Posted by Rick Miller | Nov 28, 2023 |
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.
Posted by Rick Miller | Nov 27, 2023 |
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...
Posted by Rick Miller | Oct 30, 2023 |
The Internal Revenue Service (IRS) has initiated a withdrawal option for small businesses and organizations concerned about the accuracy of their Employee Retention Credit (ERC) claims. This measure comes as part of the agency's broader initiative to shield these entities from potential scams.
Posted by Rick Miller | Oct 06, 2023 |
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.
Posted by Rick Miller | Oct 06, 2023 |
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.
Posted by Charles R. Frazier | Oct 05, 2023 |
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.
Posted by Charles R. Frazier | Oct 05, 2023 |
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.
Posted by Rick Miller | Oct 04, 2023 |
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.
Posted by Frazier Inbox | Oct 03, 2023 |
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.
Posted by Charles R. Frazier | Jul 19, 2023 |
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.
Posted by Frazier Inbox | Jul 06, 2023 |
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.
Posted by Charles R. Frazier | Jun 30, 2023 |
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...
Posted by Frazier Inbox | Jun 30, 2023 |
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 |
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.
Posted by Charles R. Frazier | Apr 24, 2023 |
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...
Posted by Charles R. Frazier | Oct 24, 2022 |
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...
Posted by Charles R. Frazier | Sep 09, 2022 |
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,...
Posted by Charles R. Frazier | Aug 23, 2022 |
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...
Posted by Charles R. Frazier | Aug 17, 2022 |
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...
Posted by Charles R. Frazier | Aug 15, 2022 |
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...
Posted by Charles R. Frazier | Jul 29, 2022 |
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...
Posted by Charles R. Frazier | Jul 15, 2022 |
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
Posted by Charles R. Frazier | Jun 09, 2022 |
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...
Posted by Charles R. Frazier | Jun 03, 2022 |
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...
Posted by Charles R. Frazier | May 31, 2022 |
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...