*** TAX ALERT ***

NEW DUE DATES FOR

LOCAL BUSINESS LICENSE TAX RETURNS

In an effort to streamline the filing process of business license tax returns, the Tennessee Department of Revenue has made some changes to the due date for the filing of county and city business license tax returns. A business’ tax period will now coincide with its fiscal year, rather than arbitrary dates previously set under state law.

Calendar year 2014 will be the transition period for filing 2013 information which will result in many businesses filing a short period return depending on classification.

The new due date is the 15th day of the fourth month following the fiscal year. For example, if your fiscal year ending date is December 31, your business license tax returns are due April 15. If your fiscal year ending date is September 30, your business license tax returns are due January 15.  More information is available on the Business Tax Transition page of TN.gov.  The Tennessee CPA Journal also has a great article.

All business license tax returns are required to be filed electronically.

If we are to prepare the business license tax returns for your business, please call as soon as possible to discuss the information we will need for filing.

We look forward to serving your business needs this tax season.