News & Events

What to Do If Your CPA Doesn't File Your Taxes On Time: A Guide for Taxpayers   MIDLAND, Michigan – Every year, millions of individuals and businesses rely on Tax Preparers, Enrolled Agents (EAs), and Certified Public Accountants (CPAs) to prepare and file their tax returns. While many tax prof...

The announcement of the moratorium has raised concerns in the business community, particularly among those that were gearing up to submit their applications.  Business leaders and trade associations are urging the IRS to expedite their review process and provide clear guidance on when the processing might resume. 

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.

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 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.

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 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...

Happiness is something that humanity, in large part, has spent a tremendous amount of effort pursuing throughout history. Early on, happiness likely came from simple victories such as having a full belly, surviving another day, or simply staying warm. Over time, with the progress of civilization,...

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...

LA VERGNE, Tenn. – Attorney Charles R. Frazier has been named to the 2023 class of Leadership Rutherford, a personal development program within the Rutherford County Chamber of Commerce. Frazier is one of 40 leaders who were selected for the program which is designed to motivate participants to d...

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...

If you have an ownership interest in a closely-held business, you know how important leadership is to the success of that business. Are you prepared for a smooth transition when that leadership changes?  A sudden health crisis could cause a leader to step away from a management role. Or the succe...

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:  https://chime.aws/6435194297 Meeting ID: 6435 19 4297

The summer months are upon us. It's the season for road trips across Tennessee from the winding roads of the Smoky Mountains to quaint downtown streets in the Tennessee Valley. Even for those who stay home, there are festivals like the returning CMA Fest in Nashville and Bonnaroo in Manchester th...

The Law Offices of Charles R. Frazier announced that it has expanded its taxpayer representation services to residents in the Great Lakes region and throughout the state of Michigan, with its new office in Midland. While the firm provides tax law and estate planning services nationwide, the prima...

Many parents or guardians of loved ones with special needs struggle to navigate the landscape of special needs trusts and inheritance. You may feel like you have enough time to decide later, especially if your loved one is still a child. However, it's essential to prepare for the unexpected and s...