TAX DEBT RELIEF OPTIONS – New Mexico Taxation and Revenue Department


M&M Financial has been successfully resolving back tax liabilities for small businesses and individuals in New Mexico since 2010 and nationwide since 2005.We deal with the IRS and State taxing authorities for you, so you do not have to!  

Below is some information that will help you start resolving your state tax liabilities.  If you have questions and would like to talk to a licensed Tax Resolution Specialist, please do not hesitate to call us at 866-487-5624.


PAYMENT PLANS TO RESOLVE NEW MEXICO BACK TAXES


​New Mexico offers 2 basic types of Installment Agreements.
  1. Short-Term – 12 months or less to pay back the taxes in monthly installments, no tax lien filed.
  2. Installment Agreements– 
    • Formal, written Agreements allow up to 72 months to pay back the taxes in some cases.  
    • A tax lien will be filed.  
    • Businesses may be given less time, with payment terms based on financial outlook and tax compliance history.
​More to consider -
  • The state also offers fluctuating monthly payments to accommodate seasonal income.
  • You may be required to complete financial statement forms.
  • In some cases, the state may require you to apply for a loan before granting a formal monthly payment plan.
  • Records of monthly Installment Agreements of more than $1,000 must be available for public inspection.
​Financial Information Statement (Personal)
Financial Information Statement (Business)

REDUCE YOUR NEW MEXICO TAX DEBT


Offer in Compromise – Unfortunately, the New Mexico Taxation and Revenue Department does not have an Offer in Compromise program available.

​Penalty Relief – No, penalty abatement is typically not available.  It will be considered due to death, but even that must be verified.  But, it doesn’t’ hurt to ask.  

The Taxpayer Bill of Rights states:

"The Department may not assess penalty against you for failing to pay tax due when you make a mistake of law in good faith and on reasonable grounds."

TAX RESOLUTION CASE EXAMPLES


​The New Mexico Taxation and Revenue Department has some flexibility when it comes to back tax liabilities.  Each case varies based on factors such as your compliance history, type of tax owed and total amount past due.  Here are some case examples in your state negotiated by M&M. 


page last reviewed 01/12/2024

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