New Mexico Amnesty Program in Effect!

New Mexico's Tax Amnesty Program is in effect now through September 30, 2010. The program provides individuals and businesses relief from the interest and penalties associated with unreported state taxes which were due prior to January 1, 2010.

The amnesty program is extended to taxpayers subject to one or more tax programs under the Tax Administration Act. The Department can conduct an amnesty review for qualifying taxpayers under prescribed circumstances.

According to the program, from June 7, 2010 to September 30, 2010, qualifying taxpayers who enter into an Amnesty Agreement will not be assessed penalties, and if they pay the resulting assessment of taxes due within 180 calendar days of assessment, no interest will be due.

What is Amnesty? Amnesty allows taxpayers to conduct an audit on themselves as specified in a signed amnesty agreement between the Secretary or the Secretary’s delegate (“the Secretary”) and the taxpayer or the taxpayer’s authorized representative (“the taxpayer”).

Amnesty is a limited-time opportunity to disclose unreported and unassessed taxes due without incurring penalties. In addition, the Department will not assess interest as long as the liability is paid within 180 calendar days of assessment. If tax due is not paid within the 180-day period, interest will accrue from the time that tax was originally due.

Are You Eligible?To be eligible to receive New Mexico Tax Relief, you must be a taxpayer with unreported or under-reported state taxes due prior to January 1, 2010. State taxes that have already been assessed or are currently under audit or investigation are not eligible. However, if you have other unreported state taxes that have not been assessed, audited or investigated, they may be eligible.

Taxpayers interested in participating in this amnesty program must submit an application and agreement to the Department on a form prescribed by the Secretary outlining the nature of the amnesty issues. Go to http://www.taxamnesty.newmexico.gov/ or call 1-888-668-2979 to request a copy of the application and agreement. The approval to enter into an amnesty agreement rests solely with the Secretary. The Secretary is not required to do so if the taxpayer’s application or agreement is incomplete.The Department will consider the following to determine eligibility for amnesty:

  • the taxpayer has not been selected for audit by the Department
  • amnesty is not being requested for existing liabilities
  • the taxpayer is not the subject of a criminal investigation
  • Taxpayers in bankruptcy have bankruptcy court approval of agreement, if required by bankruptcy law.

If you have additional questions, please go to the Department's Website.

If you need assistance in taking advantage of this program, please contact me at brian.strahle@bakertilly.com.

This blog

Brian Strahle is the owner of LEVERAGE SALT, LLC where he provides state and local tax technical services to accounting firms, law firms and tax research organizations across the United States.  He also writes a weekly column in Tax Analysts State Tax Notes entitled, "The SALT Effect."  For more info, visit his website: www.leveragestateandlocaltax.com

You can reach Brian at strahle@leveragesalt.com.

Connect with Brian on LinkedIn. Follow Brian on Twitter. Join the Leverage | SALT LinkedIn Group, connect and contribute with your colleagues!  

Because state and local taxes are deceptively simple and endlessly complicated.

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