TN Tax & Accounting Services
Kurt Simmons CPA provides comprehensive tax and financial services to individuals and businesses throughout Tennessee (TN). With its no state income tax and booming entertainment and healthcare sectors, we understand the unique financial landscape that comes with doing business in Tennessee.
Under the CPA Mobility Act, our CPA — licensed in Maryland, Delaware, and Florida — is authorized to provide the full range of attestation, tax, and advisory services to Tennessee clients without the need for an additional state license. This means Tennessee individuals and businesses receive the same comprehensive service as our home-state clients: financial statement audits, tax strategy, IRS representation, virtual CFO services, and every other service we offer — delivered through our technology-forward, virtual-first practice model.
CPA Services Available in Tennessee (TN)
TN Individual Tax Preparation
Comprehensive federal and Tennessee state tax return preparation, including complex returns with investments, rental properties, and self-employment income.
Learn More →TN Business Tax Services
Tax preparation and planning for Tennessee-based businesses including S-Corps, C-Corps, partnerships, LLCs, and sole proprietorships.
Learn More →TN Cryptocurrency Tax
Specialized crypto tax services for Tennessee investors and traders. DeFi, NFTs, staking rewards, and exchange reporting handled with expertise.
Learn More →TN Trader Tax Services
Mark-to-market elections, wash sale tracking, and tax optimization strategies for active traders in Tennessee.
Learn More →TN IRS Resolution
Professional representation before the IRS for Tennessee taxpayers facing audits, collections, liens, levies, or offers in compromise.
Learn More →TN 83(b) Elections
Equity compensation planning and 83(b) election filing for Tennessee startup employees and founders receiving restricted stock.
Learn More →TN Financial Statement Audits
Full-scope GAAS-compliant financial statement audits for businesses, nonprofits, and organizations requiring independent assurance.
Learn More →TN Review Engagements
Limited assurance engagements providing meaningful confidence in financial statements for lender requirements and stakeholder reporting.
Learn More →TN Compilations
Professionally prepared financial statements from management-provided data for internal reporting, small business needs, and bank presentations.
Learn More →TN Agreed-Upon Procedures
Targeted, customized engagements designed to address specific areas of concern with flexible scope tailored to stakeholder needs.
Learn More →TN Employee Benefit Plan Audits
DOL-compliant audits for 401(k), pension, and employee benefit plans meeting ERISA filing requirements and fiduciary obligations.
Learn More →TN Tax Strategy & Advisory
Proactive, year-round tax planning that identifies savings opportunities. Entity structure optimization, multi-state planning, and strategic initiatives.
Learn More →TN Cost Segregation Studies
Engineering-based analysis to accelerate depreciation deductions on commercial and residential rental properties, maximizing cash flow.
Learn More →TN Virtual CFO Services
Fractional CFO capabilities including financial modeling, cash flow management, KPI dashboards, and strategic financial leadership.
Learn More →TN Business Consulting
Operational assessments, process improvement, internal control design, and strategic planning to drive efficiency and profitability.
Learn More →TN Estate & Succession Planning
Comprehensive estate planning, business succession strategies, and wealth transfer optimization for business owners and high-net-worth individuals.
Learn More →TN Capital Markets Advisory
Securities compliance, FINRA regulatory guidance, and capital markets advisory for businesses navigating public offerings, private placements, and broker-dealer requirements.
Learn More →Tennessee Audit Services in Detail
Tennessee businesses, nonprofits, and benefit plan sponsors typically need an independent audit when state law, federal rules, lenders, grantmakers, or boards require external assurance. We perform GAAS-compliant attest engagements scoped to the specific assurance need — most commonly:
Tennessee Nonprofit Audits
Under Tennessee's Charitable Solicitations Act, charities registered with the Tennessee Secretary of State are generally required to submit audited financial statements when annual gross revenue exceeds $500,000, and reviewed financial statements when revenue is between $300,000 and $500,000. Audited statements are also routinely expected by the Memorial Foundation, the HCA Foundation, the Frist Foundation, the Plough Foundation (Memphis), the East Tennessee Foundation, the Community Foundation of Middle Tennessee, the United Way affiliates, and major Tennessee funders.
