Tax resolution for Belle Meade residents

No. Tennessee repealed the Hall income tax, which reached only interest and dividends, for tax periods beginning on or after January 1, 2021, and the state has no tax on wages. For a Belle Meade household today, an income tax balance is a federal balance, owed to the IRS.

Business owners still have a state side. Tennessee franchise tax runs 0.25% of Tennessee net worth with a $100 minimum, and excise tax is 6.5% of Tennessee taxable income. Planning the federal return around all of it is part of the firm’s tax preparation and planning work.

Sometimes, and only after the numbers say so. The firm puts it plainly: “Our approach begins with understanding the taxpayer’s complete situation—not simply recommending an Offer in Compromise or installment agreement before reviewing the facts.”

That review is concrete. Tyrone gets your authorization on Form 2848, pulls the account transcripts and checks assessments, penalties and the collection statute expiration date. Then income, expenses and assets go on Form 433-A, or 433-B for a business, when the IRS requires them. Only after that does he weigh an Offer in Compromise against an installment agreement, Currently Not Collectible status or penalty relief, and he negotiates the one that fits with the IRS personnel assigned.