07/11/2008
CONTACT: Cheryl Blomstrom, 775-230-2642 or Tony Malandra, 415-664-9685
CARSON CITY, Nev. -- Small business owners pay 45 percent more to comply with the same regulations as large companies do and they operate under much narrower profit margins, if they make any profit at all during some months. That's why cash flow becomes a big problem throughout the year, which is why some taxes can back up and go unpaid.
The National Federation of Independent Business Nevada, the state's largest small business association, reminds small business owners caught in a tax trap that an amnesty program put in place by Governor Jim Gibbons and the Nevada Tax Commission went into effect July 1 and ends Sept. 30.
NFIB/Nevada encourages entrepreneurs to use it, if they need it. Taxes eligible for the program include:
- sales and use taxes
- modified business tax for both general business and financial institutions
- and the state business license tax.
The amnesty program does not apply to people or businesses that have already been assessed fraud or negligence penalties.
Go to the Department of Taxation's Web site to obtain more information and the appropriate tax forms for paying any unpaid taxes. Make sure you put the word "Amnesty" on all forms you submit and on the outside of the envelope in which you remit your taxes.
Running a small business is never an easy task in the best of times. There is no shame in falling behind on your taxes. But it is not a sustainable situation for long. For the next three months you can catch up. Take advantage of it.
