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ITINs, EINs, and Responsible Parties

ITIN EEN

In order to open a bank account for your business entity, you have to present Articles of Organization/Incorporation and an EIN, which is an Employer Identification Number issued by the IRS.  In order to apply for an EIN number, you have to supply the EIN, ITIN, or Social Security Number of a “Responsible Party” for […]

Clark County Real Property Transfer Tax

If you’ve ever purchased or sold real property in Nevada in the last 50 years, you’ve probably come across Real Property Transfer Tax. The state of Nevada imposed the Real Property Transfer Tax (“RPTT”) in 1968. Pursuant to NRS Chapter 375, RPTT applies to the transfer of all real property in each county of Nevada, […]

Nevada Consumer Use and Sales Tax Returns

If you’re doing business in Nevada, you have to register with the Nevada Department of Taxation for either a sales tax permit or a use tax permit.  If you’re selling tangible goods, you’ll need a sales tax permit. If you aren’t, like many service providers, you’ll need a consumer use tax permit. With a sales […]

Nevada Commerce Tax

UPDATE: August 1, 2016 Welp, despite the Margin Tax having been soundly defeated by Nevada voters last November (see below), we are now stuck with the Nevada Commerce Tax.  It’s not as onerous a tax, but bears enough resemblance to the Margin Tax that many small business owners have posted legislators’ headshots to their office […]

Nevada DETR Audits – What You Need to Know

Have you received an audit notice from the Nevada Department of Employment, Training, and Rehabilitation (DETR)?  Try not to panic.  Here’s what you should know: The purpose of the audit is to verify that the numbers reported to DETR match the numbers in your books.  The letter you received lists a bunch of documents the auditor […]

How to Start a Business in Las Vegas – Video Series

I’m Gina Bongiovi. I’m a lawyer who works with startups and small businesses. Whether you’re in the startup phase or whether you just have an idea rolling around in your head you might want to turn in to a business one day, you need to know how to start a business in Las Vegas. If […]

IRS Issues Guidance on Tax Treatment of Cell Phones; Provides Small Business Recordkeeping Relief

September 14, 2011 From the IRS NewsWire, issue IR-2011-93   WASHINGTON — The Internal Revenue Service today issued guidance designed to clarify the tax treatment of employer-provided cell phones. The guidance relates to a provision in the Small Business Jobs Act of 2010, enacted last fall, that removed cell phones from the definition of listed property, […]

Burdensome 1099 Rule Repealed

Last year I wrote about a rule buried deep within the cavernous provisions of the healthcare reform act which would have required small businesses to file 1099 forms for every purchase over $600.  Small business owners across the nation could be heard grumbling about the provision, which would have placed an additional administrative burden on […]

Nevada Tax Amnesty Starting July 1, 2010

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 […]

New 1099 Rules for Businesses

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 […]

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