James Ortiz | August 4, 2020
On July 1, 2021, gross receipts tax for tangible personal property and general services will move to destination-based sourcing, rather than business location. This change significantly impacts the way in which businesses will have to report their gross receipts in the state of New Mexico. Read more. Read More
James Ortiz | June 5, 2020
On June 3, Congress approved sweeping changes to the Paycheck Protection Program (PPP), and President Trump is expected to sign it into law—the PPP Flexibility Act. This new legislation triples the time allowed for small businesses and other PPP loan recipients to spend funds and still qualify for forgiveness of the loans. Read more. Read More
James Ortiz | July 1, 2019
Beginning July 1, 2019, out-of-state and online retailers who lack physical presence in New Mexico may be required to collect and remit New Mexico gross receipts tax. Out-of-state businesses will be required to register with the New Mexico Taxation and Revenue Department and begin remitting gross receipts tax if in the previous calendar year they have total taxable gross receipts of at least...read more. Read More
James Ortiz | June 24, 2019
Under new Arizona law that takes effect October 1, 2019, out-of-state online retailers doing business in Arizona may be required to collect and remit transaction privilege sales tax (TPT) to the state of Arizona. Remote sellers must file and pay if their total annual sales exceed... read more. Read More
James Ortiz | April 5, 2019
On April 4, New Mexico Governor Michelle Lujan Grisham signed House Bill 6 into law, initiating complex changes to New Mexico tax laws over a two-year period, some of which are effective immediately and others that will be phased in thru July 2026.
The new laws include changes to the personal income tax, corporate income tax, gross receipts tax (GRT), and several excise taxes. Here are some key provisions of the bill that affect New Mexico’s taxpayers. Read more. Read More
James Ortiz | February 20, 2019
On February 4, Governor Michelle Lujan Grisham signed Senate Bill 106 into law, closing the tax loophole that had allowed property owners to avoid paying Lodgers Tax on revenue generated by short-term rental of their properties. The bill, which was very similar to legislation drafted during the 2017 session, passed both the House and Senate with overwhelming support. Read more. Read More
James Ortiz | February 11, 2019
The wheels of the Wayfair decision are turning across the U.S.
Federal tax changes had a ripple effect across many states in 2018. In fact, 13 states saw net increases to their sales and use taxes, as stated by a recent report from the National Conference of State Legislatures. In comparison, 10 states reported net decreases. While relatively on track with trends in recent years, these changes accounted for the most significant net tax increase at the state level, up by $847.1 million.