{"id":4303,"date":"2020-11-12T13:17:44","date_gmt":"2020-11-12T20:17:44","guid":{"rendered":"https:\/\/www.tax.newmexico.gov\/tax-professionals\/?p=4303"},"modified":"2020-11-12T13:17:45","modified_gmt":"2020-11-12T20:17:45","slug":"franks-electric-llc","status":"publish","type":"post","link":"https:\/\/www.tax.newmexico.gov\/tax-professionals\/2020\/11\/12\/franks-electric-llc\/","title":{"rendered":"Frank\u2019s Electric LLC"},"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\">02\/18\/2016<\/div>\n<\/div>\n<div class=\"blogItem\">\n<p><a href=\"https:\/\/realfile.tax.newmexico.gov\/16-05_frank's_electric_llc.pdf\">16-05<\/a><\/p>\n<p><span>On July 8 and 15, and on August 5, 2015, the Department issued several assessments to the Taxpayer for gross receipts tax, withholding tax, penalty and interest for CRS reporting periods ending on May 31, 2012 through the period ending on January 31, 2015.\u00a0 On July 20, 2015, the Taxpayer protested the Department\u2019s assessments, arguing that it should not be liable for the assessed penalty because it had detected and reported its errors to the Department.\u00a0 The Taxpayer agrees that it owes the assessed tax principal, so the issue at protest is whether the assessments of penalty should be abated.\u00a0 The Taxpayer is engaged in the electrical business in New Mexico and had previously been subject to Department audit and assessment.\u00a0 As a result, the Taxpayer engaged the services of numerous bookkeepers and accountants, and filed and paid CRS taxes in accord with the protocols developed by these bookkeepers and accountants.\u00a0 On or about April 2015, the Taxpayer hired a bookkeeper who detected that the system the Taxpayer developed resulted in underreporting during the relevant time and reported this to the owner.\u00a0 The Taxpayer\u2019s owner directed the bookkeeper to correct the problem, including amending previously filed returns, to remain compliant.\u00a0 After receiving the amended returns, the Department issued the assessments to the Taxpayer.\u00a0 As a result of the protest, the Department made a series of adjustments and credits to certain periods on the Taxpayer\u2019s account, which resulted in abatement of penalty for a few of the reporting periods.\u00a0 The Taxpayer argued that it was non-negligent under Regulation 3.1.11.11 NMAC, because the under reporting was a result of the errors in the Taxpayer\u2019s accounting system.\u00a0 The Hearing Officer found that none of the indicators of non-negligence listed in the regulation were present.\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>02\/18\/2016 16-05 On July 8 and 15, and on August 5, 2015, the Department issued several assessments to the Taxpayer for gross receipts tax, withholding tax, penalty and interest for CRS reporting periods ending on May 31, 2012 through the period ending on January 31, 2015.\u00a0 On July 20, 2015, the Taxpayer protested the Department\u2019s [&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-4303","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 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Frank\u2019s Electric LLC : Tax Professionals<\/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\/tax-professionals\/2020\/11\/12\/franks-electric-llc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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