The Nevada Modified Tax Return form is a document used by employers in Nevada to report and pay the Modified Business Tax (MBT) for the quarterly period. This form is essential for ensuring compliance with state tax laws and accurately calculating any taxes owed based on gross wages paid to employees. Completing this form correctly is vital to avoid penalties and interest, so be sure to fill it out by clicking the button below.
NEVADA DEPARTMENT OF TAXATION
MODIFIED BUSINESS TAX RETURN GENERAL BUSINESS
Mail Original To: NEVADA DEPARTMENT OF TAXATION PO BOX 52674
PHOENIX AZ 85072-2674
TID No:020-TX-
FOR DEPARTMENT USE ONLY
Ending
12/31/08
Due on or before
02/02/09
Date paid
IF POSTMARKED AFTER DUE DATE, PENALTY AND INTEREST WILL APPLY
If the address as shown is incorrect, please make any corrections before mailing the return. Use the space on the left for these corrections.
1.TOTAL GROSS WAGES (INCLUDING TIPS) PAID THIS QUARTER (Same amount as on Line 3 of ESD Form NUCS 4072)
2.ENTER DEDUCTION FOR PAID HEALTH INSURANCE/HEALTH BENEFITS PLAN
3.Line 1 minus Line 2
4.Offset Carried Forward from Previous Quarter
5.Line 3 minus Line 4
6.TAXABLE WAGES (If line 5 is greater than zero enter amount here, if less than zero enter on Line 15)
7.CALCULATED TAX (0.63% or 0.0063 x Line 6)
8.CREDITS (Overpayments as determined by the Department)
9.NET TAX DUE (Line 7 minus Line 8)
10.PENALTY (LINE 9 x 0%)
11.INTEREST (LINE 9 x 1% x 0 MONTHS PAST DUE)
12.PREVIOUS DEBITS (Outstanding liabilities)
13.TOTAL AMOUNT DUE (Line 9 + Line 10 + Line 11 + Line 12)
14.AMOUNT PAID
15.CARRY FORWARD (If Line 5 is less than zero (0) enter
amt. here. This Offset will be carried forward for the next quarter)
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
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14.
MAKE CHECK PAYABLE TO NEVADA DEPT OF TAXATION - A RETURN MUST BE FILED EVEN IF NO TAX LIABILITY EXISTS
Signature
Title
Phone Number
Date
FEIN of Business Named Above
I hereby certify that this return, including any accompanying schedule and statements,has been examined by me and to the best of my knowledge and belief is a true,
correct and complete return.THIS
RETURN MUST BE SIGNED
*020$0123456789$000$12312008*
TXR-020.01a
MODIFIED BUSINESS TAX RETURN-GENERAL
Revised 02/10/09
INSTRUCTIONS - MODIFIED BUSINESS TAX RETURN - GENERAL BUSINESSES ONLY (Financial
Institutions need to use the form developed specifically for them, TXR-021.01)
Line 1. Total Gross Wages - Enter the total amount of all gross wages and reported tips paid this calendar quarter. (Same amount as on Line 3 of ESD Form NUCS 4072.) DO NOT include a copy of NUCS 4072 with this return.
Line 2. Employer paid health care costs, paid this calendar quarter, as described in NRS 363B.110. Line 3. Line 1 minus Line 2.
Line 4. Offsets carried forward are created when allowable health care costs exceed gross wages in the previous quarter. If applicable, enter the previous quarter's offset here. This is not a credit against any tax due. This reduces the wage base upon which the tax is calculated.
Line 5. Line 3 minus Line 4.
Line 6. Taxable wages is the amount that will be used in the calculation of the tax. If line 5 is greater than zero, this is the taxable wages. If line 5 is less than zero, then no tax is due. (This amount will be entered on line 15 as the offset carried forward for the next quarter.)
