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Nevada Commerce Tax Return Due August 15th

The Nevada Commerce Tax, which was made effective July 1st, 2015, is imposed on business entities engaged in business in that state. The tax is calculated on gross revenue attributed to Nevada less a $4 million deduction. The tax is imposed on each separate “business entity” which is defined as everything from a corporation, to a partnership, to revenue-producing activities reported on an individual’s Form 1040 Schedules C, E or F.

The rate at which the entity is taxed depends on its NAICS (North American Industry Classification System) code, which is based on the nature of the entity’s main revenue source. The rates range from .051% to .331%. When determining the rate of tax, the business entity may elect to average the previous 3 years of revenue by industry, if it has been involved in multiple lines of business.

The taxable year for the Nevada Commerce Tax is July 1, 2015 through June 30, 2016 and the filing date is 45 days later, on August 15, 2016. The return must be filed regardless of whether there is a liability or not (a simple check box is available if Nevada gross revenue is less than $4 million). Extensions may be granted for up to 30 days, but interest will accrue if tax is due.

Businesses that are registered with the Nevada Secretary of State should have received a welcome letter outlining the tax and providing a Tax ID number. If your company did not receive this letter or is not registered, steps can be taken to obtain the appropriate number for filing purposes.

If you need assistance with the filing of this return or have questions about the tax, please contact your Berntson Porter representative at 425-454-7990. We’re here to help!


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