Instructions Draft For Pit-1 - New Mexico Personal Income Tax Return - 2013 Page 16
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44To avoid a penalty of $5 per return im-
Returned Check Penalty. A check
of $500 per item against any tax
posed on the paid tax return preparer,
that is not paid by a financial institution
preparer who endorses or other-
the tax preparer must ensure the return
does not constitute payment. A penalty
wise negotiates, either directly or
is filed by Department-approved elec-
through an agent, any refund check
of $20 is assessed for a bad check in
tronic media or must keep a signed
addition to other penalties that may
issued to a taxpayer.
Form RPD-41338, Taxpayer Waiver
apply to a late payment.
for Preparers Electronic Filing Require-
Paid Tax Preparers Requirement
ment, on file and mark the checkbox in
Failure of Paid Tax Preparers to
to Ensure Returns are Filed Elec-
the Paid preparer’s use only section
Conform to Certain Requirements.
tronically. Paid tax practitioners who
on PIT-1, page 2.
A penalty of $25 per return or claim for
prepare more than 25 New Mexico
DRAFT 1.2
refund is assessed to a paid preparer
personal income tax returns must
The requirement to ensure the return
who:
ensure that each return is submitted
is filed by Department-approved elec-
by Department-approved electronic
• Fails to sign the tax return or claim
tronic media applies only to 2013 New
media, unless the taxpayer requests
for refund, or
Mexico personal income tax returns
otherwise. A $5 penalty per return
• Fails to include the identifying num-
filed in calendar year 2014. See the
is assessed for personal income tax
ber of the paid preparer.
10-08-2013
instructions for the Paid preparer’s
preparers who fail to comply with this
use only section in these instructions
requirement.
The law provides for a penalty
for more details on this requirement.
YOUR RIGHTS UNDER THE TAX LAW
The Tax Administration Act governs
At any time after filing your return, the
NOTE: The taxpayer may protest the
how the Department administers the
return may be subject to further review,
Department’s failure to grant or deny
Income Tax Act and gives you specific
verification, or correction. If your tax
a claim for refund. In the event the
rights and responsibilities.
return is adjusted or if there is an
Department has not granted or denied
assessment of additional tax, you will
a claim for refund within 120 days, you
Keep accurate tax records and stay
receive a copy of Publication FYI-406,
may protest, bring suit, or re-file your
current with changes in the tax law
Your Rights Under the Tax Laws. The
claim within three years from the end of
to help avoid tax problems. These
publication outlines your rights and
the calendar year in which the tax was
instructions and other Department
obligations. It describes in detail how
due or in which you paid a Department
publications contain information that
to dispute a Department action through
assessment.
can help you do both.
either the Claim for Refund procedure
or the Protest procedure. Read these
If you do not hear from the Department
While most tax problems can be
procedures carefully to ensure you
within 120 days, you have 90 days from
resolved informally, it is important to
take the necessary steps to protect
the 120th day of the date of refund
understand that you must exercise
your rights.
claim to file a protest. You must act if
certain rights provided to you under
you have not heard from the Depart-
law within specific time frames. If the
Publication FYI-406 is on the De-
ment within 120 days. Section 7-1-26
partment’s home page at
Department makes an adjustment
NMSA 1978 prevents the Department
to your return, you receive a notice
newmexico.gov. Enter FYI-406 in
from approving or denying your claim
explaining the adjustment with a de-
the search window at the top of the
when 210 days have passed after the
scription of procedures to use if you
home page. FYI-406 is also available
date of the claim for refund and you
disagree.
by contacting Taxpayer Information by
have not filed a formal protest or suit
e-mail at policy.office@state.nm.us
in district court.
or calling (505) 827-0908.
ABOUT YOUR TAX RETURN INFORMATION
KEEP COPIES OF YOUR TAX RE-
Privacy Notification
You can find the rights of the Taxation
CORDS AND RETURNS. Please
The New Mexico Taxation and Rev-
and Revenue Department and the Sec-
remember to keep a copy of your
enue Department requires taxpayers
retary of the Department to collect and
completed income tax return for at
to furnish social security numbers as
maintain personal information, includ-
least 10 years after you file it. Keep
a means of taxpayer identification. All
ing mandatory disclosure of social se-
copies of books, records, schedules,
information supplied electronically by
curity numbers in the manner required
statements, or other documents. The
taxpayers is protected using encryption
by tax regulations, instructions, and
Department may ask you to provide
and fire walls. Taxpayer information
forms, in Section 7-1-12 NMSA 1978
copies of these records after you filed
on returns is protected in accordance
and 3.1.1.15 NMAC.
your income tax return.
with the confidentiality provisions of the
Tax Administration Act (Section 7-1-8
The Taxation and Revenue Depart-
NMSA 1978).
ment uses this personal information
PIT-1
- 15 -
newmexico.gov
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