Legal Representation for Business Tax Issues
As a former IRS agent, Tax Attorney Charles R. Frazier has unique insight into the inner-workings of the IRS. We know the tax rules, regulations, and court case decisions that make the IRS take notice. We also know how best to maximize our clients' business tax treatment while staying within the bounds of the law.
Attorney Charles R. Frazier also holds a Master of Taxation and a business degree with concentrations in finance and accounting. This legal, financial, and IRS work experience is invaluable during IRS and Tennessee Department of Revenue audits or investigations. We minimize our clients' potential tax liability because we know how agents evaluate tax issues, and we also know what type of evidence is required to support your tax positions.
At the Law Offices of Charles R. Frazier, we help businesses in the Nashville metropolitan area and throughout middle Tennessee understand the Tennessee Department of Revenue and IRS tax implications of starting, operating, and closing a business. We are a tax resolution and tax planning firm that provides business tax issues representation and advice to business owners.
Business Tax Issues
The decision to operate a business entity as a sole proprietorship, partnership, corporation, S corporation, or limited liability company (LLC) should be made only after considering all legal and tax considerations. Attorney Charles R. Frazier can help you decide what form of business structure is right for you.
There are many business practices that can result in large IRS or state tax liabilities:
Employee misclassification — Classifying a worker as an employee or an independent contractor impacts business payroll tax liability. Worker misclassification can result in large tax debts and penalties. The IRS evaluates many factors to classify workers, but the most important factor considered is the amount of control the business owner exercises over the worker. We can help you understand and comply with IRS rules and regulations to ensure that you properly classify your workers.
Under-reporting income — The Law Offices of Charles R. Frazier has represented many IRS audit clients and we understand that the IRS always analyzes business gross revenues looking for evidence that the business owner has under-reported income. We advise and represent our clients before the IRS to be sure that you pay no more than your fair share of your tax liability.
Improper deductions — Business expenses can be deducted. However, the IRS evaluates deductions for indications of abuse. If the IRS can establish that you took over-reported expense deductions on your tax return, you may be facing a tax deficiency plus interest and penalties. The Law Offices of Charles R. Frazier will help you understand IRS business expense deduction rules, so you can avoid being assessed additional tax.
Failure to withhold — Businesses must withhold and remit employee payroll taxes throughout the year. Failure to do so can result in the assessment of an IRS trust fund recovery penalty. The person responsible for withholding taxes will be held personally liable for the full amount of the unpaid trust fund tax, plus interest. Do not face the threat of a trust fund recovery penalty assessment without experienced representation. Turn to the Law Offices of Charles R. Frazier for the advice and representation you need to handle this business tax issue.
Failure to report sales tax — Many Tennessee business owners are entrusted to collect to and remit sales taxes from their customers. These taxes are called “trust fund” taxes because the funds collected are held in trust by the business, to be reported and paid to the Tennessee Department of Revenue. You should immediately contact out office if the Tennessee Department of Revenue has alleged that you have willfully used “trust fund” taxes to fund your business. We will guide you through the state tax audit process and ensure that your rights are protected throughout the examination.
Hire an Attorney With Legal Experience, Financial Knowledge and Inside IRS Experience Ready to Find out More?
Don't open, operate, or close a business without first understanding the tax implications. Turn to the Law Offices of Charles R. Frazier for the advice you need. To schedule a low cost consultation, call 615-267-0125 or contact us online.