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Category: nevada commerce tax

The IRS Is Focusing on Virtual Currencies or Cryptocurrencies, Such as Bitcoin, Ethereum, and Dogecoin

Posted in commerce tax,IRS,nevada business tax,nevada commerce tax,tax planning,taxes on December 30, 2021

In 2014, the IRS issued Notice 2014-21, 2014-16 I.R.B. 938, explaining that virtual currency is treated as property for Federal income tax purposes and providing examples of how longstanding tax principles applicable to transactions involving property apply to virtual currency.   Since the IRS classifies cryptocurrencies like stocks and other investments, not cash or currency.  Therefore,… (Keep reading)

Opportunity for Year End Tax and Asset Planning

Posted in asset protection,commerce tax,IRS,nevada business tax,nevada commerce tax,tax planning,taxes on December 30, 2021

First thing, of course, is be prepared.  I tell everyone who will listen to do their financial and or tax planning on a monthly if not weekly basis.  This will allow you to know where you stand financially and what taxes you owe at that moment so you can plan for the future. Look at low interest… (Keep reading)

Nevada Commerce Tax

Posted in commerce tax,Firm News,nevada business tax,nevada commerce tax,taxes on September 20, 2016

In June of 2015, the State of Nevada passed a law establishing a Commerce Tax. The tax is a gross receipts tax. Every person or entity doing business in the State of Nevada must file a return, even if no tax is due. The taxable year runs from July 1st to June 30th of the… (Keep reading)