IRS and NMTRD Extend Filing and Payment Deadlines
Following the announcement by Treasury Secretary Steven Mnuchin stating that Tax Day would be moved from April 15 to July 15 and that all taxpayers and businesses will have this additional time to file and make payments without interest or penalties, the New Mexico Taxation and Revenue Department (TRD) has announced that New Mexico taxpayers qualify for extended return and payment deadlines due to the COVID-19 pandemic.

The extensions affect personal income tax, corporate income tax, and withholding tax. NMTRD has released Bulletin B-100.35-Tax Relief for COVID-19 d etailing the extension.

Taxpayers who elect to take advantage of the income tax extensions will not be assessed penalties as long as payment is received by July 15, 2020. Under New Mexico law, however, interest will accrue on any unpaid balances from April 15 forward.

In addition, withholding taxes normally due on the 25th of March, April, May and June will now be due on July 25. The state will waive any penalties for withholding taxes not remitted during the grace period. However, under state law, interest will accrue from the original due date.

Should you have any questions regarding the NMTRD extension bulletin, please click on the button below or contact Kelcy Flanagan at kelcy@nmscpa.org or 505-338-0909.