taxation

Northern Nevada Development Authority announced Wednesday that Cosmetic Enterprises Ltd. will expand its manufacturing facilities into Dayton, Nev. CEL plans to invest a substantial amount of new money in their new Lyon County facility while retaining their existing manufacturing plant in Pacoima, Calif.

Nevada’s controversial commerce tax outperformed projections by a substantial margin in its first year.Taxation Director Deonne Contine said as the state closed its books on the 2016 Fiscal Year Frida ...

The Tax Court recently found another example of when educational expenses are not deductible. An accountant tried to deduct his law school tuition and fees as ordinary business expenses.

Nevada was once a nationwide model of fiscal rectitude. Not now.

During the Great Depression, state leaders even launched a promotional campaign called "One Sound State" boasting of this fact. It advertised a state with "no income tax, no inheritance tax, no sales tax, no tax on intangibles, but with a balanced budget and a surplus."

A question on the upcoming ballot asking voters to legalize the use of recreational marijuana in Nevada may seem simple. But a local attorney is urging residents to take a closer look to understand all the possible implications.

IRA and other retirement accounts are valuable. However, once age 70-1/2 is reached, there are required minimum distributions that are to be paid to avoid a penalty for not doing so.

PK O’Neill vs. the facts (excepts from his newsletters)

Issue 1: Representation; Leadership vs. Serving the People

PK O’Neill’s candidacy for reelection raises serious questions about pragmatism, principles, integrity, the role of a representative, what it means to be a Republican, what it means to be conservative, what it means to represent your constituents and what it means to govern.

I don't understand why Congress puts new tax rules in various other tax laws. Important tax laws seem to be in the other (unrelated) tax acts such as:

Carson City Treasurer Gayle Robertson, citing accomplishments and anticipating more, announced this weekend she will run to retain the city government office she holds.

Robertson, appointed treasurer in April, 2015, by the City’s Board of Supervisor, this election year is seeking a two-year term starting in January, 2017. The City governing board appointed her to the office over two others after Al Kramer left as Treasurer to assume a post in state government.

The freedom of individuals to take a job, quit a job, start a business, or close a business at will is an essential part of America. When Thomas Jefferson wrote that we have a God-given right to "the pursuit of happiness," this is a big part of what he meant. Unlike the European legacy of being chained to the family occupation, Americans are free to decide how and what work we do for a living, plus when and where.

Nevada Business Connections recently completed its 100th on-site interview and tours of manufacturers in Carson City, Douglas and Lyon counties. NBC's executive director Kris Holt and six members helped survey existing manufacturers regarding a great business climate and issues of concern.

A few folks have experienced having debt cancelled. The question is whether or not that cancellation of debt is taxable income.

It could be credit card debt that was reduced or cancelled. It might be a mortgage on real estate that was reduced or cancelled. Fortunately, Congress did some things right. There are several instances when the cancellation of debt is NOT taxable income. Here are a few examples.

Well, as Nevadans, we are collectively now stuck with a new tax. It's name? Commerce Tax. (A Clever disguise for the recently defeated Gross Margin Tax?) Up until a few days ago, it was believed that this wouldn't pass. I have yet to see any real media explanation of the details, so, after reading the text of the bill enough times (SB483), while my head is still spinning, I will attempt to give you a little more of the picture.

To the Editor: I am writing this as a business owner who has spoken to many businesses, residents, agricultural community, and yes, teachers who all support education, including myself, but, not at the expense of small businesses. At a glance looking at the Governor’s Sandoval’s bill this sounds like an appealing option, but go a little deeper and you will see that this could be a devastating decision for many of the people who are the backbone of our business community. This bill could possibly be the straw that broke the camel’s back. It reads as follows:

Officials representing some of Nevada’s major industries, from car dealers to retailers to manufacturers, sat at the witness table in the Assembly Taxation Committee hearing room Tuesday to support an alternative tax measure to fund Gov. Brian Sandoval’s plan to improve public education....

A recent Tax Court case, McCarthy v. Commissioner, T.C. Memo 2015-50 is an illustration of how it is easy to be confused about retirement benefits and taxation of some Social Security benefits.

The taxpayers are a married couple. She was a retired nurse with state retirement benefits. He worked for wages that were subject to Social Security and Medicare taxes. He got Social Security benefits of $19,132 from his earnings history. They were both age 82 and lived in Ohio.

Sandoval, supporters, opposition sound off in lengthy hearing on planA joint meeting of the Senate Revenue and Economic Development Committee and the Assembly Taxation Commi...

UPDATE: The Nevada State Demographer’s Office, located at the University of Nevada, Reno College of Business, has released its 2014 population estimates. The state gained an estimated 42,334 persons from July 2013 to July 2014, an estimated increase of 1.5 percent, about equivalent to the increase of 1.8 percent the prior year. This is higher than the 2011 to 2012 period when the state grew by 1.0 percent.

No opposition was raised Tuesday during a hearing on a bill that would allow the state Department of Taxation to move forward with the collection of excise taxes on the sale of medical marijuana....

