Effective July 1, 2015, the state of Nevada is going to impose an annual commerce tax on each business entity within the state with gross revenue in a fiscal year exceeding $4,000,000. This commerce tax carries a rate that is based on the industry in which the business entity operates in. However, all businesses are required to file the Commerce Tax Return Form regardless of whether they have a tax liability owed to the state.
The tax will be collected annually by the Department of Taxation and will be due 45 days after the end of the current Fiscal Year. For example, the first payment for Fiscal Year 2015 will be due on August 15, 2016, through June 30,2016. The tax rate is assessed according to the business entity’s Nevada gross revenue, which may be adjusted for tax deductions first.
You may file and pay this tax online through our Nevada Tax system at https:llwww.nevadatax.nv.qov/web.
Unfortunately, the state of Nevada is again looking for a way how to raise tax revenue. While many small businesses will be not affected by the new tax, they will have to bear the burden of additional paperwork. Nevada is sending welcome letters to registered agents and we will upload them to your client account.. You will get an email notification too. The filing is due in August!