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Nevada Commerce Tax

Date: 07/17/2016 | Category: Incorporation | Author: John Vanhara

Effective July 1, 2015 the law SB483, enacted by the 78th (2015) Nevada Legislature, imposes an annual commerce tax on each business entity engaged in business is in this State whose Nevada gross revenue in a fiscal year exceed $4,000,000 at a rate that is based on the industry in which the business entity is primarily engaged. However, all businesses are required to file the Commerce Tax Return Form annually regardless of whether they have a tax liability.

The tax is imposed on the business entities engaged in an activity with the object of gain, benefit, advantage, either direct or indirect, to any person or governmental entity. The tax is collected annually by the Department of Taxation and due 45 days after Fiscal Year end. For example, the first return and payment will be due on August 15, 2016 for July 1, 2015 through June 30,2016. The tax is assessed on the business entity’s Nevada gross revenue adjusted for certain deduction to the extent they are included in the gross revenue.

You may file and pay this tax online through our Nevada Tax system at https:llwww.nevadatax.nv.qov/web.

Our commentary:
Unfortunately Nevada is again looking for a way how to raise their revenue. Even many small businesses will be not affected by paying additional tax, they will have to bear the burden of additional paperwork. That is probably what we dislike most. Additional bureaucracy and paperwork to do. Nevada is sending welcome letters to registered agent and we will upload them to your client account. You will get an email notification too. The filing is due in August!

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