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BLUEPRINTS 2017.02.01

Posted by Admin Posted on Aug 10 2017

New 2016 Nevada Commerce Tax - Do you need to file?

Nevada passed legislation in 2016 creating a new Commerce Tax on all businesses doing business in NV. The Commerce Tax is based on gross revenue and is calculated using a fiscal period of July 1 through June 30 regardless of the entities normal fiscal year. Everyone doing business or licensed to do business in Nevada must file the form annually by 8/15.

The tax only applies if the business has more than $4,000,000 of NV gross revenue. If gross revenue is less than $4,000,000 a simplified filing is allowed. We know that Nevada is sending out "Welcome" letters to businesses that are licensed there.

Penalties can be assessed for failure to file the return but at this time it appears that penalties are based on tax due, so if no tax is due, there will be no penalties. Conover Asay suggests that you file the required forms even if there is no penalty as the State of Nevada may have other consequences for non-filing that may result in a termination of your licenses.

If you have any questions concerning the new filing requirement, here is the link to the Nevada Department of Taxation or call Glenn Conover at 480-500-6333.

Glenn Conover, CPA, CCIFP