Tennessee Electronic Payment Threshold Reduced.

As of May 12, 2005 the Commissioner of Revenue lowered the threshold for mandatory electronic filing of sales tax returns from $10,000 to $5,000 after amending the Tenn. Code Ann. § 67-1-703(b). Previously, taxpayers with a liability of less than $10,000 were not required to electronically pay. Now, any liability greater than $5,000 is required to be paid by electronic transfer. The new legislation also gives the Commissioner authority to waive these electronic payments and filing requirements in extenuating circumstances. (S.B. 2295, Tennessee Department of Revenue, effective May 4, 2005)

Posted on December 6, 2005