Financial Advisor · Nashville, TN · Member since 2015 · 5 posts · 0 votes
I keep getting letters from the Dept. of Revenue here in Tennessee saying I need to register my LLC with them for certain taxes. I have an LLC with several rental properties. These are all long term renters and everything I've read says that I do not have to register with the Dept of Revenue but they keep sending letters saying I should register.
Do I just need to ignore these letters until they stop sending them or is there a certain tax I must register for with them?
I have 10 properties in TN under 2 LLC's . Basically a TN LLC is liable to Franchise tax ( 3% of taxable income ) and excise tax ( .25 % of homes' value ) to be paid annually. To my recollection I had to go to their website and register for a Franchise/Excise tax ID which allows you to pay online, or you can send them a check along with your tax reports.
BUT, best for you to give them a call or ask your CPA to advise on this.
Anyway, Tax-wise , this is what I'm paying for my LLC's.
Just don't pay the frauds "Corporate Records Service" on Harding Pike that tell you you have to do your corporate minutes. They send you what looks like an official bill, but it is not. It is a $200 scam.
To my knowledge you need to follow the rules of the state where your LLC is established while place of residence is irrelevant. I live in Israel but since I have TN LLC's I stick to the TN rule book.
Again, I would advise you to contact your Lawyer/CPA or just get in touch with the relevant