June 26, 2015
In-House Production's Payroll Department Has informed us.
Because the majority of In-House Production is payroll we share this information.
Nevada Commerce Tax
The Nevada Legislature signed into law a new tax that is effective on July 1, 2015.
Included is a synopsis of the notice we received, from CPAs, regarding the new tax in Nevada.
We pass this information on for your understanding of the cost increase.
The tax applies to any company in Nevada that has a revenue greater than $4,000,000. The rate is based on the industry that the company is operating within. Since the law was just passed on June 9; many items have not been explained yet. Right now it appears a tax return, similar to the modified business tax return, will be required based on a period of July 1 to June 30 of each year. The first return will be due by August 15, 2016.
Once a taxpayer determines its Nevada-sourced adjusted gross revenue, the taxpayer must calculate the amount of tax due by multiplying its Nevada-sourced adjusted gross revenue in excess of $4 million by the applicable rate. A taxpayer's applicable rate is based upon the taxpayer's North American Industry Classification System (NAICS) category.
Because the law is new, there are many uncertainties to be resolved by future regulatory interpretation and resulting controversy. Some of these include:
- Physical vs. economic nexus standard
- Limitation of the $4 million exclusion to members of affiliated groups
- Potential taxation of related party transactions where ownership is less than 50 percent
- Potential double taxation of subcontractor payments not covered as a deduction in the law
In-House Production are keeping its clients and partners informed of new rules and regulations.
- Special Events
- Industrial and Corporate Trade Shows
- Theme Parties
- Broadway Shows
- Films and Movies
- Labor, Skilled and Certified
- Payroll and Payrolling
- Production Services
- Rigging Gear
- Stagehand Staffing, Short and Long Term
- Stage Crew
- Stage Rigging Services
- Truss and Motors
Areas We Have Served
- Nevada - Las Vegas, Laughlin, Henderson, Primm, Parump
- California - Los Angeles, Anaheim, Palm Springs, Coachella Valley, Fresno, San Francisco
- Utah - Salt Lake City
- Texas - Corpus Christi, Dallas
- Hawaii - Honolulu, Kona