New Mexico – State Gets Tax Forecasting Tool To Address Loopholes

Ledger-Enquirer By Morgan Lee December 12, 2012 SANTA FE, N.M. – New Mexico lawmakers began using information from a fiscal planning tool that predicts future tax revenues as they contemplate changes to the state’s complex taxes on sales and business services. Continue reading New Mexico – State Gets Tax Forecasting Tool To Address Loopholes

New Mexico – Sales Tax Holiday August 4th – August 6th

SALT Report 3920 – During the Tax Holiday the law provides a deduction from gross receipts for retail sales of qualifying tangible personal property; in effect allowing the retailer to sell the items “tax free.” For More Information: Sales Tax Holiday Continue reading New Mexico – Sales Tax Holiday August 4th – August 6th

Multi-State – Sales Tax Holidays For Back-To-School Shoppers in 2017

Kiplinger Kip Tips by Sarah Smith July 6, 2017 These 16 states offer sales tax breaks on everything from computers to paintbrushes this summer. Before you wander the aisles of your favorite department store to stock up on the new Continue reading Multi-State – Sales Tax Holidays For Back-To-School Shoppers in 2017

New Mexico – Gross Receipts Tax Holiday August 1, 2014 through August 3, 2014

SALT Report 3417 – The tax holiday begins at 12:01 a.m. on the first Friday of August and concludes on the following Sunday at midnight. During that time the law provides a deduction from gross receipts for retail sales of Continue reading New Mexico – Gross Receipts Tax Holiday August 1, 2014 through August 3, 2014

New Mexico – Resale and Exemption Certificates

SALT Report 3269 – Resale and exemption certificates are one of the most (if not the most) impacting errors found during sales and use tax audits.  As technology has progressed the expectation to produce timely, valid documentation has escalated.  Be Continue reading New Mexico – Resale and Exemption Certificates

New Mexico – Resale and Exemption Certificate Deadline Reminder (NTTC)

SALT Report 3187 – 60 days means 60 days.  Nontaxable transaction certificate (NTTC) is required for services that are resold in normal course of business.  Under Section 7-9-48 “receipts from selling a service for resale may be deducted from gross Continue reading New Mexico – Resale and Exemption Certificate Deadline Reminder (NTTC)

New Mexico – US Census Data Accepted as Basis for Alternative Method for Taxation on Tribal Lands

SALT Report  3148 – Due to the taxpayers (Retail Food Establishment) location on the Navajo Nation Reservation and the most recent US census data calculating the population to be 96% Native American, the taxpayer requested to report gross receipts on Continue reading New Mexico – US Census Data Accepted as Basis for Alternative Method for Taxation on Tribal Lands

New Mexico – Taxpayer Did Not Produce Sufficient Evidence to Support Claimed Deductions

SALT Report 3132 – In a recent ruling the state of New Mexico rejected a taxpayer’s claim for deductions from gross receipts taxation pursuant to NMSA 1978, Section 7-9-54 (2003) and under NMSA 1978, Section 7-9-60 (2007) for lack of Continue reading New Mexico – Taxpayer Did Not Produce Sufficient Evidence to Support Claimed Deductions

New Mexico – Taxpayer Rights During an Audit or Protest

SALT Report 3096 – The New Mexico Taxation and Revenue Department revised a publication that discusses the rights a taxpayer possesses when under audit or when protesting an assessment.  In New Mexico, taxpayers are protected by an extensive bill of Continue reading New Mexico – Taxpayer Rights During an Audit or Protest

New Mexico – Type 6 NTTCs for Construction Services and Equipment

SALT Report 3104 – The New Mexico Taxation and Revenue Department updated a bulletin that discusses the use of Type 6 nontaxable transaction certificates. The bulletin addresses the deduction from gross receipts tax that is available for sales of certain Continue reading New Mexico – Type 6 NTTCs for Construction Services and Equipment