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Lewisburg staff warn state audit deadline change could trigger large sales-tax withholding
Summary
City Treasurer Alan Owens told the Lewisburg City Council that a change to Tennessee Code Section 6-56-105(e) could allow the state to withhold as much as 15% of the city’s annual state sales tax if the municipality has two or more late audits.
City Treasurer Alan Owens told the council that a recent amendment to Tennessee Code Section 6-56-105(e) creates a new financial penalty for repeated late municipal audits.
"If the entity has two or more audits that are late, they will start withholding state sales tax money, not to exceed 15% of our annual sales tax, which is about $232,000," Owens said. He described the update as informational and said the city needs…
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