The University of Nevada, Reno’s College of Business has named Mehmet Tosun, associate professor and chair of the Economics Department, the Barbara Smith Campbell Distinguished Professor of Nevada Tax Policy. The four-year professorship is designed to assist in tax policy research at the state and local level, with a primary focus in Nevada.

As both an undergraduate and graduate instructor and researcher, Tosun believes the professorship is another way to bring tax policy research into the classroom.

Deonne Contine will be the executive director of the Nevada Department of Taxation effective Friday, Gov. Brian Sandoval announced Thursday.

“Deonne has served as a smart and steady deputy within the Department of Taxation. Her wide breadth of experience within state government will enable a smooth transition and ensure continuity and stability within the Department. I am pleased she has agreed to serve the state in this manner and look forward to having her in my Cabinet,” said Sandoval.

In a Nevada Appeal op-ed, Controller-elect Ron Knecht laid out the premise for his ultra-conservative world view as follows:

"For 125 years, we’ve seen the rise of the dysfunctional politics of Progressivism. As it
has accelerated in the last five decades, we’ve had slowing economic growth and reductions in individual liberty, prosperity, opportunity and hope."

Here are final voting results as of 8:48 p.m.:

Carson City District Attorney
Mark Krueger: 6676 - 46.69%
Jason Woodbury: 7622 - 53.317%

Carson City Supervisor Ward 1
Karen Abowd: 8068 - 55.34%
Lisa Helget: 6510 - 44.66%

Carson City Supervisor Ward 2
Lori Bagwell: 7508 - 52.10%
John McKenna: 6903 - 47.90%

School Trustee District 1
Jim Bathgate: 5390 - 40.04%
Ron Swirczek: 8072 - 59.96%

School Trustee District 3
David W. Carter: 5647 - 42.97%
Stacie Wilke: 7495 - 57.03%

School Trustee District 4
Jeffrey Cherpeski: 4411 - 34.83%
Ryan Green: 8254 - 65.17%

Ballot Question Carson City 1:
Shall the Nevada Legislature amend the Carson City Charter to provide for nomination by ward only voting in ward-supervisor primary elections with an at-large general election run off between the two highest primary vote receivers in each ward?
Yes: 5443 - 36.1%
No: 9634 - 63.9%

The following races are not final:

Assembly District 40
Dave Cook (D): 5,196 - 30.81%
Philip “PK” O’Neill (R): 10,401 - 61.68%
John Wagner (IAP): 1,266 - 7.51%

State Senate District 16
John Everhart (IAP): 1,894 - 6.6%
Michael Kelley (DEM): 8,420 - 29.35%
Ben Kieckhefer (R): 18,378 - 64.05%

Statewide office results for Governor, Lt. Governor, Attorney General, U.S. House District 2, Secretary of State, State Treasurer, State Controller and other races and ballot questions can be found by clicking here.

If you lost money in the stock market in 2014, or if you have capital loss deductions from 2013 that carry over to 2014, look at your actual, or possible, 2014 sales of capital assets (stocks, real estate, etc) before the year is over.

Long term capital losses (from sales of items held over 1 year) are used to offset long term capital gains. If the result is a net loss, then the excess can offset short term capital gains.

On Oct. 22 the Nevada Highway Patrol will host an open house. Come out and join our celebration. You will have the opportunity to meet the Chief of the NHP, the command staff and other members of the NHP.

You will be able to tour our facilities to observe what is done on a daily basis for the highway patrol. You can see our fleet of vehicles and see who maintains our vehicles both inside and out. You will also see our mobile command center and our mobile breath analyzer truck. Refreshments will be served.

The Nevada State Demographer’s Office at the University of Nevada, Reno has released its most recent population projections for Nevada and its individual counties, projecting through 2033.

Capital Crossfire takes on the Margins Tax this week as Karl Neathammer and Shelly Aldean speak with guest Karen Griffin with Faiss Foley Warren, a Las Vegas public relations firm that specializes in government relations.
The three discuss the Nevada Margins Tax Initiative and its predicted impacts on business, education and future economic growth.

The issue will be Question 3 in Nevada's November general-election ballot. If it is approved by a majority of voters, the tax would impose a 2 percent tax on a business' margins after allowable deductions are taken. Only businesses that gross $1 million annually or more will be subject to the tax.

The Douglas County District Attorney dropped charges Thursday against a man whom Carson City prosecutors had said tried to hire a jail inmate to kill Justice of the Peace John Tatro.

Ty Robben, a former Nevada Taxation Department employee, was being held on the charge with a $50,000 bail. Mark Jackson, the district attorney brought on as special prosecutor after Carson City's DA was removed from the case, said he reviewed the evidence before him and made the decision.

The Nevada State Demographer’s Office at the University of Nevada, Reno has released its most recent population projections for Nevada and its individual counties, projecting through 2032. After seeing population declines in 2011, 2012 and this year with 363 less people living here, Carson City's projected population is 55,122.

“As our state recovers, people should bear in mind that Nevada was hit by three economic factors in the last decade: the housing bubble, the spike in fuel prices, and the financial crisis. Even so we grew by 35 percent from 2000 to 2010,” Jeff Hardcastle, state demographer, said.