When is an entity responsible for filing and paying franchise tax?
If the entity, a C or S Corporation, exercises its franchise in New Mexico during the tax year, it is responsible for filing and paying franchise tax. The entity must be registered with the Taxation and Revenue Department or with the Public Regulatory Commission and have New Mexico property, payroll or sales for the tax year.
Related Questions
- New Owners Question: (a) Why didn I receive a tax notice? (b) Am I responsible for paying the redemption amount since the property was sold in the tax sale or is the previous owner responsible?
- What if the entitys normal accounting year end date is prior to the date it became responsible for franchise tax?
- Is each local Club responsible for paying State Sales Tax and Franchise Tax?
