New Mexico Tax Department Publishes Revised Guidance on Income, Withholding Information Returns, Filing Methods

The New Mexico Taxation and Revenue Department (TRD) July 1 published revised guidance discussing the requirements for filing annual income and withholding statements electronically or by paper filing for individual income and corporate income tax purposes. The guidance addresses the obligations of employers, payers, remitters of oil and gas proceeds, pass-through entities, and gambling establishment operators. Businesses that are required to withhold income tax for individuals must file annual income and withholding statements for each individual. The TRD also provided information on: 1) using Taxpayer Access Point or the Combined Federal/State Filing Program to file the statements; 2) due dates ...