COMMERCE TAX

As you may know, the state of Nevada has implemented a “Commerce Tax” on all entities engaging in business in the State (not personal trusts), for the privilege of doing business in Nevada. In general, if your business earns primarily passive income (interest, dividends, etc.), or less than $4M of business income, you will not owe anything. However, you are still required to both register your entity (providing various types of information to the state Board of Taxation), and file a tax form – even if you will owe nothing.
Remember, nearly all business entities (not personal trusts) have to comply with this new process, even if no taxes will be owed. Once you are set up in their system, you will be required to file tax forms annually. We want to assist you in handing this process as quickly and efficiently as possible. Simply email us at info@michaelsonlaw.com to inquire about our fees and services if you are interested in us handling this for you. If you feel you may owe money under the Commerce Tax, we recommend that you contact your tax preparation professional.