The New Mexico Taxation and Revenue Department has released new Form TRD-41431 (Workers’ Compensation Fee Return and Employees’ Quarterly Wage and Withholding Report).
Effective for reporting periods beginning January 1, 2026, all taxpayers who withhold New Mexico tax from wages, pensions, and annuities are required to file Form TRD-41431. Previously, only employers with more than 50 employees who did not file unemployment insurance taxes with the Workforce Solutions Department were required to file this information quarterly.
The due date is on the 25th of the month following the close of each calendar quarter. The form must be filed electronically with the department. Form TRD-41414 (Wage Withholding Tax Return) is still required to report and pay associated wage withholding.
New Mexico’s TRD-41431 can be found here.