Line 7. Calculate Tax Due - Taxable wages x (rate shown on line 7) = the tax due. (Rate Varies by Period End Date according to Tax Laws)
Line 8. Credits - Enter amount of overpayment of Modified Business Tax made in prior reporting periods for which you have received a Department of Taxation credit notice. Do not take the credit if you have applied for a refund. NOTE: Only credits established by the Department may be used.
Line 9. Net Tax Due - Line 7 minus Line 8. This amount is due and payable by the due date; the last day of the month following the applicable quarter. If payment of the tax is late, penalty and interest (as calculated below) are applicable.
LINE 10- If this return is not submitted/postmarked and taxes are not paid on or before the due date as shown on the face of this return, the amount of penalty due is: a) For returns with Period(s) Ending prior to and including 3/31/07 the Penalty is 10%; b) For returns with Period(s) Ending 4/30/07 and after; the amount of penalty due is based on the number of days the payment is late per NAC 360.395 (see table below). The maximum penalty amount is 10%.
Number of days late
Penalty Percentage
Multiply by:
1 - 10
2%
0.02
11 - 15
4%
0.04
16 - 20
6%
0.06
21- 30
8%
0.08
31 +
10%
0.10
Line 11. Interest - If this return will not be postmarked and the taxes paid on or before the applicable due date, enter 1% (0.01) x (times) line 9 for each month or fraction of a month late.
Line 12. Previous Debits - Enter only those liabilities that have been established for prior quarters by the Department and for which you have received a liability notice.
Line 13. Total Amount Due -Total lines 9 through line 12 and enter amount due.
Line 14. Amount Paid - Enter the amount remitted with return.
Line 15. Carry Forward - If line 5 is less than zero enter figure here. This amount will be carried forward to the next quarter (offset).
GENERAL INFORMATION:
GENERAL BUSINESSES MUST USE FORM TXR-020.01 FINANCIAL INSTITUTIONS MUST USE FORM TXR-021.01
Who Must File: Every employer who is subject to the Nevada Unemployment Compensation Law (NRS 612) except for non-profit 501(c) organizations, Indian tribes, and political sub-divisions.
A copy of the form NUCS 4072, as filed with Nevada Employment Security Division, does not need to be included with the original return, but should be available upon request by the Department.
Businesses that have ceased doing business (gone out of business) in Nevada must notify the Employment Security Division and the Department of Taxation in writing, the date the business ceased doing business.
AMENDING RETURN(S):
1.Copy of the original return.
2.The word "AMENDED" written in black in the upper right-hand corner of the return.
3.Line-through, in black, original figures, leaving original figures legible.
4.Enter corrected figures, in black, next to/above lined-through figures.
5. Enter amount of credit claimed (if any) or amount due.
6.Include a WRITTEN EXPLANATION AND DOCUMENTATION (credit memos, exemption certificates, adjustments to gross wages or health care deductions, etc.) substantiating the basis of the amendment(s).
7.If the amended return results in a credit, a credit will be issued to satisfy current /future liabilities unless a refund is specifically requested.
8.If additional tax is due, please remit payment along with applicable penalty and interest.
The Department will send written notice when a credit request has been processed and the credit is available for use/refund.
Please do not use/apply a credit prior to receiving Departmental notification that it is available.
Filling out the Nevada Modified Tax Return form requires careful attention to detail. It is important to ensure that all information is accurate and complete before submission. This form must be filed even if no tax is due. Follow these steps to complete the form correctly.
After completing the form, ensure that it is mailed to the Nevada Department of Taxation or submitted via email as specified. Make sure to keep a copy for your records. Timely submission will help avoid penalties and interest.
Selling a Vehicle in Nevada - Extensions can help you manage unexpected delays in the reporting process.
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For those interested in estate planning, the process of drafting a well-crafted Last Will and Testament document is crucial to ensuring that their final wishes are honored and their assets are distributed accordingly.
Nv Medicaid Provider Portal - For any questions related to the form, contact the provided hotline at (800) 525-2395.
What is the Nevada Modified Tax Return form?
