NEW MEXICO’S BUSINESS LAWYERS ®

Certain Tax Filing and Payment Deadlines Extended

March 26, 2020

 

The Treasury Department and the Internal Revenue Service announced an extension of April 15 deadlines due to the COVID-19 Outbreak. The April 15, 2020 income tax filing deadline is automatically extended to July 15, 2020. Income tax payment deadlines for all taxpayers, including individuals, C-Corporations, trusts or estates are similarly extended to July 15, 2020.

Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020.

Additional information from the Internal Revenue Service is available here.

Extension for Filing Certain New Mexico Taxes

The Taxation and Revenue Department (“TRD”) will not impose a late-filing and late-payment penalty associated with the return filing and payments as set forth below:

  • New Mexico personal income tax returns and payments (including quarterly estimated payments) due between April 15, 2020 and July 15, 2020 may be submitted without penalty no later than July 15, 2020;
  • New Mexico corporate income tax returns and payments due between April 15, 2020 and July 15, 2020 may be submitted without penalty no later than July 15, 2020; and
  • Withholding tax returns and payments due between March 25, 2020 and July 25, 2020 may be submitted without penalty no later than July 25, 2020.

The TRD will not impose penalty if a taxpayer complies with the extensions set forth above. In addition, for income tax payments only, interest will not be imposed if the tax is paid by the July 15, 2020 due date. Interest will continue to accrue on withholding tax payments from the original due date of the return.

Additional information from the TRD is available here.

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