The New Mexico Taxation and Revenue Department has released FYI-330, updating guidance on income and withholding information returns and filing methods.
Beginning January 1, 2026, all employers must submit annual income and withholding statements (Forms W-2, W-2G, and 1099-R) electronically, regardless of employee count. Filers should note that the Department no longer requires notification that a payer is filing through the Combined Federal and State Filing Program.
The Department also announced a new quarterly reporting requirement: taxpayers who withhold New Mexico tax from wages, pensions, and annuities must file Form TRD-41431, Workers Compensation Fee Return and Employees Quarterly Wage and Withholding Report, beginning with reporting periods starting January 1, 2026.
