New Mexico recently released an update to it’s FYI 104 Publication which is the Withholding Tax general instructions document. The revision is noted as July of 2021 and many of the updates come from the development of new forms. The most important changes are detailed below.
• Under the Notes for Who Must Withhold, a reference to pension and annuity withholding has been changed from registration with the Combined Reporting System (CRS) to registration with the state using TRD-41409, Non-wage Withholding Tax Return.
• Under How to Report and Pay Withholding Taxes, the document states that after July 1, 2021, Form CRS-1 is no longer in use and filers should use TRD-41414, Wage Withholding Tax Return or TRD-41409, Non-Wage Withholding Tax Return and that all returns can be filed at the state’s TAP site. Due dates will be the same as the old form, CRS-1
• CRS I.D. has been renamed to the New Mexico Business Tax Identification Number (NMBTIN) and to change business name or address, Form ACD-31015, Business Tax Registration Application and Update Form should be used.
• Under Annual Reconciliation section, references to forms WWT-1 and NWT-1 have been replaced with references to Form TRD-41414 and TRD-41409 for wage withholding tax return and non-wage withholding tax return respectively.
• Section added under Annual Withholding Statements regarding low-income taxpayer assistance
To view the FYI, click here. Scroll down and click on “Publications”, then scroll down to click on “FYIs”, click on 100 Series-General Information, then click on “Open File” for FYI 104.