rules and how they affect reporting requirements. This blog post will provide a clear explanation of the changes and what businesses need to know.

Taxpayers Receiving Letters Regarding Tennessee Business Tax Filing/Payment Requirements

Posted by Rick Miller | Nov 28, 2023 | 0 Comments

Taxpayers around Tennessee are receiving notices from the Department of Revenue suggesting that they may no longer have an obligation to pay the Tennessee Business Tax.  The Tennessee Works Tax Act significantly alters the business tax filing requirements for small businesses in Tennessee. Key points from this notice that small business owners should be aware of include: Increased Filing Threshold, Local Business License Requirements, Impacts on Tennessee Businesses: Approximately 140,000 Tennessee businesses are expected to benefit from this change, as they will no longer be required to file business tax under the new threshold​​. Clients or Businesses with questions are welcome to contact us at (615) 267-0125 if they have any questions regarding the law change and how it may apply to them.  You can also review Tennessee Revenue Notice 23-08 for additional information.

AP: Eligible electric and plug-in vehicle buyers will get US tax credits immediately in 2024

Posted by Rick Miller | Oct 06, 2023 | 0 Comments

Starting next year, people who want to buy a new or used electric or plug-in hybrid vehicle will be able to get U.S. government income tax credits at the time of purchase. Eligible buyers, including those that bought an EV or hybrid this year, have had to wait until they filed their federal income tax returns to actually get the benefits.

IRS warns taxpayers of improper art donation deduction promotions; highlights common red flags

Posted by Rick Miller | Oct 06, 2023 | 0 Comments

The Internal Revenue Service today warned taxpayers to watch for promotions involving exaggerated art donation deductions that can target high-income filers and offered special tips for people to use to avoid getting caught in a scheme. The IRS is using a variety of compliance tools to combat abusive art donations through audits of tax returns and civil penalty investigations. The IRS reminds taxpayers, including high-income filers that may be targets of these schemes, to watch out for aggressive promotions. In addition, following Inflation Reduction Act funding, the IRS is focused on increasing compliance efforts on high-income and high-wealth individuals to ensure filers pay the right amount of tax owed.

Frazier Law Firm Expands its Service Offerings in Michigan

Posted by Charles R. Frazier | Oct 05, 2023 | 0 Comments

The Law Offices of Charles R. Frazier has expanded its practice in the Great Lakes Bay market to now include estate planning, elder law and business succession planning services. Adding to its existing tax planning, compliance and controversy services, the firm is now able to provide these additional services throughout the state of Michigan.

Why Every Business Owner Needs to Schedule a Tax Planning Consultation Now

Posted by Charles R. Frazier | Oct 05, 2023 | 0 Comments

With the complexity of tax regulations and the potential financial implications for businesses, experts are emphasizing the critical importance of tax planning consultations for all business owners. Here's why scheduling one should be on every entrepreneur's to-do list. You can schedule your tax planning consultation today by calling (615) 267-0125 or (989) 704-6560.

Final Reminder: October 16th Tax Filing Extension Deadline Approaching

Posted by Rick Miller | Oct 04, 2023 | 0 Comments

Taxpayers are reminded that the extended tax filing deadline is swiftly approaching on October 16th. Those who requested an extension earlier this year must submit their completed tax returns by this date to avoid late-filing penalties. The October 16th deadline applies to taxpayers who requested a six-month extension to file their 2022 tax return. The extension provides extra time to file but does not extend the time to pay any taxes owed. Those who haven't settled their tax bill should do so immediately to minimize any additional interest and penalties.

Communicate With The IRS About Your Tax Debt

Posted by Charles R. Frazier | Jul 19, 2023 | 0 Comments

What should you do if you owe money to the IRS? Communicate! Ignoring the IRS only makes it more likely that it will engage in aggressive collection enforcement activities. Most situations can be resolved with consistent communication and an understanding of options for resolving tax debts.

Tennessee Expands Tax Repossession Sales and Use Tax Credit

Posted by Frazier Inbox | Jul 06, 2023 | 0 Comments

As a business owner in Tennessee, it's important to stay up to date with any changes in state law that could potentially impact your business. One such change is the expansion of the repossession sales and use tax credit, which takes effect on July 1, 2023. This credit is designed to help dealers who sell used automobiles by providing them with relief from the sales and use tax burden. In this blog post, we'll dive deeper into the details of this expansion and what it means for your business.

The Leadership Rutherford Affect

Posted by Charles R. Frazier | Jun 30, 2023 | 0 Comments

In the heartland of Rutherford County, Tennessee, a remarkable initiative is quietly shaping the trajectory of local leadership. The development of leaders through programs such as Leadership Rutherford has become a transformative force, empowering individuals to become catalysts for positive cha...

