Does New Mexico have a tax 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. 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.

• 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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When the managed audit is completed

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You will receive a bill. You must pay all taxes in full within 180 days of the date of the bill. If the tax is not paid by that date, interest will be added based on the unpaid tax, but there will be no penalties -- and you may be eligible for a 72-month payment plan.

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N.M. Taxation & Revenue Department Publication FYI-404 describes managed audits.

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