January 2, 2017
The Department of Revenue recently announced major changes to liquor bonds for Tennessee restaurants, bars, venues and other liquor license holders. Read more here
We expect some chaos, which at least keeps it interesting for us jaded old fools.
Speaking of old folks, chaos reminds us of this classic Cold War parody from Get Smart:
For those that hold more than one license in Tennessee, the proposed changes are fantastic. You will only need one bond, if you file the proper election. We will let you know when the election becomes available, probably late this year.
As we read the announcement, Revenue also says it will not change bond amounts until after September 30, 2017. No more dreaded LBD bond audit and worrying about increasing the amount of your bond at renewal, at least for a few months.
In the meantime, we strongly encourage licensees to renew bonds, CDs and cash deposits in lieu of bonds.