If you are a liquor-by-the-drink taxpayer who wants to close-out or sell your business, you must do the following things:
- file a final return and pay any outstanding amount due within 15 days after the date of selling or quitting the business.
- surrender your alcoholic beverage license to the Tennessee Alcoholic Beverage Commission.
- determine what you will do with your remaining liquor:
- sell it back to your wholesalers
- keep it – you will need to file for and pay use tax on any liquor kept.
- destroy it – if you choose this option, a Department of Revenue employee must be present – you will owe no tax on any liquor properly destroyed.
- have the Department of Revenue come out to do an ending inventory.
- get a tax clearance letter from the Department of Revenue.