The Taxation and Revenue Department (TRD) will not impose a late-filing and late-payment penalty associated with the return filing and payments set forth below: • New Mexico personal income tax returns and payments due between April 15, 2020 and July 15, 2020 may be submitted without penalty no later than July 15, 2020; • New […]
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IRS NOTICE: Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak
The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. Highlights Filing DeadlineThe filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t file by […]
Treasury Announces Tax Payment Deferral Available
Today, during the daily White House briefing on the coronavirus, the Secretary of the Treasury Mnuchin announced that IRS payments can be deferred for 90 days interest and penalty free. He stressed that tax returns still be filed timely, especially if a refund is expected. File electronically and process through direct deposit for the most […]
New Mexico Taxpayers Advisement
From the State of New Mexico Taxation & Revenue Department The New Mexico Taxation and Revenue Department is advising taxpayers to review the withholding information they have chosen on their W-4s because of changes in federal and state tax laws. New Mexico uses the federal W-4 for determining withholding amounts for state income tax, but […]
Updated Tax Withholding Estimator
Looking for a useful tool? You’re in luck! Here is the most recent Tax Withholding Estimator. The IRS encourages everyone to use the Tax Withholding Estimator to perform a “paycheck checkup.” This will help you make sure you have the right amount of tax withheld from your paycheck. There are several reasons to check your […]
Taxpayers should remember these tips when searching for a tax preparer
IRS Tax Tip 2020-04 The tax filing season is upon us, and many people will be looking for someone to help them file a tax return. These taxpayers should choose their tax return preparer wisely. This is because it’s ultimately the taxpayer who is responsible for all the information on their income tax return. It’s […]
Want a FAST way to receive your Federal Tax Refund? Choose Direct Deposit
WASHINGTON — With tax season beginning soon, the Internal Revenue Service reminds taxpayers that choosing to have their tax refund directly deposited into their checking or savings account is the fastest way to get their money. It’s simple, safe and secure. Taxpayers can also get their refund deposited into one, two or three different accounts, […]
2019 Winter Client Newsletter
Dear Client, With so much happening in the tax world it is hard to pin down the one item that will make a difference this tax season. We encourage you to contact the office if you have had change in the past year —whether it be a life change such as a marriage, divorce, birth […]
2019 Fall Client Newsletter
Dear Client, On July 1st, The Taxpayer First Act of 2019 was signed into law by President Trump. This bill provides for improvements to the operations of the Internal Revenue Service, better interactions with taxpayers, and more safeguards to protect the integrity of the tax system. We have provided some of the key points from […]
2019 Estimated Tax Payments – Here’s what you need to know
Small business owners, self-employed people, and some wage earners should look into whether they should make estimated tax payments this year. Doing so can help them avoid an unexpected tax bill and possibly a penalty when they file next year. Everyone must pay tax as they earn income. Taxpayers who earn a paycheck usually have […]