{"id":4173,"date":"2016-07-06T12:09:20","date_gmt":"2016-07-06T18:09:20","guid":{"rendered":"https:\/\/www.tax.newmexico.gov\/all-nm-taxes\/?p=4173"},"modified":"2020-12-21T16:29:09","modified_gmt":"2020-12-21T23:29:09","slug":"yates-petroleum-corporation","status":"publish","type":"post","link":"https:\/\/www.tax.newmexico.gov\/all-nm-taxes\/2016\/07\/06\/yates-petroleum-corporation\/","title":{"rendered":"Yates Petroleum Corporation"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.6.6&#8243; _module_preset=&#8221;default&#8221;][et_pb_row _builder_version=&#8221;4.6.6&#8243; _module_preset=&#8221;default&#8221;][et_pb_column _builder_version=&#8221;4.6.6&#8243; _module_preset=&#8221;default&#8221; type=&#8221;4_4&#8243;][et_pb_text _builder_version=&#8221;4.6.6&#8243; _module_preset=&#8221;default&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243;]<\/p>\n<div class=\"blogDateTitleContainer\">\n<div class=\"blogDateTitle\">07\/06\/2016<\/div>\n<\/div>\n<div class=\"blogItem\">\n<p><a href=\"https:\/\/realfile.tax.newmexico.gov\/16-35_yates_petroleum_corporation.pdf\">16-35<\/a><\/p>\n<p><span>On March 17, 2016, the Department assessed the Taxpayer for oil and gas tax, penalty and interest for the return filed on February 24, 2016.\u00a0 On April 8, 2016, the Taxpayer filed a protest of the assessment.\u00a0 On May 23, 2016, the Taxpayer filed a withdrawal of the protest.\u00a0 On June 1, 2016, the Taxpayer filed a request to have a hearing on the protest, but limited to the issued of the assessed penalty and interest.\u00a0 The Taxpayer filed its tax return and submitted a payment electronically on February 24, 2016.\u00a0 They inadvertently sent the payment to the New Mexico Land Office rather than the Department.\u00a0 The Land Office initially applied the payment to the royalties account, but then realized the Taxpayer\u2019s mistake and forwarded the payment to the Department.\u00a0 After the protest was filed, the Department learned that the Taxpayer\u2019s payment had been received only a few days late, and the amount of interest was reduced accordingly.\u00a0 The Taxpayer argued that it should not have to pay penalty because the State of New Mexico had the payment on the due date, although the Taxpayer agreed that the payment should have been sent to the Department.\u00a0 The hearing officer found that the penalty did apply because the Taxpayer failed to make the payment to the Department on the due date and was therefore negligent.\u00a0 The imposition of interest is mandatory pursuant to Section 7-1-67 NMSA 1978.\u00a0 The Taxpayer\u2019s protest was denied.<\/span><\/p>\n<\/div>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.6.6&#8243; _module_preset=&#8221;default&#8221;]<\/p>\n<p><a href=\"\/all-nm-taxes\/tax-decisions-orders\/\">Back to Tax Decisions &amp; Orders<\/a><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>07\/06\/2016 16-35 On March 17, 2016, the Department assessed the Taxpayer for oil and gas tax, penalty and interest for the return filed on February 24, 2016.\u00a0 On April 8, 2016, the Taxpayer filed a protest of the assessment.\u00a0 On May 23, 2016, the Taxpayer filed a withdrawal of the protest.\u00a0 On June 1, 2016, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"960","footnotes":""},"categories":[43],"tags":[],"class_list":["post-4173","post","type-post","status-publish","format-standard","hentry","category-tax-decisions-orders"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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