NAC372.765. Over-collection of tax.

     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)