Nevada law established a one-time tax amnesty program for qualified Nevada businesses or individuals.
Benefits of the amnesty
The program allows for the waiver of contractual penalties and interest on outstanding taxes that were due and payable on or before June 30, 2020, including monthly tax returns due on May 31, 2020 or earlier and quarterly tax returns due on May 30, 2020. April 2020 or due before.
Amnesty period
The amnesty period is February 1, 2021 – May 1, 2021.
Taxes covered under the amnesty program
The following types of taxes can be amnestied:
Sales and use tax, changed business tax, cigarette tax, tax on other tobacco products, alcohol tax, bank branch excise tax, insurance premium tax, tire tax, tax on live entertainment (excluding games), short-term rental company (car government fee), fees for exhibition facilities, business tax, transport connection tax , Wholesale marijuana excise tax, retail marijuana excise tax, centrally assessed property tax, and net mineral tax proceeds.
Taxes NOT covered by the amnesty program
Taxes not included in the amnesty program include:
Accommodation tax; Real estate transfer tax and locally valued property.
Overview and considerations
Companies or individuals who have entered into a compromise or settlement agreement with the Nevada Department of Taxation or the Nevada Tax Commission regarding an unpaid tax or assessment, or are currently under review, but have not received a definitive assessment of the deficiency prior to the last day of the amnesty, will qualify not for the amnesty program. Companies or individuals who have filed for bankruptcy in the past five years may not qualify for the amnesty program.
The delinquent tax amount was paid in full for the period. If a taxpayer has multiple delinquent tax returns but can only pay one or more periods, the penalty and interest may be waived for each period provided the tax has been paid in full and the delinquent tax is paid during the upcoming amnesty period.
Amnesty program does not apply
The amnesty program does not apply to companies or individuals who:
- Enter into a compromise or settlement agreement with the Department of Taxation or the Nevada Tax Commission regarding the unpaid tax or assessment.
- You are currently in the audit and have not received a definitive deficiency assessment before the last day of the amnesty.
- A company or individual who pays the delinquent tax during the amnesty program may be selected for examination in the same way as a person who does not pay delinquent tax during the amnesty program.
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