SLT | Nevada's New Tax Revenue Plan

Corey Rosenthal, JD, and Arvinder Kaur, CPA

As many CPAs may be aware, the state of Nevada has historically never imposed an entity-level corporation income tax on companies doing business within its jurisdiction. As a result, Nevada was always viewed as a favorable tax haven when it came to state and local tax planning. This is now changing in light of the 2015 legislation passed by Nevada that levies a new gross receipts tax in order to generate revenue. Many companies affected by this tax will be filing for the first time, and tax professionals must be aware of these changes and the potential impact on their clients.