(4) any other class specified in an agreement approved in accordance with this division. To encourage a higher level of voluntary compliance, the Department will allow eligible taxpayers who repay taxes to conduct self-audits. Taxpayers can now come for certain liabilities that were not previously authorized. C. The managed audit agreement may be amended in writing provided that the amendment complies with the requirements of Subsection B of this Division. A managed audit is governed by an agreement signed between you and the secretary. Click here to request a managed audit: tap.state.nm.us/Tap/_/ (3), specify the reporting period(s), the type of revenue or transaction and taxes to be audited, the procedures for conducting the managed audit, the records to be used, the start date of the audit for the purposes of section 7-9-43 of theMNSA, 1978, and the date on which the results of the taxpayer-managed audit are submitted to the Department; and information on audits managed, see FYI-404: Audits Managed for Taxpayers, including who is eligible and how to apply. E. The decision whether or not to enter into an agreement for a managed audit rests solely with the Secretary or the Assistant to the Secretary. The New Mexico Department of Taxation and Revenue announced Thursday that it is expanding qualifications for its managed audit program. According to the ministry, a managed audit is a voluntary program that allows individuals and small businesses to repay their taxes without penalties or interest. B. At the request of the taxpayer, the secretary or his representative may enter into a written agreement with a taxpayer on a managed audit.

To be effective, the written agreement must: Managed audits are variants of the traditional field audits that the department conducts. F. The results of the managed audit shall be submitted to the service by the taxpayer no later than a date specified for the presentation of the results in the managed audit agreement. The Department assesses the tax liability deemed due as a result of a managed audit conducted under a managed audit agreement. The Department may review files, documents, schedules or other information to determine whether the managed audit is substantially in compliance with the managed audit agreement. One. The scope of a managed audit may be limited to specific periods, activities, industries, geographies or transactions, including taxes on: (4) including a waiver by the taxpayer of contribution limitations for the reporting period or periods to be audited. (2) contain a statement by the taxpayer or his mandatary that all factual allegations made by the taxpayer or his representative in the taxpayer`s application and in the agreement are true and correct in all material matters; For more information, see Managed Audit FAQ. Audits managed 09/11/2013 12:29 PM According to the Law on Tax Administration, eligible taxpayers can participate in audits managed under approved conditions. A managed audit is governed by an agreement signed between you and the secretary.

Managed audits are variants of. This change benefits taxpayers because the department waives the penalty and interest if liabilities are paid within 180 days. If taxpayers do not report to the managed audit, they are subject to taxes, penalties and interest. Taxpayers must be able to transfer the payment within 180 days, or at the end of this period, interest will be charged on the remaining amount of the contribution. (2) the time and resources available to the taxpayer for the audit; (4) the taxpayer`s ability to settle an expected liability. The state of New Mexico has changed some of its tax regulations, so that more individuals and small businesses will be able to repay their taxes without penalties or interest. . “These changes will give New Mexico taxpayers more opportunities to comply with New Mexico`s tax laws while avoiding costly penalties and interest,” said John Monforte, Acting Cabinet Secretary of the New Mexico Department of Taxation and Revenue. How do I apply for the amnesty program? 09.11.2013 12:17 back to listJoin talk:.

. . (3) the scope and availability of the taxpayer`s documents; and. (1) be signed by the taxable person or his mandatary and by the secretary or assistant secretary;. (3) the value of certain items of expenditure or services used; and……