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E04: The Department of Taxation And The Resources They Provide
Gerry have worked for the Department of Taxation for over 21 years, including 15 years as an auditor, 5 years as a team leader and currently as a Supervisor of the audit staff in our Las Vegas office. During her auditor period, she traveled to several states to conduct audits of taxpayers who have their accounting records located in other states. She has audited companies from the “Mom and Pop” business to Fortune 500 companies. She represents the Department by giving public tax seminars and currently manage our monthly “Ask the Advisor” classes for the public in our Henderson office. In addition, she has developed powerpoint presentations of various tax issues which are posted on our website at www.tax.nv.gov.
Prior to coming to work for the Department, she worked for KPMG Peat Marwick and its predecessors for approximately 9 years in the tax department and finished as Director of the Small Business unit.
She graduated from UNLV with a BS in Business, with a focus on accounting in 1991.
She has been in Las Vegas since 1953, having done all her schooling in this state.
In episode #04 we have Gerry Perry from the Department of Taxation to talk about the various taxes they oversee and the tools and resources they have available to businesses.
In the interview Gerry goes into depth about Sales Tax and how it should be assessed. Ultimately if sales tax is not properly collected it becomes the responsibility of the business owner. She also touches upon Modified Business Tax which is benchmarked at $85K and has two rates, one for general businesses and other one for financial institutions. Mining Tax, liquor tax, tobacco tax, live entertainment tax for non-gaming, medical marijuana tax are just some of the taxes they oversee.
The Department of Taxation has partnered with the IRS and SCORE, a non-profit organization, to put on free classes, Ask the Advisor, that is offered on a monthly basis at the Henderson and Reno offices. It covers topics such as registering with the department, sales tax, used tax, modified business tax, etc. In addition they also publish Tax Notes on a quarterly basis and several bulletins which cover tax issues in depth.
Gerry stresses the importance of new businesses to reach out to the Department of Taxation prior to opening their doors to avoid getting behind on taxes. If you are looking to purchase an existing business she advises that you go through your escrow company and request a clearance letter from the Department of Taxation to relieve you of any tax liabilities of the previous owner.
As a business owner the Department of Taxation’s website and the resources they offer will be the best way to educate yourself on what and how taxes apply to your business and what steps you need to take to ensure you’re assessing it properly. Listen in to find out what changes have been made and what tools you can access to ensure your business doesn’t get behind on taxes.
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