Many spend their lives accumulating wealth, but does money alone guarantee happiness? Most would agree that true happiness comes from beyond just numbers on a balance sheet. Prioritize lasting happiness for yourself, your family, and your friends by following these three critical steps when it comes to estate planning.
As a CPA professional, it's crucial to recognize the importance of involving a tax attorney, like Frazier Law. Referring your clients in these situations is not a sign of failure but rather a responsible and prudent decision that can significantly benefit your clients and protect their legal rights.
The Internal Revenue Service announced tax relief for individuals and businesses in 67 Texas counties affected by Hurricane Beryl that began on July 5, 2024.
As a business owner navigating the complex world of taxes, it's crucial to understand the financial responsibilities that come with the pursuit of success and freedom in the United States. While taxes fund crucial services like defense and education, it's equally important to ensure you're not overpaying the IRS. By leveraging basic tax-saving strategies, you can fulfill your obligations without sacrificing more than necessary.
It's wedding season, and many couples look forward to celebrating their love with their family and friends. Weddings are meant to symbolize the commitment you have to one another “until death do us part.” However, the reality is that not all marriages last forever.
Several credit card processing companies have been marketing the idea of “passing the credit card fee onto your customers,” and I’m here to say that this might be the worst idea of client engagement I have ever heard. Here are five reasons why you should not charge your customers extra fees when they whip out their plastic at your establishment.
My dad, like many fathers, played a crucial role in shaping my understanding of developing a successful career. Wrapped throughout these lessons was the importance of serving others and treating clients well. Dad taught me a variety of strategies to instill these values, hoping and praying that one day I would be prepared for the professional world.
As we celebrate the Army's birthday, I reflect on how my service with the 3rd Battalion of the 75th Ranger Regiment has profoundly shaped my career as a tax resolution attorney. Our motto, "Rangers Lead the Way," is not just a call to action—it is a lifelong commitment to leadership, excellence, and integrity; principles that continue to guide me both in and out of uniform.
Summer officially kicks off this month, and it's a popular time when taxpayers delve into home improvement projects. Whether it's extensive renovations, or a "honey-do" list that has been lingering for some time, there may be expenditures that qualify for home energy tax credits. Both homeowners and some renters may be able to claim these credits.
February is Black History Month and we'd like to celebrate our founding attorney Charles R. Frazier who has successfully operated a small business in Middle Tennessee and saved his clients across the nation millions of dollars in taxes since 2009.
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.
On Dec. 5, 2023, our founder Charles R. Frazier was admitted to practice before the US Supreme Court during the 38th annual Tennessee Bar Association Academy. A group of nine attorneys from Tennessee traveled to Washington, D.C. for the swearing in ceremony.
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.
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 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.
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.
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.
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.
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.
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.
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.
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...
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!