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1099-K Filing Requirement

Reporting Entities Required to File a 1099-K Information Return With the Internal Revenue Service (“IRS”) Must Also File The Information Return with the Department of Revenue

The Tennessee General Assembly recently enacted legislation which requires payment settlement entities, third party settlement organizations, electronic payment facilitators, and third parties acting on behalf of payment settlement entities (“Reporting Entities”) to file duplicate federal 1099-K information returns with the Department of Revenue.

The 1099-K information returns must be filed with the Department within 30 days of the filing due date required by the IRS. 

If the IRS grants a Federal Form 8809 extension, the due date for filing with Department is also extended 30 days.