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The recently enacted Tax Cuts and Jobs Act (TCJA) – Businesses

The recently enacted Tax Cuts and Jobs Act (“TCJA”) is a sweeping tax package. Here’s an overview of some of the more important business tax changes in the new law. Unless otherwise noted, the changes are effective for tax years beginning in 2018. • Corporate tax rates reduced. One of … Continue reading

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The recently enacted Tax Cuts and Jobs Act (TCJA) – Individuals

The recently enacted Tax Cuts and Jobs Act (TCJA) is a sweeping tax package. Here’s a look at some of the more important elements of the new law that have an impact on individuals. Unless otherwise noted, the changes are effective for tax years beginning in 2018 through 2025. • … Continue reading

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Simplified Employee Pensions (SEPs)

You are thinking about setting up a retirement plan for yourself and your employees, but are concerned about the financial commitment and administrative burdens involved in providing a traditional pension or profit-sharing plan. An alternative program you may want to consider is a “simplified employee pension,” or SEP. SEPs are … Continue reading

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Gifts to Charity: Six Facts About Written Acknowledgements

Throughout the year, many taxpayers contribute money or gifts to qualified organizations eligible to receive tax-deductible charitable contributions. Taxpayers who plan to claim a charitable deduction on their tax return must do two things: • Have a bank record or written communication from a charity for any monetary contributions. • … Continue reading

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Unclaimed Property Reporting

Unclaimed property reports are due October 31st. All Nevada companies are required to file an unclaimed property report even if they are not holding any property. The most common types of property held are un-cashed payroll checks, accounts payable checks and accounts receivable credit balances. You are required to send … Continue reading

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Nevada Commerce Tax Update and Details

For business entities or individuals registered with the Nevada Secretary of State that received a welcome letter in the mail see below: • The letter contains the pre-approved Nevada Tax access code needed to register your online account. -To create your online account, follow the instructions at http://tax.nv.gov/Commerce/NVTaxRegister/. • A … Continue reading

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Nevada Commerce Tax

The Commerce Tax is an annual tax imposed on the Nevada gross revenue of each business entity engaged in business in the state. For purposes of this tax, a business entity also includes any person engaging in business in Nevada, which would include anyone receiving trade or business income, rental … Continue reading