Nevada Provides FAQs on the New Commerce Tax
On September 8, 2015, the Nevada Department of Taxation issued a set of question and answers regarding the newly enacted Commerce Tax. The new tax is effective July 1, 2015 and was discussed on our June State and Local Tax blog.
The FAQ provides answers to multiple questions ranging from “What is the commerce tax?” to “Are there any allowable deductions?” Something to note is that all business entities are required to file a return but won’t have a liability unless a business’s Nevada gross revenue in a taxable fiscal year exceeds $4,000,000. Also, the tax runs on a fiscal year beginning with July 1 and ending on June 30 with the first return and payment being due on August 15, 2016. Please note that there will be a grace period for the first filing until February 15, 2017 on which no interest or penalty will be assessed for failure to comply unless the failure was intentional or due to willful neglect. For more information, click here.