24 March 2020 New Mexico extends four months of withholding tax deadlines for COVID-19 emergency New Mexico Governor Grisham and the Taxation and Revenue Department announced that withholding taxes normally due on the 25th of March, April, May and June 2020 will now be due on July 25, 2020. The extension is intended to ease the cash flow problems many businesses face due to COVID-19 closures or reduced customer traffic and may prevent some businesses from laying off employees. The state will waive any penalties for withholding taxes not remitted during the grace period. However, under state law, interest will accrue from the original due date. The governor expressed support for waiving or refunding any interest owed by taxpayers. The deadline for 2019 individual and corporate income taxes also will be extended until July 15, 2020. "We understand that this unprecedented public health emergency is placing enormous financial strain on many residents and businesses. These tax extensions will allow individuals and businesses in New Mexico to keep more money in their pockets for the next three months and to better weather this storm," said Taxation and Revenue Secretary Stephanie Schardin Clarke. Taxpayers are encouraged to file and pay electronically through the Department's Taxpayer Access Point (TAP) system. For more information on New Mexico withholding taxes, go to the Department's website.
Document ID: 2020-0671 | |||||||||
