New Mexico Tax Department Releases Revised Penalty, Interest Rates for Unpaid Taxes

The New Mexico Taxation and Revenue Department Sept. 3 released a revised document detailing the penalties and interest rates for unpaid taxes. As of Jan. 1, 2008, interest is calculated daily at the rate set for individual income tax purposes by the U.S. Internal Revenue Code (IRC), and penalties for late filing or payment are estimated at 2 percent per month or partial month, up to a maximum of 20 percent on the unpaid principal of tax due. [N.M. Tax’n & Revenue Dep’t, Press Release, 09/03/24]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff. ...