Taxes

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 ...

[Read the rest of this article...]

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...

[Read the rest of this article...]

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 ...

[Read the rest of this article...]

By Guest Blogger Rich Vallari Southwest Sales Tax Solutions (702) 283-4686 Nevada Use Tax may be an area of exposure for individuals and businesses that purchase goods from out of state. Nevada Use Tax is imposed upon property purchased for storage, use or consumption within Nevada. As a corollary to Nevada Sales Tax, Nevada Use Tax is imposed upon purchases from non-resident vendors and is intended to remove any incentive to avoid Nevada Sales...

[Read the rest of this article...]

I recently attended a luncheon where Nevada's Secretary of State Ross Miller spoke about why Nevada has become an attractive state in which to incorporate. Chief among them is the low tax climate.  Nevada has no state personal income tax; in fact, it's prohibited by our constitution.  Nevada similarly doesn't charge income tax on domestic or foreign corporations.  We also don't have an estate tax or a franchise tax, which can ...

[Read the rest of this article...]