If any single payment is more than $10, the remitter must withhold. The remitter is not prohibited, however, from withholding if the amount is less than $10.
Is withholding required if an oil and gas proceeds payment is less than $10?
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What are the requirements for workers’ compensation in New Mexico?
First: If you are covered by the workers' compensation law, you are required to obtain workers' compensation insurance. You can buy this insurance privately from any insurance agency that sells commercial lines of insurance. You must obtain workers' compensation...
What is situs?
Situs in regard to personal property is property "…physically present in the state on the date when it is required to be valued for property taxation purposes…" That date is, in almost all cases, January 1 of the tax year. If personal property, including livestock and...
When is the last day to file property tax reports?
The deadline for reporting is on or before the last day of February of the tax year unless an extension is requested and approved by the division director. If the last day falls on a weekend, the deadline is on the next regularly-scheduled workday.
How much more time is allowed if the extension is approved?
The extension is granted for an additional 30 days.
Can Central Assessed Bureau (CAB) forms be reproduced or generated from the computer?
CAB forms and other industry-specific forms can be reproduced or computer-generated as long as they follow the same format as the original forms. You can also download these forms online.
Are intangible assets taxable?
Intangible assets are not taxable.
Are household effects subject to the personal property tax?
No. The Property Tax Code generally exempts personal property unless it is used for the person's profession, business or occupation.
My business bought computers and other pieces of office equipment on January 2 of this year. Are they subject to tax this year?
No. January 1 of the tax year is the "taxable situs" date. The assets should be reported the following year. “Situs” means the property is "…physically present in the state on the date when it is required to be valued for property taxation purposes…"
My business reported all assets to the county assessor at the depreciated net book value at year end. These were ignored and a different schedule was used, increasing the values. Is this legal?
The assessor is mandated to use class life and established depreciation schedules. The net book value you calculated is for federal income tax. The assessor is not allowed to use your net book value, but the assessor should use your acquisition cost and date of...