You will need to keep your records for up to 10 years if there is evidence of tax fraud. Normally assessment period is 3 years back from end of year tax was due. If you have under-reported by more than 25%, Department can go back up to six years and seven years for non-filed reports. So don’t forget to file those reports if you are required as penalty could be much higher than if you had filed them.

If you have a specific question about your particular situation, e-mail me at dianne@dgoodmancpa.com and I will help you with your questions.

This article was intended to provide general information about New Mexico Gross Receipts Tax. It does not contain all rules and exceptions that may apply to your situation. If you have further questions regarding this, I can be reached at www.dgoodmancpa.com.

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Dianne Goodman, CPA – Specializes in servicing Small Businesses and Individuals. Visit www.dgoodmancpa.com for relevant and current information on a variety of financial and tax issues focusing on small businesses and individuals or call at 1-888-851-1975.

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