The Tennessee Department of Revenue presented at the TSCPA Liaison meeting on December 18, 2013, focusing its attention on the business tax, improvements to the informal taxpayer conference process and the Department's "Retail Accountability Program." The big news with the business tax was that the Department is going to begin a transition of the staggered filing deadlines under current law to filing deadlines that are tied to taxpayer's fiscal year. In the past, the filing deadline was based on the types of taxable sales a taxpayer made and required taxpayers to prepare proforma financial statements to prepare the business tax returns. Details of the transition can be found on the Department's website. Practitioners should focus on these changes as the Department has begun sending out letters to taxpayers to advise them of the change and how the transition will be administered. In addition to business tax, the Department indicated that it will continue to monitor efforts by the NFIB on an Independent Tax Tribunal. The Department has proposed legislation that would modify the informal conference process, so this will be an item to watch in the upcoming legislative session. The Department provided numbers on its "Retail Accountability Program" which focuses on tobacco and beer wholesalers. The Director of Audit indicated that, under this program, over 2,000 assessments have been made this year totaling $14 million for tobacco and beer retailers who were determined to be underreporting sales of beer and tobacco. This program follows on the heals of legislation that was passed in 2013 to allow the Department to access information from tobacco and beer wholesalers. Taxpayers in these businesses should be aware of the Department's effort and review current sales tax filing positions to make sure that they are in compliance. Details about the Program can be found on the Department's website. Other items in the tax news include tax collections, Larry Hyatt's CPA firm merging with Decosimo, and the hotel/motel tax in Maury County.Thursday, December 19, 2013
Tennessee Tax Weekly: Business Tax, Collections and Moves in the News
The Tennessee Department of Revenue presented at the TSCPA Liaison meeting on December 18, 2013, focusing its attention on the business tax, improvements to the informal taxpayer conference process and the Department's "Retail Accountability Program." The big news with the business tax was that the Department is going to begin a transition of the staggered filing deadlines under current law to filing deadlines that are tied to taxpayer's fiscal year. In the past, the filing deadline was based on the types of taxable sales a taxpayer made and required taxpayers to prepare proforma financial statements to prepare the business tax returns. Details of the transition can be found on the Department's website. Practitioners should focus on these changes as the Department has begun sending out letters to taxpayers to advise them of the change and how the transition will be administered. In addition to business tax, the Department indicated that it will continue to monitor efforts by the NFIB on an Independent Tax Tribunal. The Department has proposed legislation that would modify the informal conference process, so this will be an item to watch in the upcoming legislative session. The Department provided numbers on its "Retail Accountability Program" which focuses on tobacco and beer wholesalers. The Director of Audit indicated that, under this program, over 2,000 assessments have been made this year totaling $14 million for tobacco and beer retailers who were determined to be underreporting sales of beer and tobacco. This program follows on the heals of legislation that was passed in 2013 to allow the Department to access information from tobacco and beer wholesalers. Taxpayers in these businesses should be aware of the Department's effort and review current sales tax filing positions to make sure that they are in compliance. Details about the Program can be found on the Department's website. Other items in the tax news include tax collections, Larry Hyatt's CPA firm merging with Decosimo, and the hotel/motel tax in Maury County.
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I have a question. I encountered a convince store/ gas station in TN and he was under the impression that the calculation took in effect all wholesale buying, not just beer and tobacco.He also handles such lines and grocery and hardware. Is he mistaken?
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