You must notify the state that you are closing your business so that the accounts may be closed out properly. Further instructions on how to close your business can be located on the Tennessee Department of Revenue’s website here. Failure to notify the Department of business closure could result in assessment of your business for delinquent taxes, penalty, and interest after your business has actually ceased operations. The business may also owe delinquent taxes, penalty, and interest from when the business was in operation. The Department can continue to collect against the delinquent amounts owed even if the business has ceased operation.
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