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Larry Hess CPA
Is a New Mexico Managed Audit amnesty?
Once upon a time in New Mexico there was an amnesty program. New Mexico's Tax Amnesty law expired September 30, 2010, but now there is what amounts to another one with a different name.
Managed audits
Don't despair. here is still an opportunity to avoid penalties & interest if you qualify. It's called a Managed Audit. It is available for:
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Returns that not have been filed.
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Returns have been filed but need to be amended.
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All major taxes administered by the N.M. Taxation & Revenue Dept. such as income tax, gross receipts tax and withholding tax.
Benefits
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No penalty.
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No interest if tax paid within 180 days of billing notice.
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If the tax is not paid on time, you may be eligible for a payment plan of up to 72 months.
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