New Mexico Tax Department Issues Guidance on Special Payment Methods

The New Mexico Taxation and Revenue Department issued guidance on special payment methods that “large” taxpayers must use to remit certain tax payments. For the current tax year, taxpayers with an average monthly tax liability of $25,000 or more in the previous year across specified tax groups must make payments via Automatic Clearing House deposits, Fedwire transfers, or other approved electronic methods to ensure immediate availability of funds. [N.M. Tax’n & Revenue Dep’t, Bull. No. FYI-401, 02/01/25]

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