Gross Receipts and Compensating Taxes in New Mexico
Stay in Compliance With Gross Receipts Tax Regulations
Handling the gross receipts tax is rarely simple with its multiple levels of taxation. You need to stay abreast of new ways businesses can control the amount of taxes they pay, while keeping up to date with changing legislation. This seminar will provide you with an overview of the gross receipts tax, relevant issues and tax strategies. Register today!
- Understand the fundamental principles of gross receipts and compensating taxes in New Mexico.
- Claim key exemptions: don't miss any important details that can save your clients money.
- Avoid penalties for non-compliance by following registration, permit and reporting requirements.
- Build your industry-specific knowledge so you can tailor your advice to a diversified client base.
- Help clients reclaim lost profits from excessive taxation with detailed knowledge of the process.
- Minimize tax exposure by staying current with regulatory changes.
- Let our distinguished faculty be your guide: get answers to your tough questions to expand your knowledge.
- Understanding Gross Receipts and Compensating Taxes
9:00 - 10:15, Richard L. Anklam and Timothy Van Valen
- Gross Receipts Tax is a Seller-Based Tax
- Property-Real, Tangible and Intangible
- Mixed Sales of Goods and Services
- Compensating Tax
- Exemptions, Deductions, Credits and Incentives
10:30 - 11:30, Richard L. Anklam and Timothy Van Valen
- Tax Incentives
- Complying With and Enforcing Gross Receipts and Compensating Taxes
11:30 - 12:30, Richard L. Anklam and Timothy Van Valen
- Forms, Applications and Nontaxable Transaction Certificates
- Filing Requirements
- Pitfalls in Recordkeeping and Documentation
- Administrative Review and Appeals
- Ruling Requests
- Taxpayer's Bill of Rights
- Selected Core Industry Issues and Considerations
1:30 - 2:15, Richard L. Anklam and Timothy Van Valen
- Professional Services
- Research and Development
- Transferring a Business or Assets
- Gross Receipts and Compensating Tax Disputes
2:15 - 3:15, Richard L. Anklam and Timothy Van Valen
- Statutes of Limitation
- Audit Procedures and Managed Audits
- Administrative Protests
- Refund Claims
- Penalties and Interest
- Criminal Penalties
- Abatement of Penalties
- Dealing with Aggressive Collection Activity
- Closing Agreements
- Recent Developments
3:30 - 4:00, Richard L. Anklam and Timothy Van Valen
- Constitutional Basis for Imposition of Sales/Use Tax, State/Federal
- Nexus - what is it, how do you get it, and trends?
- The Streamlined Sales Tax Project, Marketplace Fairness Act, and what they could mean for NM
- Recent New Mexico Tax Law Changes
- How to Keep Up With Changing Obligations
- Legislative and Administrative Developments
- Stump the Band - Audience Questions and Answers of the Experts
4:00 - 4:30, Richard L. Anklam and Timothy Van Valen