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I'm not an accountant/lawyer, but yeah my reading is if you're a sole proprietor, disregarded for IRS purposes (e.g. you use Schedule C)... then yeah you owe TN
by pbnjay 8y ago
I'm not an accountant/lawyer, but yeah my reading is if you're a sole proprietor, disregarded for IRS purposes (e.g. you use Schedule C)... then yeah you owe TN this tax.
FWIW, I don't live in TN, but I used to. And I've done sole prop LLC's in a couple states now so I looked into moving back to TN and found this info.
- nodesocket 8y agoThat is also how I read it, but I reached out to an accountant today and he said no. His response was: > Since you are an LLC, and you are operating an active business, you will need to file a Franchise and Excise tax return, but you will be exempt from the Excise portion of the tax. No idea how it works? I'm thoroughly confused.