State & Local Tax Impacts of COVID-19 for Tennessee – 2021

Thoughtware Alert Published: May 03, 2021 | Updated: May 05, 2021

Information current as of March 22, 2021.

COVID-19 has changed life across the globe. Many taxing jurisdictions are taking mitigating actions to create social distance and aid taxpayers. The following is a running list of actions by jurisdiction, which generally result in additional time to file and/or pay. Further, many jurisdictions have closed their offices to in-person use by taxpayers and suspended their audit and administrative functions. This alert doesn’t cover similar waivers from local-level taxing authorities. These developments continue to quickly evolve; check with your BKD Trusted Advisor or visit our COVID-19 Resource Center for current information as needed.

Information Specific to Tennessee

  • Tennessee announced that, consistent with the IRS decision to extend the filing deadline for individuals, the department has extended the due date for filing and paying the Hall income tax from April 15, 2021, to May 17, 2021. This extension will automatically apply; no further action is required. The department also has extended the franchise and excise tax due date from April 15, 2021, to May 17, 2021, for individuals who file a Tennessee franchise and excise tax return using Schedule J2, Computation of Net Earnings for a Single Member LLC Filing as an Individual. This extension also will automatically apply. Interest and late filing penalties won’t be applied to returns filed and payments made on or before the May 17 extended due date. The October 15, 2021, six-month extension date for calendar-year 2020 tax returns remains unchanged. Estimated payments due on April 15, 2021, aren’t included in this extension; those estimated payments are still due April 15.
    • Tennessee DOR, Important Notice No. 21-02; March 19, 2021.

For more information, reach out to your BKD Trusted Advisor or use the Contact Us form below.

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