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The Tennessee
Department of Revenue has announced that it will initiate a compliance
program designed to identify taxpayers subject to business tax but
not yet registered and filing returns. The Department will identify
non-filers by matching business tax registration information with
a variety of other data sources including registration and reporting
data for other state and federal taxes. Taxpayers who are not yet
registered for business taxes with the applicable county clerk or
city official should review their operations to determine their
potential liability, and, prior to being contacted by the Department,
or the applicable county clerk and/or city official, taxpayers can
contact the Department and voluntarily disclose their liability.
Voluntary disclosure will allow taxpayers to limit the look-back
period for paying taxes and interest and allow them to avoid the
assessment of a delinquency penalty. Taxpayers not yet registered
and filing business tax returns are strongly encouraged to request
a voluntary disclosure agreement from the Department prior to December
31, 2009.
The Department will be contacting those not registered for business
tax, prior to the first return due with the state. The first returns
required to be filed with the Department will be the returns for
Classifications 1 and 5, due by February 28, 2010. The look-back
period for voluntary disclosure agreements requested this year will
be for periods covered by returns due or filed in 2006 through the
most current reporting year.
Please do not hesitate to contact our office if we can be of assistance
in this matter.
To comply with the requirements of IRS Circular 230, we must inform
you that the information discussed above is not intended or written
to be used, and cannot be used by the recipient or any other taxpayer,
for the purpose of avoiding penalties that may be imposed under
the Internal Revenue Code or any other applicable tax law, or to
promote, market or recommend to another party any transaction, entity,
investment plan, arrangement or other matter.
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