Tennessee 401(k) & Employee Benefit Plan Audits
Tennessee plan sponsors filing Form 5500 generally require an ERISA-compliant audit when the plan has 100 or more participants with account balances at the start of the plan year — the participant-counting rule effective post-SECURE 2.0. We perform full-scope and §103(a)(3)(C) limited-scope benefit plan audits for 401(k), 403(b), and defined-benefit plans across Tennessee, including plans sponsored by Nashville healthcare giants (HCA Healthcare, Vanderbilt Health, Community Health Systems), music and entertainment companies, FedEx (Memphis HQ), automotive (Nissan Smyrna, GM Spring Hill, VW Chattanooga), and Oak Ridge research operations.
Tennessee Single Audits (Uniform Guidance)
Tennessee nonprofits, municipalities, school districts, and pass-through subrecipients that expend $1,000,000 or more in federal awards in a fiscal year (the OMB threshold for fiscal years beginning on or after October 1, 2024) are subject to the Single Audit requirements of 2 CFR Part 200. We perform Uniform Guidance Single Audits, including major-program testing, internal control work, and preparation of the SEFA.
Tennessee Lender, Bonding & Investor Audits
Tennessee banks, surety companies, and Nashville-area private equity, venture, and growth investors frequently require audited financial statements as a condition of credit facilities, surety capacity, or capital raises. We deliver audited financials on the timeline lenders, bonding agents, and institutional investors need.
Tennessee Reviews & Compilations
Where a full audit is not required, we deliver review engagements (limited assurance) and compilations (no assurance) — both routinely accepted by Tennessee lenders, by acquirers in TN M&A diligence, and by stakeholders requiring CPA-prepared financial statements.
Tennessee (TN) Tax & Business Landscape
Key Tennessee Tax Numbers. Personal income tax: none — Tennessee is one of nine states with no broad-based personal income tax. The Hall Income Tax on interest and dividends was fully eliminated effective January 1, 2021, making TN a pure no-income-tax state for individuals. Tennessee Excise Tax: 6.5% of net earnings from Tennessee operations. Tennessee Franchise Tax: 0.25% of the greater of net worth or book value of TN real and tangible property (minimum $100). Tennessee Business Tax: gross-receipts-based, varies by classification, applies to many businesses. Sales and use tax: 7% state, with local add-ons up to a combined 9.75% — among the highest combined sales tax rates in the U.S. Estate tax: none (repealed 2016).
Filing Mechanics. No individual income tax return. Most businesses (LLCs, corporations, S-corps, limited partnerships) file the combined Tennessee Franchise and Excise Tax Return on Form FAE 170 by the 15th day of the 4th month after fiscal year end. Tennessee Business Tax is filed at the county/municipal level. Sales and use tax is filed with the Tennessee Department of Revenue (typically monthly). Returns are administered by the Tennessee Department of Revenue.
Tennessee as a Relocation Destination. Tennessee has become a major destination for relocators from CA, NY, NJ, IL, and the Northeast. The combination of no income tax, no estate tax, low cost of living, and Nashville's booming healthcare and music sectors has driven significant in-migration. We help relocators plan the move and document Tennessee residency to defend against former-state audits — especially for those moving with significant equity compensation, deferred income, or business interests.
Tennessee Economy & Who We Serve. Tennessee's economy is anchored by healthcare (Nashville is sometimes called "the Healthcare Capital" — HCA Healthcare HQ, Vanderbilt University Medical Center, Community Health Systems, Acadia, and dozens of healthcare REITs and tech companies), music and entertainment (Nashville — Music Row, Country Music Hall of Fame), logistics (Memphis — FedEx world hub; UPS regional), automotive manufacturing (Nissan in Smyrna, GM in Spring Hill, VW in Chattanooga), agriculture, tourism (Smoky Mountains, Nashville, Memphis blues), and Oak Ridge science (ORNL, Y-12). Our typical TN clients include Nashville healthcare executives, music and entertainment professionals, FedEx and logistics employees, automotive industry workers, real estate investors riding TN's strong markets, and high-net-worth families relocated from high-tax states.
CPA Mobility in Tennessee. Tennessee has adopted CPA mobility provisions under the Uniform Accountancy Act, allowing CPAs in active good standing in another U.S. jurisdiction to provide tax, advisory, and (subject to applicable firm-level requirements) attest services to Tennessee clients without obtaining a separate Tennessee individual license. Kurt Simmons holds active CPA licenses in Maryland, Delaware, and Florida, and we confirm all applicable Tennessee State Board of Accountancy mobility and firm registration requirements before commencing any engagement.
