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People also ask
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What is a New Mexico taxation and revenue power of attorney?
A New Mexico tax power of attorney (Form ACD-31102) is a form used to appoint someone, usually a tax attorney or accountant, to represent a person's tax-related affairs. This power of attorney will allow the elected representative to obtain tax information and make filings.
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Who is exempt from gross receipts tax in New Mexico?
The state imposes a governmental gross receipts tax of 5.00% on the receipts of New Mexico state and local governments. The exceptions are the gross receipts of public school districts and entities licensed by the Department of Health that are principally engaged in providing health care.
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How do I check the status of my New Mexico state tax refund?
Go to the Department website at .tax.newmexico.gov. Near the center of the page, click Where is my refund? Then enter your ID (social security number) and refund amount to see the status. Before calling about your refund, please allow time for the Department to process your refund claim.
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What is the phone number for New Mexico gross receipts tax?
1-866-285-2996. Call Center hours are Monday through Friday, 7:30 a.m. to 6:00 p.m, taking new calls from 8 a.m. to 4:30 p.m and returning calls during the extended hours.
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What is the GRT tax in New Mexico?
Governmental gross receipts tax is assessed at 5% of gross revenue (i.e., what you charge for the book, video or ticket). The charge to customers may either include the tax or the tax may be added to the list price. The State of New Mexico does not require that you separately state the tax.
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What is the difference between gross receipts tax and compensating tax in New Mexico?
General Fund Revenue Sources. Gross Receipts Taxes – Taxes collected on the gross receipts (total money taken in) of a business or service provider. It is usually passed along to the consumer. Compensating Tax – A tax on goods that are bought out-of-state for use in New Mexico.
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How does GRT work in New Mexico?
In a nutshell, GRT is a substitute for the traditional sales tax that shoppers in other states pay when they make a purchase. In New Mexico, the seller pays the tax on the sales price of a product or service even if the seller doesn't collect it from the buyer — and even if the buyer lives out of state.
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Who must pay New Mexico gross receipts tax?
The gross receipts tax is a tax imposed on persons engaged in business in New Mexico for the privilege of doing busi- ness in New Mexico. “Engaging in business” means carrying on or causing to be carried on any activity with the purpose of direct or indirect benefit.
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