Consistent with the IRS’s decision related to the March storms to extend federal deadlines for those businesses located in a designated disaster area, the Tennessee Department of Revenue has extended the franchise and excise tax and Hall income tax filing and payment deadlines to August 2, 2021. This extension applies to all taxpayers located in any disaster area designated by the Federal Emergency Management Agency (“FEMA”). Currently this includes Campbell, Cannon, Cheatham, Claiborne, Clay, Davidson, Decatur, Fentress, Grainger, Hardeman, Henderson, Hickman, Jackson, Madison, Maury, McNairy, Moore, Overton, Scott, Smith, Wayne, Williamson, and Wilson counties, but taxpayers located in areas later designated as disaster areas will automatically receive the same filing and payment extension.
This tax relief postpones the franchise and excise tax and Hall income tax filing and payment deadlines that occur starting March 25, 2021. Affected businesses and individuals will have until August 2, 2021, to file returns and make any payments (including quarterly estimated payments) originally due during this period.
The Department will automatically apply these extensions to franchise and excise tax and Hall income tax accounts of taxpayers with a primary address on record with the Department in the designated disaster area. Penalties and interest will not be applied to returns filed and payments made on or before this extended due date. These extensions will not alter due dates or extend due dates that otherwise fall after August 2, 2021.
Have questions? Call the Crosslin tax team at (615) 320-5500. We are here to help!