08 August 2016 Law firm clients: First Nevada Commerce tax filing due August 15 Law firm clients doing business in Nevada should be aware that the first return for the Nevada Commerce Tax (NCT) enacted in 2015 is due on Monday, August 15, 2016. The first return will cover the period from its first effective date of July 1, 2015 through June 30, 2016. Unlike business taxes imposed by other states, the NCT is calculated based on Nevada's fiscal year, July 1 — June 30, not the taxpayer's tax year. The NCT is imposed on business entities with Nevada gross revenue exceeding $4 million. Even if a business entity does not have annual revenues that exceed this gross revenue threshold and thus, no NCT liability but has physical presence in Nevada, according to directions from the Nevada Department of Taxation (Department), it is still required to file a NCT return. For details, see Tax Alert 2016-1331.
Document ID: 2016-1360 | |||||||||
