As a reminder, the Nevada Commerce Tax Return reporting Nevada sourced receipts from July 1, 2016 – June 30, 2017 is due on August 14, 2017.
The State of Nevada, via Senate Bill 483, enacted the gross receipts tax, called the Commerce Tax in 2015. The annual tax applies to entities that are engaged in business in Nevada and have Nevada sourced gross revenue that exceeds $4 million in the fiscal year. The law requires taxpayers that are engaged in business in Nevada to file a Commerce Tax return regardless of the amount of their taxable gross receipts. However, taxpayer’s having less than $4 million of Nevada gross receipts can simply check a box on the return indicating they are below the $4 million threshold and send in the return. Taxpayers having more than $4 million of Nevada gross receipts must calculate their Commerce Tax liability.
Contact your Eide Bailly professional or a member of our State and Local Tax Team to learn more.