The Taxpayer was assessed an underpayment penalty for the estimated personal income tax required by Section 7-2-12.2 NMSA 1978 for the 2023 income taxes. The Taxpayer is a small business owner whose income is irregular and sporadic. The Taxpayer specified that once the income for the year determined payment is made. The Department provided evidence that the estimated payments were not made. The Hearing Officer decided that the Taxpayer had failed to overcome the presumption of correctness. The protest was denied.