Cities and Communities We Serve. Our virtual-first practice serves clients across all of Tennessee, including Nashville (state capital; healthcare, music), Memphis (FedEx, logistics), Knoxville (Oak Ridge, UTK), Chattanooga (VW; manufacturing), Clarksville, Murfreesboro, Franklin (corporate HQs), Brentwood, Johnson City, Cookeville, the Smoky Mountains region, the Cumberland Plateau, and every Tennessee county.
Why Tennessee Clients Choose Us
- GAAS-compliant audit, review, and compilation experience for nonprofits, benefit plans, healthcare entities, and privately held businesses
- Deep expertise in TN-specific issues: Franchise and Excise (F&E) Tax compliance, Tennessee Business Tax classifications, residency documentation for relocators (post-Hall Tax era), Nashville healthcare and music industry equity compensation, and Memphis logistics-sector accounting
- Capital markets background — Kurt Simmons has passed the Series 65 examination (Passed; not currently held as an active license) in addition to holding the CPA
- Specialized practices in cryptocurrency taxation, active trader tax, and 83(b) elections for TN tech/healthcare/music industry employees
- Technology-forward, virtual-first delivery — secure client portal, e-signature, and video consultations
- Transparent, fixed-fee engagements where possible — no surprise hourly invoices
Tennessee CPA — Frequently Asked Questions
Do I need a Tennessee-licensed CPA, or can an out-of-state CPA handle my TN tax and audit work?
Tennessee has adopted CPA mobility provisions under the Uniform Accountancy Act. A CPA in active good standing in another U.S. jurisdiction is generally authorized to provide tax, advisory, and attest services to Tennessee clients without holding a separate Tennessee individual license. Kurt Simmons holds active CPA licenses in Maryland, Delaware, and Florida, and we confirm any applicable firm-level Tennessee State Board of Accountancy registration before commencing attest engagements.
Does Tennessee have a personal income tax?
No. Tennessee is one of nine states with no broad-based personal income tax. Tennessee previously imposed the Hall Income Tax on interest and dividends, but that was fully phased out and eliminated effective January 1, 2021 — making Tennessee a pure no-income-tax state for individuals. Tennessee does impose a 7% state sales tax with local add-ons up to a combined 9.75% (among the highest combined sales tax rates in the U.S.).
What is the Tennessee Franchise and Excise (F&E) Tax, and who has to pay it?
The Tennessee Franchise and Excise (F&E) Tax applies to most LLCs, corporations, S-corps, limited partnerships, and other business entities operating in Tennessee. The Excise Tax is 6.5% of net earnings from Tennessee operations; the Franchise Tax is 0.25% of the greater of net worth or the book value of real and tangible property in Tennessee (with a $100 minimum). Returns are filed on Form FAE 170 by the 15th day of the 4th month after fiscal year end. There is also a separate Tennessee Business Tax (gross-receipts-based, varies by classification) for many businesses operating in Tennessee.
Does Tennessee have a SALT-cap workaround for partnerships and S-corps?
Not in the same form as other states. Because Tennessee has no personal income tax, there is no individual state-level tax for owners to receive credit against. Tennessee businesses pay the F&E Tax at the entity level regardless. The federal $10,000 SALT cap does not affect Tennessee residents in the same way it affects taxpayers in high-tax states.
I'm relocating to Tennessee from a high-tax state. What residency steps do I need?
Tennessee has become a major destination for relocators from CA, NY, NJ, IL, and the Northeast — particularly for music industry professionals heading to Nashville, retirees, and remote workers. Beyond the obvious benefit of no state income tax, key issues: documenting genuine TN residency to defend against your former state's potential residency audit (especially for major liquidity events), TN driver's license, voter registration, primary residence in TN, and timing of pre-move stock options or RSU exercises. We provide pre-departure planning and ongoing residency documentation.
When does my Tennessee nonprofit need an audit?
Under Tennessee's Charitable Solicitations Act, charities registered with the Tennessee Secretary of State are generally required to submit audited financial statements when annual gross revenue exceeds $500,000 (with the audit prepared by a CPA), and may file a financial statement reviewed by an independent CPA when revenue is between $300,000 and $500,000. Federal Single Audit requirements under 2 CFR Part 200 apply separately when federal award expenditures exceed $1,000,000 in a fiscal year.
Do you serve Tennessee clients outside Nashville and Memphis?
Yes. Our practice is virtual-first, so we serve clients across all of Tennessee — including Knoxville (Oak Ridge), Chattanooga, Clarksville, Murfreesboro, Franklin, Brentwood, Johnson City, Cookeville, Smoky Mountains region, and every Tennessee county — with the same level of access and service.