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¶61-520, Statute of Limitations State taxes for which a return is required must be assessed within three years from December 31 of the year in which the return is filed. When no return is filed or a false or fraudulent return is filed, an assessment may be made and collection may begin at any time.
Tennessee does not tax individual's earned income, so you are not required to file a Tennessee tax return. Since the Hall Tax in Tennessee has ended. Starting with Tax Year 2021 Tennessee will be among the states with no individual income.
With a few exceptions, all businesses that sell goods or services must pay the state business tax. This includes businesses with a physical location in the state as well as out-of-state businesses performing certain activities in the state.
An obligated member entity (OME) entails unlimited liability protections and exemption from state taxes. Tennessee levies excises and franchise taxes on all legal entities, unless a company can gain exemption.
There are some exemptions to filing franchise and excise tax. For example, certain limited liability companies, limited partnerships and limited liability partnerships whose activities are at least 66% farming or holding personal residences where one or more of its partners or members reside are exempt.
Merger. (a) One (1) or more corporations may merge into a for-profit or nonprofit corporation, limited liability company, or domestic or foreign limited partnership, if the board of directors of each corporation adopts and its shareholders (if required by § 48-21-104) approve a plan of merger.
Overview. If you are a corporation, limited partnership, limited liability company, or business trust chartered, qualified, or registered in Tennessee or doing business in this state, then you must register for and pay franchise and excise taxes.