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 the last 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 by either:
- selling it back to your wholesalers;
- keeping it – you will need to file for and pay use tax on any liquor kept; or
- destroying 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.
Reference: Tenn. Code Ann. § 57-4-303