Nevada Administrative Code
Chapter 372 - Sales and Use Taxes
ADMINISTRATION OF TAX
Section 372.765 - Over-collection of tax

Universal Citation: NV Admin Code 372.765

Current through December 12, 2024

1. Any over-collection must, if possible, be refunded by the retailer to the person from whom it was collected.

2. If an audit deficiency exists involving any over-collection and the amount over-collected has not been paid to the Department, the Department will credit the retailer if it is furnished with satisfactory proof that a refund has been given as required by subsection 1. The Department will not provide a credit for interest assessed on any over-collection that is not reported or that is under-reported, but the Executive Director may approve a credit of not more than 75 percent of the penalty assessed if a refund is given as required by subsection 1.

3. A retailer shall:

(a) Use all practical methods to determine the amount to be refunded pursuant to subsection 1 and the name and address of the person to whom the refund is to be made.

(b) Within 60 days after receiving notice from the Department that a refund must be made, make an accounting to the Department of all refunds paid. The accounting must be accompanied by any supporting documents required by the Department.

4. Any over-collection that cannot be refunded for any reason must be paid to the Department.

5. As used in this section, "over-collection" means any money that is collected as tax on an exempt transaction or that exceeds the amount provided in NAC 372.760.

Added to NAC by Dep't of Taxation, eff. 8-2-90

NRS 360.090, 372.725

Disclaimer: These regulations may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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