2012 Tax Credits Air Conditioning
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2012 Tax Credits Air Conditioning

Bustaxguide
Business Tax Guide
October 2012
BUSINESS TAX

1

Dear Tennessee Taxpayer,

This business tax guide is intended as an informal reference for taxpayers who wish to gain a better understanding of Tennessee business tax requirements.It is not an all-inclusive document or a substitute for Tennessee business tax statutes or rules and regulations.

The information in this guide is current as of the date of publication.

Tax laws, their interpretation, and their application can change due to legislative action, reviews, and court decisions.

Periodically, registered taxpayers are mailed information letters with updates on tax laws and policies.Be sure to read any letter you receive carefully; this information may save you time and money.Informational publications are also available for specific industries.Contact the Taxpayer Services Division to obtain these publications.

The Department of Revenue offers a toll-free tax information line for Tennessee residents.

The number is (800) 342-1003.If calling from Nashville or outside Tennessee, you may call (615) 253-0600.

The Department of Revenue also offers a telecommunications device for the deaf (TDD) line at (615) 741-7398.

If you have questions, please do not hesitate to contact any of the offices listed Services Division
Tennessee Department of Revenue
Toll-Free:

(800) 342-1003 Taxpayer Services ) 253-0600 Andrew Jackson Building, 3rd Floor
TDD:

(615) 741-7398
500 Deaderick Street Nashville, Tennessee 37242-1099

Regional : Jackson: 1321 Murfreesboro Road
540 McCallie Avenue

Lowell Thomas State Office Building Nashville, TN 37217
Suite 350 225 Dr.Martin L.

King Jr.Drive
(615) 360-0423

Chattanooga, TN

37402 Suite 340
(423) 634-6266 Jackson, TN

38301

(731) 423-5747

Johnson City: Knoxville Memphis

204 High Point Drive 531 Henley Street 3150 Appling Road Johnson City, TN 37601 Room 606 Bartlett, TN 38133

(423) 854-5321 Knoxville, TN

37902 (901) 213-1400

(865) 594-6100
BUSINESS were no changes to the contents of the 2012 Business Tax Guide revision
2012 tax credits air conditioning
.

Potential future changes are detailed in the 2012 Legislative Suwebsite TAX

3

TABLE OF CONTENTS

THE BUSINESS TAX

5

Registration 5

Bond 5

5

Categories of Business

6
DEFINITIONS 8

Dominant Business Activity 8

Gross Sales 8

Resale 8

Retail Sale 8

Retailer Price 8

Transient Vendor

9

Wholesale Sale 9

Wholesaler 9

Services Rendered by Affiliated Entity 9

BUSINESS TAX RATES 10

Tax on Dominant Business Activity 10

The Minimum Tax 10

REFUNDS AND PAYMENT 11

Filing the Return 11

Mailing Date 11

Assessment in the Absence of a Return 11

Extension 12

Penalty and Penalty Waivers 12

Interest 12

DEDUCTIONS 13

Cash Discounts 13
Returned Merchandise 13

Trade-ins 13

Repossessions 13

Contractor Payments to Subcontractors 13

Services Performed in Other States 13

School Sales 13

Bad Debts 13

Other Taxes Paid 14
EXEMPTIONS 15

Qualifying Blind Persons 15

Qualifying Veterans 15

Affidavit Required 15

Farm Exemptions 15

Qualified Amusement Activities 15

Other Exemptions 15

Receipts Excluded in Determining Gross Sales 15

Persons to Whom Business Tax is Not Applicable 16

Sales, Freight, and Destination Charges 16

CREDITS 17

Personal Property Taxes 17

Certain Special School District Taxes 17

Property Transferred to a Government Entity 17

BUSINESS TAX

4

TABLE OF CONTENTS

CREDITS (continued)

Privilege Taxes 17

Limitation of Credit 17
LOCAL TAX COLLECTIONS 18

Multi-vendor Sales Locations 18

Transient Vendors 18

Submitting Collections to the Department of Revenue 18

Taxation of Municipal Airports 19

Taxation of Traveling Photographers 19

Property Management Companies 19
SETTLEMENT UPON TERMINATION OR TRANSFER OF BUSINESS 20

Relocating a Business in the Same Locality 20
GENERAL INFORMATION

21

Distribution of Tax to Local Governments 21

Audits and Assessments 21

Right to a Conference 21

TAXPAYER BILL OF RIGHTS 23
BUSINESS TAX

5

THE BUSINESS TAX

The Business Tax Act makes it a taxable privilege to make sales or engage in any vocation listed in Tenn.Code Ann.Sections 67-4-708 and 67-4-710.

Any county or incorporated municipality in Tennessee may levy the privilege tax on those listed activities that take place within its geographical boundaries.[Tenn.Code Ann.

Section 67-4-704]

On August 19, 2003, the Attorney General issued an opinion that levy of the business tax by a county and by a municipality within that county does not constitute impermissible double taxation because (a) the taxing jurisdictions are not the same and (b) double taxation is not prohibited when the legislature intended that result.

Engaging in any business, business activity, vocation, or occupation described in Tenn.

Code Ann.Section 67-4-708(5) is declared to be a privilege for state purposes and taxable by the state alone.[Tenn.Code Ann.

Section 67-4-705]

The tax imposed under the Business Tax Act may be collected in addition to any other applicable privilege taxes established by law.The tax will be in lieu of any or all ad valorem taxes on the inventories of merchandise held for sale or exchange by persons taxable under this law.[Tenn.Code Ann.Section to engaging in business, every person taxable under the Business Tax Act, except for those taxable under Tenn.

Code Ann.Sect
Form 720bvi 01 2012
Print Form44 Check box BELOW if filed on 720VI 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4% 4% 4% 4% Please Indicate: (PRESIDENT, OWNER, ETC.) Print Name: Government of the U.S.

Virgin Islands
BUREAU OF INTERNAL REVENUE Gross Receipts Annual Tax Return Use for filing receipts of $225,000 or less)(REV.01/2012)

Name 2011

M O N T H ACCRUAL GROSS RECEIPTS LESS MONTHLY EXEMPTION (2) (ex.

Standard $9,000, EDC, fishermen, lottery commissions, Affordable housing, reverse Osmosis, Etc……..) TAXABLE GROSS RECEIPT (3)
(Column 1 minus Column 2) TAX (4)

(COLUMN 3 Multiplied or By

4.5% or (.045) (5) AMOUNT DUE (6) PENALTY

(8) SUBTOTAL

(9) CREDITS (10) TOTAL AMOUNT DUESole Proprietor Partnership Corporation BUREAU OF INTERNAL REVENUE ST.THOMAS, U.S.V.I.00802 ST.CROIX, U.S.V.I.

00820 PLEASE REMIT BY DUE DATE TO: Social Security Number (SSN) Employer Identification Number (EIN)

(SEE REVERSE)
By

4% or (.04)
City
State
Zip Code EXEMPTION CODESINSTRUCTIONS FOR TAXPAYERS-FORM 720-BV.I.Bureau of Internal Revenue Codes for Principal Business Activity and Principal Products or Services(select only one and enter on front of form)
The gross receipts tax falls into the

following two categories: businesses with gross receipts under $225,000 and businesses with gross receipts over $225,000.

Businesses with gross receipts over $225,000 can not use this form.

They must file monthly returns.

Only businesses with gross receipts under $225,000 can use this form.

This return is due January 30, 2012.Print Form.
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