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S-corporations, limited liability companies and other pass-through entities doing business in the state must file a New Mexico income tax return. This requirement includes entities registered to do business in the state, transacting business in, into or from the state, or receiving any income from property or employment within the state.<\/p>\n
The federal return that a pass-through entity is required or elects to file determines the New Mexico income tax return that the pass-through entity files. A pass-through entity may be required to file Form PTE, New Mexico Information Return for Pass-Through Entities, Form S-Corp, New Mexico Sub-Chapter S Corporate Income and Franchise Tax Return, or Form FID-1, New Mexico Fiduciary Income Tax Return.<\/p>\n
Effective January 1, 2012, a pass-through entity means a personal services business or any other\u00a0business association other than:<\/p>\n
If your business is\u00a0a pass-through entity, file in New Mexico on or before the due date of your federal return for the tax year.\u00a0New Mexico also requires you to deduct and withhold tax from each non-resident owner’s allocable share of net income. The tax withheld is required to be remitted to the Department annually. See\u00a0Bulletin B-200.25<\/a>\u00a0for a description of the new requirements.<\/p>\n The pass-through entity must file and pay the tax using form\u00a0RPD-41367,\u00a0Annual Withholding of Net Income From a\u00a0Pass-Through Entity Detail\u00a0Report. Form RPD-41367 can be filed and paid electronically on the Department’s web file services page or through a third party software. If more than 50 payees, this report must be filed electronically.<\/p>\n Annual statements of withholding are not required to be submitted to the Department, but must be submitted to the taxpayer using form\u00a0RPD-41359,\u00a0Annual Statement of Pass-Through Entity Withholding<\/a>, or 1099-Misc.<\/p>\n If the PTE has more than 50 New Mexico payees, and is unable to file electronically because a hardship exists and there is no reasonable access to the Internet in the taxpayer’s community, the PTE may request Department approval to file by paper. The PTE may request approval by filing\u00a0form\u00a0RPD-41350,\u00a0E-file Exception Request Form<\/a>.\u00a0The request must be received by the Department at least 30 days before the taxpayer’s electronic report is due.<\/p>\n Taxation and Revenue Department For assistance, call (505) 827-0825. Manage your account online<\/a>\u00a0<\/span> Current Year<\/p>\nContact Information<\/h3>\n
P.O. Box 25127
Santa Fe, NM 87504-5127<\/p>\n
Or for tax return help, email us at\u00a0CIT.TaxReturnHelp@state.nm.us<\/a>.<\/p>\nLinks<\/h2>\n
All Forms & Publications<\/a>
FYI-350: Corporation Income Tax and Corporation Franchise Tax<\/a>
Bulletin B-200.25 Withholding Tax on Owner’s of a Pass-Through Entity<\/a><\/p>\nPass-Through Entity Forms and Documents<\/h3>\n