The Nevada Secretary of State has contracted with a technology company to create a $4.5 million online portal that offers "one-stop shopping" to the business community.  When complete, this website promises to allow companies to conduct nearly all state and local government business through the Secretary of State's site (www.nvsos.gov).  Currently, to open a business in Las Vegas, one must contact several different offices located all o...

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By Guest Blogger Rich Vallari Southwest Sales Tax Solutions (702) 233-0049 Nevada Governor Jim Gibbons has approved a tax amnesty program that will be effective from July 1, 2010 to September 30, 2010. Specific rules regarding the amnesty program have not yet been announced, but are expected soon. In general, tax amnesty programs encourage people to file and to pay back taxes without incurring interest or penalties. In return, the ...

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 With the credit crisis, rolling over a 401(k) to fund a startup business is becoming an attractive option.  However, with anything that seems like a good idea involving the terms "tax-free" or "tax-deferred," the IRS is swooping in to make sure they're not missing out on any taxable revenue.   The proper procedure requires the entrepreneur to create a new entity with its own 401(k) plan and roll over existing 401(k) funds into ...

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By popular demand, here is the checklist for starting a business in Las Vegas, Henderson, North Las Vegas, Boulder City and Clark County. 1.  Choose a name. Start with my article Naming Your Business.  Make sure no one else has it.  When you've chosen a name, move on to step 2. 2.  Figure out your business address. Whether you use your home address, a virtual office, or an actual office, you'll need a business address for ...

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Many businesses are familiar with the method of reporting payments to independent contractors to the IRS.  Request a W-9 form from the contractor, keep track of how much you pay them, and any contractor who receives more than $600 in a year gets a 1099-MISC form from the company.  Easy, right? Now imagine you have to apply that $600/year threshold to everyone you pay, including vendors, suppliers, and service providers.  Ridiculou...

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By Guest Blogger Eric Swenson, Managing Director of RSJ/Swenson, an HR and Management Consulting firm with offices in Las Vegas and Los Angeles.   When the phone rings at an HR consulting company late on a Friday afternoon, it’s usually not good news. A former client – the principal of a professional services firm in Henderson – was clearly exasperated.  “I want to fire my assistant right now.  She’s been late 11 times this mon...

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I recently attended one of my favorite networking events, the CEO-CFO Group.  The room is filled largely by other people who serve the same clients I do and every time I enter the room, I hug and shake hands with a bunch of people with whom I've developed relationships over the course of the last year and a half.   As I stood chatting with someone I hadn't seen in a few weeks, I was buzzed by a BCC - a business card collector. ...

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By Guest Blogger Reg Baker, CPA (702) 360-2823 If you are self-employed; beware! The Internal Revenue Service plans to increase audits of the self-employed by checking for unreported or understated income during correspondence audits. Estimates by the IRS show that at least $68 billion of the tax gap (tax gap is defined as the difference between what the IRS estimates should have been collected in taxes and what was actually received; the gap ...

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