Tennessee Department of Revenue tells businesses to keep “three years plus current,” verify exemption certificates and use online portal for refunds

Summary

Department presenters advised businesses and tax professionals to retain supporting records (three years plus the current year), retain exemption certificates (and verify them), and use the department’s online account tools for refund claims and notices; interest on assessments was described as non‑waivable under state statute.

The Tennessee Department of Revenue on its year‑end webinar walked businesses and tax professionals through recordkeeping, exemption certificates, statutes of limitation and dispute options, stressing that good documentation speeds audits and refund processing.

Billy Trout, manager of taxpayer education for the Tennessee Department of Revenue, opened the webinar and introduced Katie Julian (presenter) and Thomas Meisenzahl, a tax auditor supervisor in the department’s audit division. "Accurate record keeping is not just good business practice, but it's essential for tax compliance and can make a big difference when you're preparing for an audit," Julian said.

Meisenzahl said the basic retention rule for state tax matters is "three years plus the current" year measured from when a return was filed. He added that federal retention rules can differ and often require longer retention for matters that affect basis, depreciation or federal credits. He recommended keeping police reports and…

Tennessee Department of Revenue tells businesses to keep “three years plus current,” verify exemption certificates and use online portal for refunds

Summary

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