A Federal Employer Identification Number (FEIN) is required for all ownership types, excluding individual and single-member LLCs unless they pay wages.
Do I need a FEIN to register my business?
read more
admin@sks.com
Do I need a Public Regulations Commission (PRC) number?
If you have any problems logging in or otherwise using New Mexico Webfile, please contact us by sending an e-mail to: TRD-NMWebFile@state.nm.us , or call the CRS Helpdesk. Click the Contact Us button for current phone numbers. When you call, select Option 1.
How often do I need to file returns for my gross receipts taxes?
Filing statuses for gross receipts tax and their due dates are: Monthly - the 25th of the following month if combined taxes average more than $200 per month, or if you wish to file monthly regardless of the amount due; Quarterly – the 25th of the month following the...
What is a DBA and do I need one?
DBA (doing business as) is the name of the business. If this is a sole proprietorship, you may use your personal name if you do not have a DBA.
Do I list business contact information if I work at home?
List the phone number you will use for business purposes, even if it is a home phone.
I’m still looking for office space. What do I put as my location address?
List a home address until you have a business location. If you are receiving mail at home under your business name, or you would like mail to be directed to a particular individual, enter that name in the attention line.
What type of accounting method is right for the business I am registering?
If you will pay taxes based on when you receive payment; choose cash. If you will pay taxes based on when you bill clients; choose accrual.
Are insurance companies required to file a New Mexico Corporate Income Tax (CIT) return?
No, as an insurance company or reciprocal or underinsurance exchange that already pays a premium tax to New Mexico, you are exempt.
Are 501(c) Homeowners Associations required to file a New Mexico CIT return?
No, as a 501(c) Homeowners Association, you are not required to file a New Mexico CIT return unless you have unrelated business income at the federal level. In that case you are required to file a CIT return and pay Corporate Income and Franchise tax.
How does New Mexico treat S Corporations and Qualified Subchapter S Subsidiaries (QSSSs) that file a New Mexico CIT return?
New Mexico follows federal practice. If QSSSs are reported in the parent’s CIT return, New Mexico accepts a return on the same basis. The return is the “election.” No separate election is necessary. Note: Each corporation included on the parent’s return, having...