The Tennessee General Assembly enacted legislation which requires payment settlement entities, third party settlement organizations, electronic payment facilitators, and third parties acting on behalf of payment settlement entities to file duplicate federal 1099-K information returns with the Department of Revenue. The 1099-K information returns must be filed with the Department within 30 days of the filing due date required by the IRS.
For more information, please read important notice #16-01.
Reference: Tenn. Code Ann. § 67-6-411.