CRS Registration FAQ’s

 

 

1.  Do I need to register my business?

 

Persons engaging in business in New Mexico must register with the New Mexico Taxation and

Revenue Department.   With few exceptions, a business must hold a Combined Reporting System

(CRS) identification number, also known as your State Tax identification number.   CRS is the

Department’s method for reporting the State’s major business taxes:  gross receipts tax, all local

option gross receipts taxes, compensating tax, and withholding tax.  For more information, go to

http://www.tax.state.nm.us/pubs/FYI-102_INFORMATION_FOR_NEW_BUSINESSES.pdf

 

2.  What type of ownership am I?  (Corporation, LLC, Individual, Partnership, etc). 

 

              http://www.tax.state.nm.us/pubs/FYI-103.pdf

 

3.  Do I need a FEIN to register my business?

 

FEIN’s are required for all ownership types excluding Individual and Single Member LLC’s unless paying wages to employees. FEIN’s are issued by the IRS at http://www.irs.gov/

 

4.  Do I need a Public Regulations Commission (PRC) number?

 

Corporations, S-Corporations and Limited Liability Corporations doing business in New Mexico must register with the PRC to be recognized as such in the state of New Mexico. Contact the Public Regulations Commission at http://www.nmprc.state.nm.us/cii.htm   

 

5.  How often do I need to file returns for my gross receipts taxes? 

 

Filing statuses and their due dates are: 

a.       Monthly - due by the 25th of the following month if combined taxes due average more than $200 per month, or if you wish to file monthly regardless of the amount due.

b.      Quarterly – due by the 25th of the month following the end of the quarter if combined taxes due for the quarter are less than $600 or an average of less than  $200 per month in the quarter. Quarters are January - March; April - June; July - September; October - December.

c.       Semiannually - due by the 25th of the month following the end of the 6-month period if combined taxes due are less than $1,200 for the semiannual period or an average less than $200 per month for the 6-month period. Semiannual periods are January - June; July – December.

d.      Seasonal- Businesses only doing business during a specific time of year, i.e., firewood vendors or Christmas tree sales.  You must indicate month(s) for which you will be filing. 

e.       Temporary – Usually set up for one-time filing.  A start date and an end date are required.  Maximum of six months.

 

6.  What is a DBA and do I need one? 

 

DBA (doing business as) is the name of the business. If this is a sole-proprietorship you may use your personal name if you do not have a DBA. 

 

7.  Do I put business contact information if I work at home?

 

List the phone number you will use for business purposes, even if it is a home phone.

 

8.  I’m still looking for office space; what do I put as my location address?

 

It is ok to list a home address until you have a business location.  If you are receiving mail at home under your business name, or you would like to direct mail to a particular individual, enter that name in the Attention Line.

 

10. What type of accounting method is right for the business I am registering?

 

If you pay taxes based on when you receive payment; choose cash.  If you will pay taxes based on when you bill clients; choose accrual.

 

11. Do I need a contractor’s license? 

 

Contact New Mexico Regulation and Licensing at http://public.psiexams.com/  for assistance. 

 

12. Why do I need to be registered for special taxes?

 

Registering for special taxes relating to your business will allow for correct reporting forms and

information be sent to you.

 

13.  How do I obtain Non-Taxable Transaction Certificates (NTTC’s)?

 

For information go to:    http://www.tax.state.nm.us/pubs/FYI-204NTTCs.pdf

 

14.  Where do I get CRS-1 Filers Kit?

 

CRS-1 Filer’s Kit and other forms can be found at: http://www.tax.state.nm.us/forms/year99/crsforms.htm  or your local District Office.

 

15.  What is required to obtain a refund of an overpayment?

 

A written claim for refund must be received.  This can be done on form RPD-41071. If this form is not used, the refund claim shall include the taxpayer's name, address and identification number, the type of tax for which a refund is being claimed, the sum of money being claimed, the period for which overpayment was made and the basis for the refund. As used in this subsection, "basis for the refund" means a brief statement of the facts and the law on which the claim is based.

 

16.  What if I want to change business registration information?

 

Log in to TAP at http://www.tap.state.nm.us to change the following:

 

All other information will be updated using Business Registration Update form ACD31075 located at http://www.tax.state.nm.us/forms/year99/crsforms.htm