What is the Nevada Commerce Tax?
Answer
The Nevada Commerce Tax is a new tax in Nevada that went into effect in 2015. Many businesses have already been notified about this tax through a Welcome to Nevada Commerce Tax letter. The first filing by a business engaging in business – which is broadly interpreted as including all LLCs, partnerships, sole proprietorships, corporations, etc. – was due in August 2015. The minimum threshold to be subject to the tax is $4 million in gross revenues. However, all businesses, including those that do not meet the threshold, are required to file a return with the Nevada Department of Taxation. There are certain exemptions that exist, and those that are subject to the tax will be taxed based on the classification of the business. There may be late filing options as well as waivers of penalty and interest.
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