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New Mexico Reminds Taxpayers About July 15 Income Tax Return Deadline

Dated July 10, 2020

SUMMARY BY TAX ANALYSTS

The New Mexico Taxation and Revenue Department reminded taxpayers to file their 2019 income tax returns by July 15, 2020, to avoid the 2-percent-per-month late filing penalty; the filing deadline was extended because of COVID-19, and penalties were waived for returns filed by July 15.

The governor recently signed a COVID-19 relief bill, and the department has also provided relief, including allowing taxpayers to enter into custom payment plans and easing compliance enforcement activity.

Tax returns must be filed timely to avoid penalties; payments may follow

July 8, 2020

SANTA FE — New Mexico personal and corporate income tax returns for 2019 must be filed by July 15 to avoid penalties under a law enacted during the recent special legislative session.

Gov. Michelle Lujan Grisham recently signed into law a bill that waives penalties and interest on late payments in a variety of tax programs, including income taxes, to provide relief to individuals and businesses under financial strain due to the COVID-19 pandemic. While payments may be delayed under the law, tax returns still must be filed timely in order to avoid penalties.

“Please be sure to file your state income tax return by July 15, even if you can't afford to pay right away. We can only waive penalties if you've filed a return on time, but you have until next spring to make payment,” said Taxation and Revenue Department Secretary Stephanie Schardin Clarke.

The penalty for late filing is 2 percent per month on the amount due up to a 20 percent maximum. This penalty starts at $5 for Corporate Income Tax and CRS filings.

The Taxation and Revenue Department earlier this year extended the deadline to file personal and corporate income taxes for 2019 earnings to July 15.

Penalty and interest waivers are available on the following tax programs:

Tax Program

Taxes Due these Dates Are Eligible for Penalty and Interest Relief

Deadline to Returns to File Tax Returns to Avoid Late-Filing Penalty

Deadline to Pay in Full to Qualify for Relief

Personal Income Tax and Corporate Income Tax

April 15, 2020 – July 15, 2020

July 15, 2020

April 15, 2021

Withholding Tax

March 25, 2020 – July 25, 2020

July 25, 2020

April 25, 2021

Gross Receipts

Tax/Compensating Tax

 

March 25, 2020 – July 25, 2020

Original due dates

April 25, 2021

Property Tax

April 10, 2020 - May 10, 2020

NA

May 10, 2021

More information can be found in the updated tax Bulletin100.35, which is available in the Forms and Publications section of tax.newmexico.gov.

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