New Mexico has released “Income and Withholding Information Return and Filing Methods 2018,” FYI-330. This document provides direction to payors filing annual wage and tax information reporting returns to the state. The document details significant changes to the 1099 and W-2 filing processes.
New Mexico will now accept 1099 and W-2 returns through its new Taxpayer Access Portal (TAP). Previously, 1099s could only be electronically filed through the Combined Federal/State Filing Program (CFS). Now, CFS remains a valid means of filing for all 1099s, but New Mexico’s TAP provides an alternative means of electronic reporting.
The document also provides specifications for 1099 and W-2 reporting. New Mexico continues to largely follow the federal specification with minor modifications; these modifications themselves have not changed from the prior year’s.
To review FYI-330, [follow this link|http://www.tax.newmexico.gov/Businesses/forms-publications.aspx], select “publications,” and then “FYIs,” “300 Series,” and then finally “FYI-330.”
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