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.

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Managed audits

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Don't despair. there 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.

• Returns have been filed but need to be amended.

• All major taxes administered by the N.M. Taxation & Revenue Dept. such as income tax, gross receipts tax and withholding tax.

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Benefits

 

• No penalty or interest if tax is paid within 180 days of billing notice.

• If the tax is not paid on time, you may be eligible for a payment plan of up to 72 months. There still not ne a penalty, but interest will be added.

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