United States

Nevada: Second Commerce Tax Return Due Date Approaching

Jul 31, 2017
From KPMG TaxWatch

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The Nevada Commerce Tax Return for the July 1, 2016 to June 30, 2017 tax year is due August 14, 2017. The Nevada Department of Taxation has issued an updated form that can be used to apply for a 30-day extension of time to file and pay until September 13, 2017. A business entity must have good cause to request an extension and the form notes that “absence of good cause may result in rejection of the application.” The extension application form must be post-marked before the August 14. 2017 due date of the return.

In addition, the Department has released a form that must be filed if a company needs to change its NAICS code designation. Recall, for Commerce Tax purposes, the various tax rates are determined with reference to a company’s NAICS code. If a business entity is engaged in more than one business activity, the business entity will be deemed to be primarily engaged in the business category from which the highest percentage of the entity’s Nevada gross revenue is generated and will use the NAICS code that corresponds to that activity to determine its rate. From year to year the primary business activity may change and therefore the applicable NAICS code and rate may change. On the form the business entity must enter the reason for the NAICS code category change and supporting documentation must be enclosed indicating that the current NAICS category designated for the business (which would be the code reported on last year’s return) is erroneous or inaccurate.  The request will be deemed to be approved by the Department if the business entity receives no correspondence with regards to the form within 60 days after receipt of the form and supporting documents by the Department. Please contact Sarah McGahan at 713-449-9748 with questions on the Nevada Commerce Tax.

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The following information is not intended to be "written advice concerning one or more federal tax matters" subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.

The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.