New Mexico Updates Income and Withholding Information Returns and Filing Methods for TY 2019

The New Mexico Taxation and Revenue Department recently updated Publication FYI-330, Income and Withholding Information Returns and Filing Methods 2019. This publication provides information on filing requirements for information and withholding returns, use of the Combined Federal/State Reporting System, and electronic specifications for filing information returns with the state.

There are a few updates to the publication for TY 2019, which are as follows:

  • Magnetic media is no longer a valid filing format for TY 2019 and beyond;
    • All references to magnetic media were removed from the most recent version of the publication.
  • Employers with 25 or more employees must file using one of the Department’s approved electronic mediums;
    • Previously this requirement applied to those employers with 50 or more employees.

To review this publication in its entirety, visit the New Mexico Taxation and Revenue Department website by clicking here.

Sign up for Email Updates

Stay up to date with the latest tax and compliance updates that may impact your business.

Author

Paul Ogawa

Paul Ogawa is a Junior Regulatory Counsel at Sovos Compliance. As part of the Regulatory Analysis team, his main areas of focus are state and federal tax withholding, the Affordable Care Act (ACA), and Canadian tax information reporting. Prior to Sovos, Paul worked as a litigation attorney in Boston area law firms, representing clients in insurance subrogation claims, family law matters, and employment disputes. Paul is a member of the Massachusetts Bar, earned his B.A. from Brandeis University and his J.D. from the Suffolk University Law School.
Share This Post