New Mexico recently updated a published bulletin which details the effective interest rates for late payments on tax due. This bulletin lists the annual and daily percentage rates for the late payment of taxes due, along with a method for calculating daily interest during the applicable period.
The annual rate of interest remains unchanged from January 1, 2017 at 4%, and the daily rate also remains unchanged at 0.010958904%.
To review this information in full, please visit the New Mexico Taxation & Revenue page here.
The post New Mexico Publishes Interest Rates for Late Payment of Tax Due Through September 2017 appeared first on Sovos.
About the Author
Paul Ogawa is a Junior Regulatory Counsel at Sovos Compliance. As part of the Regulatory Analysis team, his main areas of focus are state and federal tax withholding, the Affordable Care Act (ACA), and Canadian tax information reporting. Prior to Sovos, Paul worked as a litigation attorney in Boston area law firms, representing clients in insurance subrogation claims, family law matters, and employment disputes. Paul is a member of the Massachusetts Bar, earned his B.A. from Brandeis University and his J.D. from the Suffolk University Law School.More Content by Paul Ogawa