Tennessee Department of Revenue Announces New Filing and Payment Requirements
The Tennessee Department of Revenue recently announced new filing and payment requirements that may effect you and your business.
The following requirements begin on January 1, 2013:
- For the purposes of Tennessee corporate income tax,all returns that are prepared using computer software must be filed electronically. We gladly provide this electronic filing service for you.
- The Department of Revenue is lowering the sales tax electronic filing threshold to $500. All sales tax taxpayers with an average tax liability of $500 or more must file their sales and use tax returns electronically. Again, we will file it for you.
- All related tax and estimated tax payments must be made by electronic funds transfer (EFT). Ideally, this should be set up in advance. We can set the EFT up for you; if you need help setting this up, please call us at your earliest convenience.
These new requirements will permit the State to process returns and payments in a more timely and efficient fashion at a cost savings to the state. If you have questions or need more information, please call us. We would be happy to talk with you at any time.