Tax Preparer'S Guide For Personal Income Tax Returns - 2013 Page 12
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23If the Secretary or employee has reason to question the continued validity of the authorization to
represent the taxpayer, the Secretary or employee may ask the taxpayer whether the authorization
remains valid.
Refund Anticipation Loans
A Refund Anticipation Loan (RAL) allows a taxpayer to borrow money with an anticipated income
t
ax refund as security. TRD is not a party to RALs. RALs are contracts between taxpayers and
lenders.
The TRD acknowledgement that a taxpayer’s return is accepted for processing is not a guarantee to
either the taxpayer or the lender that the taxpayer will receive a refund or that TRD guarantees the
amount of the refund. TRD does not guarantee a specific date of refund issuance or the issuance of
the anticipated refund amount, and does not accept inquiries from financial institutions concerning
t
he issuance or amount of refunds. TRD is not liable for any loss suffered by the taxpayer, the ERO,
or the financial institution as a result of an RAL.
Any entity providing RALs must explain to taxpayers applying for RALs that an RAL is an interest‐
bearing loan, not a faster way to receive income tax refunds.
Responsibilities of Tax Practitioners
A
ll tax preparers, EROs, and Fed/State transmitters accept specific responsibilities regarding filing
N
ew Mexico personal income tax returns.
T
ax practitioners must do the following:
•
Comply with the requirements set forth in this guide and with the requirements and procedures
set by the IRS.
•
Maintain a high degree of integrity, compliance, and accuracy.
•
Examine two forms of taxpayer identification before preparing returns or accepting returns for
electronic transmission.
•
Be alert to suspicious electronic filing transactions and report them to the local New Mexico
TRD district office.
•
Provide instruction to taxpayers for filing the return and paying any tax due, including
providing the correct TRD payment vou
cher if taxpayers do not choose direct debit.
•
Retain records of returns for three years.
•
Identify the paid preparer in the appropriate fields of the paper or electronic return.
•
Furnish the taxpayer with copies of the signed Form PIT‐8453, Forms W‐2 and 1099, and any
other documents the taxpayer included with the return as supporting material for the
taxpayer’s records.
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