{"id":6349,"date":"2010-02-10T10:58:07","date_gmt":"2010-02-10T17:58:07","guid":{"rendered":"https:\/\/www.tax.newmexico.gov\/all-nm-taxes\/?p=6349"},"modified":"2026-04-11T13:33:27","modified_gmt":"2026-04-11T19:33:27","slug":"the-whitehurst-group","status":"publish","type":"post","link":"https:\/\/www.tax.newmexico.gov\/all-nm-taxes\/2010\/02\/10\/the-whitehurst-group\/","title":{"rendered":"The Whitehurst Group"},"content":{"rendered":"

[et_pb_section fb_built=”1″ _builder_version=”4.7.0″ _module_preset=”default”][et_pb_row _builder_version=”4.7.0″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.7.0″ _module_preset=”default”][et_pb_text _builder_version=”4.9.2″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″]<\/p>\n

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02\/10\/2010<\/div>\n<\/div>\n
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10-02<\/a><\/p>\n

The Taxpayers registered as an LLC in New Mexico in 2001. \u00a0They made the decision to register their company as an LLC to protect the partners from personal liability. \u00a0For the 2004 tax year the Taxpayers filed a federal income tax return on which they requested that the LLC be given S-Corporation status. \u00a0For the 2004 tax year, the Taxpayers timely filed personal income tax returns, including a pass-through for their S-Corporation LLC with New Mexico. \u00a0In early 2006, the IRS informed the Taxpayers that their LLC did not qualify as an S-Corporation in 2004 because they failed to timely sign and submit the correct form. \u00a0As a result of this change, the Taxpayers filed an amended New Mexico personal income tax return. \u00a0On this amended return, they were entitled to a $1,937 refund. \u00a0Also because of this information from the IRS, the Taxpayers filed a New Mexico corporate income tax return for their LLC for the 2004 tax year. \u00a0This return was originally due on March 15, 2005. \u00a0The New Mexico corporate income tax indicated that the LLC owed the state $1,239 in tax principle. \u00a0The Taxpayers also submitted a cover letter explaining the reason for the amended personal income tax return and lat filing of the LLC\u2019s corporate income tax return. \u00a0The letter also said that, because of financial difficulties, the LLC would not be able to pay its outstanding corporate income tax until the Taxpayers received their personal income tax refund. \u00a0In March, 2007, the Department issued the personal income tax refund to the Taxpayers and two weeks later the Taxpayers remitted the outstanding corporate income tax to the Department. \u00a0Eight days later the Department issued the LLC a Notice of Assessment for unpaid tax, penalty and interest. \u00a0A protest auditor in the Department audited the file of both the LLC and the personal income tax returns of the Taxpayers and credited the payment of taxes and adjusted the outstanding interest as a result of that payment. \u00a0The LLC filed a timely written protest to the assessment of penalty and interest. \u00a0At the hearing the Taxpayers pointed out that they timely filed and paid their personal income tax and relied on the fact that the LLC has always been accepted as an S-Corporation. \u00a0When the IRS informed them otherwise, the filed the corporate income tax return. \u00a0They also argue that the refund owed to them upon amending their personal income tax return was more than enough to pay the outstanding corporate income tax. \u00a0However, the Taxpayers and the LLC are separate legal entities with separate accounts with the Department, and the Department is not allowed to use money that will be refunded to the Taxpayers to satisfy the debt of the LLC. \u00a0The hearing officer found that the Taxpayers were liable for interest and penalty for late payment of 2004 corporate income tax. \u00a0The Taxpayers\u2019 protest was denied.<\/p>\n<\/div>\n

[\/et_pb_text][et_pb_text _builder_version=”4.6.6″ _module_preset=”default”]<\/p>\n

Back to Tax Decisions & Orders<\/a><\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"

02\/10\/2010 10-02 The Taxpayers registered as an LLC in New Mexico in 2001. \u00a0They made the decision to register their company as an LLC to protect the partners from personal liability. \u00a0For the 2004 tax year the Taxpayers filed a federal income tax return on which they requested that the LLC be given S-Corporation status. […]<\/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-6349","post","type-post","status-publish","format-standard","hentry","category-tax-decisions-orders"],"yoast_head":"\nThe Whitehurst Group : All NM Taxes<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.tax.newmexico.gov\/all-nm-taxes\/2010\/02\/10\/the-whitehurst-group\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Whitehurst Group : All NM Taxes\" \/>\n<meta property=\"og:description\" content=\"02\/10\/2010 10-02 The Taxpayers registered as an LLC in New Mexico in 2001. \u00a0They made the decision to register their company as an LLC to protect the partners from personal liability. \u00a0For the 2004 tax year the Taxpayers filed a federal income tax return on which they requested that the LLC be given S-Corporation status. 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