You are REQUIRED to take action, register for the Nevada Commerce Tax, file on line or fill out and mail paper form. You will have an annual filing requirement even though you may not owe any tax.

We will gladly register your business; file the tax return and take of this in a timely manner.

The following is a brief outline of the Nevada Commerce Tax and what steps you need to take to ensure your compliance with the law:

  • The Commerce Tax is a gross receipt tax calculated on total revenue in excess of $4 million earned in Nevada.
  • Out of state revenue is not subject to this tax.
  • Only revenue in excess of $4 million will be subject to the tax.
  • Even if your total revenue is less than this amount, you still must file a return to declare your tax or lack thereof. Many different taxpayers will be affected by this new law including individuals & businesses. While you may think you are not subject to this law, it is important to note that if you file one of the following forms or schedules you are required to comply:
  • Schedule C
  • Schedule E, Part I
  • Form 1120S & 1120
  • Form 1065
  • Additionally, if you have a single member LLC that is not required to file any of the above forms but is registered with the Secretary of State, the LLC will be required to register and file a return. Each entity must file a separate return which means some tax payers will be responsible for multiple simultaneous filings. The reporting period to calculate your total revenue is July 1st – June 30th which matches the state’s fiscal year. The return is due 45 days after the end of the reporting period. The year the return is due August 14, 2017.
  • You can either file a paper return (add link to the form here) or register for an online account with the Nevada Department of Taxation.

COMMERCE TAX REGISTRATION & COMPLIANCE

The registration and compliance process is simple and broken down into basic steps:

  • You will find directions for how to register online by clicking HERE.

Taxpayer ID (TID) – The NV Department of Taxation ID you use for other business filings or call the Department of Taxation to obtain.

NVBID – Your can look up this ID on the NV Secretary of State website when you search for your business (add link to NV SOS here)

  • NAICS Code – The classification code is on your federal tax return as follows • Schedule C – located on Line B
  • Schedule E – code is 531110
  • Form 1120S – located on page 1, box B
  • Form 1120 – located on page 3, Schedule K, line 2a
  • Form 1065 – located on page 1, box B

CONCLUSION

Many taxpayers are now required to file the Nevada Commerce Tax Return annually. It is important that you follow the instructions to register and file your return by the due date.

Please feel free to contact the Department of Taxation directly at (866) 962-3707 for more information. Should you have any questions or concerns, please feel free to give our office a call at (702) 457-9800.