If you are in doubt about your company’s filing requirement contact your LSL Advisor at 714.569.1000.
Nevada Implements New Gross Receipts Tax
On July 1, 2015, Nevada imposed a new “Commerce Tax” on the gross receipts of businesses with at least $4 million in revenue (not net income) in Nevada for the taxable fiscal year July 1, 2015 through June 30, 2016. The surprise is that even businesses with gross receipts lower than $4 million may have to file the new return if they received a notice from Nevada issuing them a tax identification number.
Questions about the new Gross Receipts Tax?
There are a few exempt business entities excluded by Commerce Tax Law (NRS 363C) – (for a complete list ask your LSL Advisor) but for the most part all companies who conduct business in Nevada and have a business license may have to file. To ease the burden on small companies, businesses with gross revenue from services or sales in Nevada that is less than $4 million will file a simplified report.
The return is due by August 15, 2016 so if you are in doubt about your company’s filing requirement contact your LSL Advisor at 714.569.1000.
