{"id":4425,"date":"2020-11-12T16:22:30","date_gmt":"2020-11-12T23:22:30","guid":{"rendered":"https:\/\/www.tax.newmexico.gov\/tax-professionals\/?p=4425"},"modified":"2026-04-11T13:13:48","modified_gmt":"2026-04-11T19:13:48","slug":"magnum-builders-of-new-mexico-inc","status":"publish","type":"post","link":"https:\/\/www.tax.newmexico.gov\/tax-professionals\/2020\/11\/12\/magnum-builders-of-new-mexico-inc\/","title":{"rendered":"Magnum Builders of New Mexico, Inc."},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.7.0&#8243; _module_preset=&#8221;default&#8221;][et_pb_row _builder_version=&#8221;4.7.0&#8243; _module_preset=&#8221;default&#8221;][et_pb_column _builder_version=&#8221;4.7.0&#8243; _module_preset=&#8221;default&#8221; type=&#8221;4_4&#8243;][et_pb_text _builder_version=&#8221;4.7.0&#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\">05\/06\/2015<\/div>\n<\/div>\n<div class=\"blogItem\">\n<p><a href=\"https:\/\/realfile.tax.newmexico.gov\/15-16_magnum_builders_of_nm_inc.pdf\">15-16<\/a><\/p>\n<p>On November 7, 2008, the Department issued an assessment to the Taxpayer for gross receipts tax, gross receipts tax penalty, gross receipts tax interest, compensating tax, compensating tax penalty, and compensating tax interest for the CRS reporting periods between January 31, 2002 and June 30, 2007.\u00a0 On December 4, 2008, the Taxpayer protested the assessment.\u00a0 After pre-hearing and post-hearing abatements, and payment by the Taxpayer, the only issue remaining at protest is the penalty.\u00a0 The Taxpayer is a construction company, who hired Padilla and Company, to prepare its CRS returns.\u00a0 Padilla and Company would advise the Taxpayer of the need to obtain nontaxable transaction certificates (NTTCs) for its customers, but the Taxpayer did not consider this a priority.\u00a0 In 2007, the Taxpayer was selected for audit for the CRS reporting periods between January 1, 2002 and June 30, 2007.\u00a0 The Taxpayer completed a Taxpayer Information Authorization naming Padilla and Company as his representative for all state taxes at issue in the audit.\u00a0 On October 18, 2007, a Department auditor met with the Taxpayer\u2019s designated representatives and hand-delivered to them a letter providing the Taxpayer notice that any required NTTCs be in the Taxpayer\u2019s possession within 60-days, by December 17, 2007, or any claimed deductions requiring an NTTC would be disallowed.\u00a0 Padilla and Company attempted to assist the Taxpayer in securing the missing NTTCs, and advised that obtaining the missing NTTCs was a necessity.\u00a0 The Taxpayer did not present the NTTCs by the December 17, 2007 deadline.\u00a0 Padilla and Company obtained two extensions to provide records for the audit, and erroneously believed that the extensions included an extension for the NTTCs.\u00a0 The Taxpayer ultimately presented eight untimely NTTCs.\u00a0 The Department disallowed any claimed deductions related to these NTTCs and issued the assessment based on the audit findings.\u00a0 The Taxpayer argued that the penalty at issue in the protest should be abated because of Padilla and Company\u2019s belief that the extension included the NTTCs.\u00a0 Section 7-9-43 NMSA 1978 requires that taxpayers must be in possession of the required NTTCs within 60 days of the Department\u2019s notice, or the deductions must be disallowed.\u00a0 The statutory language does not allow for any extensions of this time.\u00a0 The Taxpayer\u2019s protest was denied.<\/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>05\/06\/2015 15-16 On November 7, 2008, the Department issued an assessment to the Taxpayer for gross receipts tax, gross receipts tax penalty, gross receipts tax interest, compensating tax, compensating tax penalty, and compensating tax interest for the CRS reporting periods between January 31, 2002 and June 30, 2007.\u00a0 On December 4, 2008, the Taxpayer protested [&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-4425","post","type-post","status-publish","format-standard","hentry","category-tax-decisions-orders"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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