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RPD-41367 11

New Mexico Taxation and Revenue Department

Rev. 8/9/2012

2011 Annual Withholding of Net Income

From a Pass-Through Entity Detail Report

Instructions - Page 1 of 3

Who Must File: Pass-through entities (PTE) who are subject

e-filers will need to create a login and password. If you cannot

to withholding tax from it’s owners, partners, members, or

electronically file this Form RPD-41367, you may submit this

beneficiaries (owners) net income according to the Oil and

form to: New Mexico Taxation and Revenue Department,

Gas Proceeds and Pass-Through Entity Withholding Tax Act

P.O. Box 25127, Santa Fe, NM 87504-5127. For assistance

(7-3A-1 through 7-3A-9 NMSA 1978) must submit annual

completing this return call (505) 827-0825.

reports to the Department reporting the owner’s share of net

Pass-through entities should be aware that the Department

income and tax withheld for each remittee. The required an-

is required to compare the tax information received from the

nual report is RPD-41367, Annual Withholding of Net Income

PTE with the records of the owners and if the Department

From a Pass-Through Entity Detail Report.

determines that the owner is not paying the proper tax on net

For tax years beginning on or after January 1, 2011, a pass-

income, the Department may request that the PTE show rea-

through entity (PTE) must deduct and withhold from each non-

sonable cause for not withholding (See “Reasonable Cause

resident owner’s share of New Mexico net income and remit

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

the tax withheld to the Department using Form RPD-41355,

determines that a non-resident owner is not paying New Mexico

Quarterly Pass-Through Entity Withholding Tax Return. For

income tax on the net income of the PTE, the Department

exceptions and adjustments to the requirement to withhold see

will notify the PTE that the PTE must withhold from future net

“Reasonable Cause for not Withholding” in these instructions

income of the owner. Once a PTE is notified that they must

and see also the instructions to Form RPD-41355.

withhold, the PTE will be held responsible for the withholding

tax that should be withheld from the owner.

Other Reporting Requirements: PTEs are also required to

provide sufficient information to enable the owners to comply

Fiscal Year Filers: Even if you file your annual return on a

with the provisions of the Income Tax Act and the Corporate

fiscal year basis, you must complete Form RPD-41367, An-

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

nual Withholding of Net Income From a Pass-Through Entity

share of the net New Mexico income. A PTE uses Form RPD-

Detail Report, on a calendar year basis and report the net

41359, Annual Statement of Pass-Through Entity Withholding,

income earned and the tax withheld based on a calendar year.

to report to the owners the net income and the New Mexico

The amounts will tie to the tax withheld and paid on Forms

tax withheld. These forms must be provided to the owner by

RPD-41355, Quarterly Pass-Through Entity Withholding Tax

February 15th of the year following the year for which the

Return, but may not tie to the net income reported on the an-

statement is made. Form RPD-41359 does not need to be

nual New Mexico income tax return.

submitted to the Department.

To transition from the fiscal year basis reporting of owners

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

net income and withholding to calendar year basis report-

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

ing, follow the instructions for the return. For example, if the

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

fiscal year ends June 30, 2011, the owners net income will

taxable year. If the due date of the return falls on a Saturday,

be paid on the 2010 Form, using Schedule PTE-D. For the

Sunday or state or national legal holiday, the return is timely

remainder of the calendar year, tax withheld will be paid on

if the postmark bears the date of the next business day.

Form RPD-41355, and the detail will be reported on the 2011

RPD-41367 Form, when the 2011 return is due.

Penalty for Failure to File. For tax years beginning on or

after January 1, 2011, but before January 1, 2012, no penalty

INSTRUCTIONS FOR COMPLETING THE FORM

will be assessed for failure to file this report when due. For

Enter the name of the pass-through entity, the federal identi-

tax years beginning on or after January 1, 2012, a five dollar

fication number (FEIN) and the total New Mexico net income

penalty will be assessed for failing to file this report timely.

for the calendar year of this return.

You may pay the penalty through the Department’s web site at

https://efile.state.nm.us, or submit your payment by attaching

Mark the box indicating the type of New Mexico income tax

a check or money order to your paper return.

return that the pass-through entity will file for the tax year.

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

If no New Mexico income tax return is required to be filed,

at https://efile.state.nm.us. A PTE filing this form for the first

check the “N/A” box and indicate the reason no New Mexico

time, who has not previously filed any New Mexico tax return

income tax return is required. For example, a grantor trust

to the Taxation and Revenue Department, using the PTE’s

that is not required to file a New Mexico FID-1 return, marks

name and federal employer’s identification number as shown

the “N/A” box, and enters “Grantor trust” on the line provided

on this form, will need to file this form by paper. If you have

for an explanation.

previously filed this form or any New Mexico tax return, you are

encouraged to file using the Department’s web site. First-time

If the PTE is filing for a tax year that is not a full calendar year,

Form Rpd-41367 11 - Annual Withholding Of Net Income From A Pass-Through Entity Detail Report - 2011 Page 3

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