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RPD-41367 12

New Mexico Taxation and Revenue Department

Rev. 12/04/2012

2012 Annual Withholding of Net Income From a Pass-Through Entity Detail Report

Instructions

Page 1 of 4

Who Must File: A pass-through entity (PTE) who is subject

Other Reporting Requirements: PTEs are also required to

to withholding tax from its owners, partners, members, or

provide sufficient information to enable the owners to comply

beneficiaries (owners) net income according to the Oil and

with the provisions of the Income Tax Act and the Corporate

Gas Proceeds and Pass-Through Entity Withholding Tax Act

Income and Franchise Tax Act, with respect to the owner’s

(Sections 7-3A-1 through 7-3A-9 NMSA 1978) must annually

share of the net New Mexico income. A PTE may use federal

report each owner’s share of net income allocable to New

Forms 1099-Misc, pro forma 1099-Misc, or Form RPD- 41359,

Mexico and remit* the New Mexico tax withheld for each

Annual Statement of Pass-Through Entity Withholding, to

remittee. The required annual report is Form RPD-41367,

report to the owners the allocable net income and the New

Mexico tax withheld. These forms must be provided to the

Annual Withholding of Net Income From a Pass-Through

Entity Detail Report. The PTE must report for all owners

owner by February 15th of the year following the year for

and mark the indicator box on Form RPD-41367, if the PTE

which the statement is made. These forms do not need to

entered into an agreement with the owner that the owner

be submitted to the Department.

files and pays the tax due on the allocable net income of the

When to File: Form RPD-41367, Annual Withholding of Net

PTE. Form RPD-41367 is due even if no tax was withheld.

Income From a Pass-Through Entity Detail Report, is due on

or before the due date of the entity’s federal return for the

*For tax years beginning on or after January 1, 2011, a PTE

taxable year. If a pass-through entity is not required to file

was required to remit the tax quarterly. The requirement to

a federal income tax return for the tax year, the entity must

remit the tax annually was reinstated for tax years beginning

file Form RPD-41367 with the Department no later than 105

on or after January 1, 2012.

days after the end of its taxable year.

Estates and Trusts: An estate or trust that distributes New

Mexico net income that is taxable to its recipients is a pass-

If the due date of the return falls on a Saturday, Sunday or

through entity (PTE) and subject to withholding pursuant to the

state or national legal holiday, the return is timely if the post-

Oil and Gas Proceeds and Pass-Through Entity Withholding

mark bears the date of the next business day.

Tax Act (Sections 7-3A-1 through 7-3A-9 NMSA 1978). As a

Where to File: File online using the Department’s web site at

PTE, the trust or estate is also required to withhold from the

https://efile.state.nm.us. First-time e-filers will need to create

non-resident recipient’s share of the trust or estates taxable

a login name and password. If you wish to pay the tax to be

New Mexico net income. The estate or trust must file and

remitted to the Department prior to the availability of the web

pay the tax withheld on the annual report, Form RPD-41367,

application for the annual Form RPD-41367, you may m ake

Annual Withholding of Net Income From a Pass-Through

the payment electronically using the RPD-41355, Pass-through

Entity Detail Report, reporting the details for all recipients that

Entity Withholding Tax Return Payment, web application.

it distributes taxable New Mexico net income. If the income

distributed is not taxable to the recipient, as in the case of

If granted an exemption to electronically file Form RPD-41367,

some grantor trusts, including living trusts, the distributed

or if you have 50 or fewer New Mexico payees and choose

income is not included on this report.

to file this form in paper format, submit this completed form

to: New Mexico Taxation and Revenue Department, P.O. Box

Personal Service Businesses: A PTE that is a personal

25127, Santa Fe, NM 87504-5127.

service business cannot enter into an agreement with its

owners. A “personal services business” means a business

To obtain specific information regarding electronically filing,

organization that receives payments for the services of a

performing artist for purposes of the film production tax credit.

https://efile.state.nm.us.

File Electronically: If a PTE has more than 50 payees who

Pass-through entities should be aware that the Department

receive New Mexico net income, the PTE is required to

is required to compare the tax information received from the

electronically file Form RPD-41367 through the Department’s

PTE with the records of the owners and if the Department

web site. See “Where to File”, later in these instructions. If the

determines that the owner is not paying the proper tax on

PTE has more than 50 New Mexico payees, and is unable

net income, the Department may request that the PTE show

to file electronically because a hardship exists and there is

reasonable cause for not withholding (see “Reasonable Cause

no reasonable access to the Internet in the taxpayer’s com-

for Not Withholding” in these instructions). If the Department

munity, the PTE may request Department approval to file by

determines that a non-resident owner is not paying New

paper. The PTE may request approval by filing Form RPD-

Mexico income tax on the allocable net income of the PTE,

41350, E-File Exception Request Form. The request must

the Department will notify the PTE that the PTE must withhold

be received by the Department at least 30 days before the

from future net income of the owner. If the PTE did not with-

taxpayer’s electronic report is due.

hold because the PTE and owner entered into an agreement

Form Rpd-41367 12 - Annual Withholding Of Net Income From A Pass-Through Entity Detail Report - New Mexico Taxation And Revenue Department Page 3

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