Tax Centered
Legal Advice
Tax Centered Advice
Tax impacts so many elements of our lives. Whether it is deciding how to structure a new business, whether to hire an independent contractor versus an employee, how to admit a new owner to your business, how to sell or purchase another business, the tax elements can often drive your business decisions. Tax issues may also greatly impact your personal estate planning. The effects of federal and state tax rules on your assets may significantly change what your heirs will receive. Tennessee Tax Law, PLLC, exists to assist clients to achieve their personal and business goals with practical and fair-minded tax advice.
Contact Us - Mailing Address
2095 Lakeside Centre Way, Suite 131
Knoxville, TN 37930
admin@tntaxlaw.com
(865) 500-3258
Areas of Practice
Entity Formation/Business Representation
Entity formation is the first step in structuring a new business. Once formed, it will affect the tax consequences of the owner and the business through every gain, loss and sale of the business. Limited liability companies, partnerships, limited partnerships, corporations, business trusts and other business entities each have their own benefits and detriments. Operating Agreements for limited liability companies can be very complex and have important tax and non-tax provisions. Everyday agreements with employees and vendors can also have significant contractual, tax and intellectual property implications to the business and its owners. It is important that clients receive informed advice on these very important business matters.
Will/Trust/Estate Planning/Probate
Estate planning is a term used to describe planning for a person’s death. The process of estate planning generally includes discussing a client’s wishes as to who or what should inherit their assets, and then a discussion of the client’s assets to ensure that the person’s assets can effective be transferred to the client’s intended beneficiaries. Wills, pourover Wills, Living Trusts, Irrevocable Trusts, Charitable Trusts, Life Insurance Trusts, and all other testamentary planning devices may serve as the appropriate solution for each client. Tax issues also arise in estate planning as estate taxes or income taxes may impact the transfer of assets to a client’s heirs. Careful planning should be pursued in both simple and sophisticated estate planning to ensure that the transition of assets upon death is as simple and painless as possible.
IRS Dispute Resolution
One of the primary jobs of the U.S. Treasury Department and the Internal Revenue Service is to ensure that each taxpayer pays the correct amount of tax on the income it earns that is subject to tax. Often, that process can be scary, exhaustive and intensive. An experienced tax attorney knows how to deal with the IRS from the opening of the audit, through the examination and during the enforcement and collection process. These steps might require the use of the Office of the Taxpayer Advocate, the IRS Appeals Office, or even utilizing the United States Tax Court to ensure that the client has the best resolution possible for its situation. In the collection process, you may need advice on whether you would qualify for an installment agreement or offer in compromise, both of which are important when trying to avoid enforced collection by the IRS.
“Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one’s taxes.”
– Learned Hand
Get in Touch
We look forward to discussing with you how we might be able to help you.