WORKSHOP: Accounting Fundamentals: Understanding Financial Statements

Posted by Frazier Inbox | Jun 30, 2023 | 0 Comments

Enhance Your Business Financial Acumen: Join Our Workshop on Accounting Principles and Financial Statements Summary: As a business owner, it is essential to have a solid grasp of basic accounting principles and an understanding of the primary financial statements. Our upcoming workshop is designed to help you gain this crucial knowledge and effectively monitor the financial health of your business. By exploring the three primary financial statements and their interrelationships, this workshop will provide valuable insights into their significance. Furthermore, it will equip you with the necessary skills to confidently discuss your business's financials with lenders and investors. While the workshop won't turn you into an accountant, it will significantly enhance your proficiency in the language and concepts of finance, empowering you to make informed decisions that matter for your business's success. Don't miss this opportunity to boost your financial acumen - register now!


Posted by Frazier Inbox | Jun 26, 2023 | 0 Comments

The Tennessee Department of Revenue will be raising the prevailing and installment payment agreement interest rates from July 1, 2023. The prevailing interest rate charged to Tennessee taxpayers with past due balances or those who fail to make estimated quarterly payments will increase to 12.25%. Additionally, an additional 1% will be charged for taxpayers who pay past-due taxes through an installment agreement, making the total interest rate for installment payment agreements 13.25%. The decision to raise these rates is in response to the increase in the Prime Interest Rate, which is tied to the FED Funds rate and the discount rate set by the Federal Reserve. This change will affect Tennessee taxpayers who owe balances to the state, particularly small businesses. It is advised that businesses have a plan in place to pay their state tax balances on time to avoid the rising rates. It is also worth noting that these expenses are generally not deductible for taxpayers, so it may be more beneficial to borrow funds from a bank or another capital source rather than borrowing from the state. Charles R. Frazier is a Nashville-based tax attorney specializing in tax issues and planning services. He has represented numerous taxpayers before the IRS and state department of revenue. More information about his services can be found online. Rick Miller is a Certified Public Accountant in the Nashville area who prepares tax returns for business owners and individuals in Tennessee and at the federal level.

Estate Planning Provides Peace of Mind

Posted by Charles R. Frazier | Apr 24, 2023 | 0 Comments

As seen April 24, 2023, in The Tennessean. When families show up in my office after a loved one has passed away or become incapacitated, it is usually a tough time for everyone involved. However, if they haven't planned for this moment, then there's a chance that I can do little to help them. Af...

Taxation of the Student Debt Relief Plan

Posted by Charles R. Frazier | Oct 24, 2022 | 0 Comments

Taxation of the new student loan forgiveness program could be considered one of the “fine print” topics attached to this federal debt relief plan. As the U.S. Department of Education officially launched its student loan forgiveness application this week, an estimated 43 million Americans stand to...

Worried About 87,000 New IRS Agents? Shouldn’t Be

Posted by Charles R. Frazier | Aug 23, 2022 | 0 Comments

BRENTWOOD, Tenn., & MIDLAND, Mich. – The Inflation Reduction Act was signed into law by the President earlier in the week. Conservative headlines claim 87,000 new armed IRS agents are coming after the American middle class. Tax professionals are balking at these claims. “With 87,000 new IRS agent...

Get Legal Help Now With the Option to Pay Over Time

Posted by Charles R. Frazier | Aug 15, 2022 | 0 Comments

The Law Offices of Charles R. Frazier are excited to announce a new way for our clients to pay. ClientCredit, powered by Affirm, allows our clients to finance their payments to our firm with no hidden fees, no late charges, and zero surprises. To take advantage of ClientCredit, simply click on th...

Charles Frazier Presents on Estate Planning

Posted by Charles R. Frazier | Jul 15, 2022 | 0 Comments

We invite you to join a free webinar with Charles Frazier on July 20th. Frazier will be presenting on Estate Planning at the Financial Planning webinar hosted by the Black Employee Network.  Join the meeting here: Meeting ID: 6435 19 4297

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Tax and Estate Planning Lawyer serving clients in Tennessee, Michigan and Texas

At the Law Offices of Charles R. Frazier, we help businesses avoid or resolve tax problems and we protect families with cost-effective estate planning services. As a former IRS agent and veteran of the U.S. Army, Charles R. Frazier has the experience and understanding to find the right solution for your needs. We provide counseling and representation to business owners facing difficulties with the IRS or State Department of Tax Revenue. We also develop plans to help families preserve their hard-won assets so they are prepared in case of death or incapacity. Schedule Now

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4007 Hillsboro Pike Ste B
Nashville, TN 37215

Rutherford County, Tennessee

5258 Murfreesboro RD, #B
La Vergne, TN 37086