Form Rpd-41374 - 2013 Annual Report Of Non-Resident Remittees Holding An Agreement To Pay Tax On Oil And Gas Proceeds Page 5
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5RPD-41374 (2013)
New Mexico Taxation and Revenue Department
Rev. 5/3/2013
Annual Report of Non-Resident Remittees
Holding an Agreement to Pay Tax on Oil and Gas Proceeds
Instructions - Page 3 of 3
is from a well subject to a unit or communitization agreement
•
If a corporation incorporated in New Mexico, the
whose area crosses state boundaries, the amount attribut-
corporation’s incorporation papers are on file, with
able to “oil and gas production from any well located in New
sufficient portions of those papers to demonstrate
Mexico” may be derived through the allocation methodology
incorporation in New Mexico, or information from
set out in the agreement.
the Public Regulation Commission website indicat-
ing that the corporation is a New Mexico corpora-
Adjustments to the amount withheld: If a remitter receives
tion in good standing and its address.
oil and gas proceeds from which an amount has been de-
5. Documentation is on file showing that the remittee is
ducted and withheld pursuant to the Oil and Gas Proceeds
granted exemption from the federal income tax by the
and Pass-Through Entity Withholding Tax Act, the remitter
United States Commissioner of Internal Revenue as an
may take credit for that amount in determining the amount
organization described in Section 501(c)(3) of the Internal
the remitter must withhold and deduct.
Revenue Code, including a copy of the remittee’s federal
Exceptions to the Requirement to Withhold.
Form W-9 or a copy of the determination letter from the
1. If the amount to be withheld from the payment is less than
IRS. The obligation to deduct and withhold from pay-
ten dollars ($10) or if the sum of all payments made to that
ments to organizations identified in this paragraph ap-
remittee by the remitter, including the subject payment, in
plies if that income constitutes unrelated income.
the calendar quarter is thirty dollars ($30) or less.
6. Documentation is on file showing that the remittee is the
2. If the remittee is an insurance company and falls under
United States, New Mexico or any agency, instrumental-
the provisions of Section 59A-6-6 NMSA 1978, no with-
ity or political subdivision of either.
holding is required.
7.
Documentation is on file showing that the remittee is a
3. At the option of a remitter, a remitter may agree with the
federally recognized Indian nation, tribe or pueblo or any
remittee that the remittee pay the amount that the remitter
agency, instrumentality or political subdivision thereof.
would have been required to withhold and remit to the De-
8. Documentation is on file showing that the remitter’s pay-
partment on behalf of the remittee pursuant to the Oil and
ment to the remittee is subject to further distribution by the
Gas Proceeds and Pass-Through Entity Withholding Tax
remittee as a remitter to working interest owners, royalty
Act. The remittee remits the tax required to be withheld
interest owners, overriding royalty interest owners and/
using a form of payment such as estimated payments or
or production payment interest owners. Acceptable proof
withholding. The remittee can also satisfy the terms of the
includes --but is not limited to-- written notification from a
agreement by filing its New Mexico income tax return and
remittee or internal documentation such as signed division
paying the tax due. The remitter must have a completed
orders demonstrating that the payment is subject to further
Form RPD-41353, Owner’s or Remittee’s Agreement to Pay
distribution by the remittee as a remitter to working interest
Withholding on Behalf of a Pass-Through Entity or Remit-
owners, royalty interest owners, overriding royalty interest
ter, on file at the time it files its annual reporting require-
owners and/or production payment interest owners.
ments for the tax year to which the agreement pertains. If
If you believe that you have a valid reason for not withhold-
the Department notifies the remitter that the remittee has
ing from a remittee, other than the reasons listed above, you
failed to remit the required payment, the agreement is no
must obtain approval from the Secretary before you file your
longer acceptable by the Department as reasonable cause
return. Please include with your request detailed information
for failure to withhold. The remitter is not responsible for
to support an alternative reasonable cause for not withholding.
withholding on oil and gas proceeds paid to the remittee
To request the Secretary’s approval, submit a written request
prior to the Department’s notification.
to the Albuquerque District Office at New Mexico Taxation and
4. The remittee maintains its place of business or residence
Revenue Department, Corporate Income Tax Audit Supervisor,
in New Mexico:
P.O. Box 8485, Albuquerque, NM 87198-8485. For assistance
•
If the remittee’s address on Form 1099-Misc, pro
call 505-841-6221.
forma 1099-Misc or RPD-41285, Annual Statement
of Withholding of Oil and Gas Proceeds, is a New
Amending: Check the amended indicator box if you are
amending a previously filed Form RPD-41374, Annual Re-
Mexico address;
•
If an individual, a signed Form RPD-41354, Decla-
port of Non-Resident Remittees Holding An Agreement to
Pay Tax on Oil and Gas Proceeds. If a refund is due because
ration of Principal Place of Business or Residence
you overpaid tax on Form RPD-41284, Quarterly Oil and Gas
in New Mexico, is on file that the individual is a resi-
Proceeds Withholding Tax Return, you must amend the Form
dent of New Mexico and declaring the physical loca-
RPD-41284, to which you incorrectly reported. Do not attempt
tion of the individual’s abode in New Mexico;
to obtain a refund when filing Form RPD-41374. If requesting
•
If a corporation, a signed Form RPD-41354, Decla-
a refund due to an overpayment of tax withheld, complete
ration of Principal Place of Business or Residence in
Form RPD-41071, Application for Tax Refund, and submit it
New Mexico, is on file that the corporation’s princi-
with the amended return.
pal place of business is in New Mexico, or
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