TAXATION & REVENUE DEPARTMENT NEWS
The Taxation and Revenue Department today released new draft forms and instructions for Gross Receipts Tax, Withholding and other business taxes.
The Department is redesigning what is now known as the Combined Reporting System to create separate reporting for all business tax programs. The new system will take effect on July 1, 2021.
The draft forms and instructions posted this week are not yet final and may be revised. The drafts can be found on the Forms & Publications page of tax.newmexico.gov by opening the Tax Professionals folder and then the CRS Redesign Project Drafts folder.
“This will be a significant change, and we are committed to keeping taxpayers informed—and to listening to them—as we move forward,” said Secretary Stephanie Schardin Clarke.
Questions and concerns about the project can be emailed to TRDCRS.Redesign@state.nm.us.
The new forms are tailored to the needs of different taxpayers, and the redesign, which includes an upgrade to the Taxpayer Access Point self-service portal, will make it easier for taxpayers to manage their accounts. It also will increase internal automation and expedite the processing of refunds.
The Combined Reporting System was originally intended to streamline filing for business taxpayers, but in practice it often has resulted in returns and payments posting incorrectly, and taxpayers and the Department having to amend or manually adjust returns and payments.