- July 01, 2019
- Tax Reform
This information came from the State of Nevada Department of Taxation and may require your immediate attention if you are a business owner in Nevada. (June 2019)
The filing requirement for Commerce Tax has been changed. If the Nevada gross revenue of your business from July 1, 2018 through June 30, 2019 was $4,000,000 or less, your business is no longer required to file a Commerce Tax return and your Commerce Tax Account will be automatically closed, effective June 30, 2019.
If the Nevada gross revenue for your business from July 1, 2018 through June 30, 2019 was over $4,000,000, your business is still required to file a Commerce Tax return on or before August 14th, 2019.
In the event your Nevada gross revenue exceeds the $4,000,000 threshold in a future year, it is your responsibility to file a return for the year. Failure to do so may result in the assessment of penalty and interest.
If you have already filed the return, please disregard this informational message.
For more information about Commerce Tax, including the change in filing requirements, please visit the State of Nevada Department of Taxation`s website.
From the Desk of Luda – On the State of NV removing the requirement to file NV Commerce return by small businesses… In my professional and personal life, I have highly respected people and organizations which are not afraid to acknowledge mistakes they’ve made. As some of you know, recently the State of NV announced that the businesses which receive less than $4M in gross proceeds a year are not required to file NV Commerce Tax returns any longer. And that includes the Commerce Tax returns due by August 15 of this year!
I believe it is a covert acknowledgment by the State of NV legislators that the initial scope of NV Commerce Returns filers had been overkill, wasting the government’s and taxpayers’ resources. This is great news for the small business owners and their accountants: everybody in NV has one less tax return to file. Maybe, the Use Tax Return should be next?