The Tennessee Department of Revenue has recently issued Tennessee Important Notice 11-17 which discusses a potential settlement opportunity for taxpayers who have had intangible expense deductions disallowed or who may be concerned about future disallowances on returns not yet reviewed. A compromise allowing seventy-five percent of the intangible expense deduction is currently being considered for all taxpayers promptly contacting the Department and will be considered for open tax years ending on or before June 30, 2012.
Read the full Dow Lohnes Price alert here.
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