The Nevada Legislature has enacted a one-time tax amnesty program for qualified business or individuals doing business in Nevada. The program allows for penalty and interest to be waived on outstanding taxes that were due and payable on or before June 30, 2020. The amnesty period is February 1, 2021 - May 1, 2021.
The following tax types are eligible for amnesty: Sales and Use Tax, Modified Business Tax, Cigarette Tax, Other Tobacco Products Tax, Liquor Tax, Bank Branch Excise Tax, Insurance Premium Tax, Tire Tax, Live Entertainment Tax (non-gaming), Short Term Lessor (Passenger Car Governmental Service Fee), Exhibition Facilities Fees, Commerce Tax, Transportation Connection Tax, Wholesale Marijuana Excise Tax, Retail Marijuana Excise Tax, Centrally Assessed Property Tax, and Net Proceeds of Mineral Tax.
Businesses or individuals that have entered into a compromise or settlement agreement with the Nevada Department of Taxation or Nevada Tax Commission regarding an unpaid tax or assessment, or are currently under audit but have not received a final deficiency determination prior to the last day of the amnesty period, do not qualify for the amnesty program. Businesses or individuals that have filed bankruptcy in the past five years should call the Department for amnesty qualifications.
Taxpayers should give careful consideration to the benefits and requirements to participate in an amnesty program. Weaver’s State and Local Tax Services professionals are available to discuss this amnesty program and any questions you may have.
If you would like more information about the program and how it may apply to your business, contact us.
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