NM Legislature Enacts Multiple Changes to Tax Law

  |  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

Planning Matters (March 2019) – Time Is Running Out for Certain Social Security Claiming Strategies

  |  March 31, 2019

compass on top of money

he universe of potential Social Security retirement benefit claimants is divided into two groups that are separated by one date: January 2, 1954. All individuals who were born on or after that date are limited to one Social Security benefit claim when it comes time to file for benefits. Married (or formerly married) workers born prior to that date have the potential ability to claim one Social Security benefit while allowing the second, the larger benefit, to grow by up to 32% before claiming it. The first benefit in question is called the spousal benefit and it has a special application for households with claimants born prior to January 2, 1954. Read more. Read More

REDW Renews Commitment to American Indian Graduate Center – Pledges $23,000 in Scholarships

  |  March 4, 2019

REDW LLC, one of the Southwest’s 10 largest public accounting and business consulting firms, announced today it has made a financial commitment of $23,000 to the American Indian Graduate Center (AIGC), a national organization providing educational assistance to American Indian and Alaska Native college students throughout the United States.

The scholarship, which was also offered in 2014, is designed to encourage undergraduate and graduate level Native American students pursue a degree in the field of accounting and finance. Named the REDW Native American Scholarship in Accounting and administered by the AIGC, the scholarship will be funded through an annual commitment of $5,750 for the next four years. Read more. Read More

Governor Lujan Grisham Signs Lodgers Tax Bill

  |  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

Sales and Use Taxes Account for Largest Net State Tax Increases in 2018

  |  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.

According to the report, 2018 proved to be a year of many challenges and opportunities in regards to taxes. Read more. Read More