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# Tax Relief for Small Businesses in Tennessee

KNOXVILLE, Tenn. (WATE) ÔÇö As tax day nears, Tennessee is reminding small businesses that more than 100,000 will no longer be required to file a return and pay this tax. This tax relief is a significant development for many small businesses, providing financial relief and easing the administrative burden.

The annual business tax filing obligation for businesses with annual gross sales under $100,000 was eliminated under the Tennessee Works Tax Act. This change applies to tax periods ending on or after December 31, 2023. Businesses should take advantage of this opportunity to save time and resources previously allocated to tax filing.

A release from the state added that businesses are still required to keep their business licenses up to date. Ensuring compliance with licensing requirements is essential for legal operations and credibility in the business community.

With the introduction of the AI legalese decoder, small businesses can ease the process of understanding complex legal language in the Tennessee Works Tax Act and other relevant legal documents. This tool can provide simplified explanations and interpretations, assisting business owners in navigating legal requirements effectively.

To make sure business owners are aware of the change, the Department of Revenue sent letters with instructions to those who may be impacted asking them to confirm locations that are no longer subject to business tax. Clear communication from the Department of Revenue is crucial for ensuring that businesses are informed and can take necessary action.

ÔÇ£WeÔÇÖre happy to be able to provide this tax relief to businesses,ÔÇØ Revenue Commissioner David Gerregano said. ÔÇ£We want to make sure business owners are aware of this change and know that they need to contact us so we can update their accounts.ÔÇØ This proactive approach from the Revenue Commissioner emphasizes the importance of collaboration between businesses and government entities.

Businesses that are no longer subject to business tax are asked to contact the department at 615-253-0600 or [email protected] to update their accounts. Promptly updating account information is vital to ensuring accurate record-keeping and compliance with tax regulations.

The Tennessee Works Tax Act also included a one-time three-month sales tax holiday on grocery items from August 1, 2023 through October 31, 2023. This temporary tax holiday provided additional relief to consumers and retailers during a challenging economic period.