The Nevada Modified Tax Return form is used by employers in Nevada to report and pay the Modified Business Tax (MBT). This form is specifically for general businesses and is required for each quarterly period. It includes calculations for gross wages, allowable deductions, and tax liabilities based on the reported figures.
Who is required to file the Nevada Modified Tax Return?
Every employer subject to the Nevada Unemployment Compensation Law must file this return, with the exception of non-profit 501(c) organizations, Indian tribes, and political subdivisions. It is crucial for businesses to be aware of their filing obligations to avoid penalties.
What information is needed to complete the form?
To complete the form, employers need to provide total gross wages paid during the quarter, any deductions for paid health insurance or qualified veterans' wages, and any offsets carried forward from the previous quarter. Additionally, the form requires calculations to determine taxable wages and the net tax due.
What are the deadlines for filing the Nevada Modified Tax Return?
The return is due by the last day of the month following the end of the applicable quarter. For example, for the quarter ending June 30, the return would be due by July 31. Timely filing is important to avoid penalties and interest on late payments.
What happens if the return is filed late?
If the return is filed after the due date, penalties and interest will apply. The penalty is calculated based on the number of days late, with rates ranging from 2% to 10%. Interest is also charged for each month the payment is overdue.
How are deductions for health insurance and veterans' wages calculated?
Deductions for health insurance costs are based on the employer-paid health care expenses for the quarter. For veterans' wages, employers must attach verification of unemployment benefits and an affidavit confirming the employee meets the requirements outlined in state legislation.
What is the threshold for taxable wages?
The threshold for taxable wages is set at $50,000. Employers only pay tax on wages that exceed this amount. This means that if total taxable wages are below this threshold, no MBT is due.
Can credits from previous tax payments be applied to the current return?
Yes, employers can apply credits from previous overpayments of the Modified Business Tax. However, these credits must have been established by the Department of Taxation, and employers must attach the relevant credit notice to their return.
What should businesses do if they have ceased operations?
If a business has ceased operations, it must notify both the Employment Security Division and the Department of Taxation in writing, indicating the date it stopped doing business. This notification is essential for proper processing of any outstanding liabilities or credits.
Incorrect Gross Wages Entry: Many individuals mistakenly enter only a portion of their total gross wages or omit tips. Ensure that the total gross wages paid, including tips, are accurately reported on Line 1.
Missing Health Insurance Deductions: Failing to include deductions for employer-paid health insurance or health benefits on Line 2a can lead to an inflated taxable wage calculation. Review health benefit records carefully.
Overlooking Qualified Veterans Wages: Not entering deductions for qualified veterans' wages on Line 2b is a common error. Make sure to verify eligibility and include the necessary documentation.
Miscalculating Taxable Wages: Errors often occur when calculating taxable wages on Line 8. Double-check that the threshold of $50,000 is correctly subtracted from the net taxable wages.
Ignoring Previous Offsets: Some filers forget to include offsets carried forward from previous quarters on Line 4. This can result in a higher tax liability than necessary.
Failure to Sign the Return: A signed return is mandatory. Submitting the form without a signature will delay processing and may incur penalties.
Missing Deadline Awareness: Many individuals overlook the due date for submission. If the return is postmarked after the due date, penalties and interest will apply. Stay informed about deadlines to avoid unnecessary charges.
The Nevada Modified Tax Return form is a crucial document for businesses operating in Nevada. However, it is often accompanied by other forms and documents that help clarify and support the information provided in the tax return. Below is a list of some commonly used forms that may be required alongside the Nevada Modified Tax Return.
Understanding these additional forms and documents can simplify the filing process and ensure compliance with Nevada tax regulations. Always keep them handy when preparing your tax return to avoid any delays or issues.
The Nevada Modified Tax Return form shares similarities with several other tax-related documents, each serving a specific purpose in the realm of business taxation. Below is a list detailing six documents that exhibit comparable features and functions: