What Taxpayers Should Know
Nevada passed new legislation that imposes an annual commerce tax on each business entity engaged in business in Nevada. All businesses that are subject to this new commerce tax will have to file a Commerce Tax return, even if no tax is due. The taxable fiscal year is the 12 month period beginning July 1 and ending June 30. The tax return and payment are due 45 days after the fiscal year end, or August 15. For the first year, no penalties or late charges will be imposed for failure to pay the Commerce Tax before February 15, 2017.
For more information you can visit the website at tax.nv.gov/WelcometoCOM/.
If you have any business activity or questions regarding your filing requirement with the state of Nevada or would like us to assist you with your filing, please contact our office.
The information contained herein is for general information only and based on authorities that are subject to change. It is not intended and should not be construed as legal, accounting or tax advice. Your individual circumstances may vary from any examples provided and there is no guarantee that any particular tax strategy or exemption will be applicable to you. Contact KSJG or other tax professionals prior to taking any action based upon this information.