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New Mexico Form 990-PF: What You Should Know

Tax Exempt Status & Publication of Federal Tax Returns to New Mexico The IRS requires Form 990-N if your organization must issue financial reports that are required by the federal government.  The IRS Form 990-N is an annual, written report that includes audited financial statements for the organization or organizations. In addition, the nonprofit must fill out a state Form 990, New Mexico Nonprofit, or a special state form, NM Form 990-PF Non-Business, for each state in which they have an office, and the local nonprofit filing must be filed. (Form 990-EZ may be used by non-profits that do not have a local office). The IRS Form 990-PF forms may be used as the sole filing of a New Mexico nonprofit if (1) it does not meet either the state or local filing requirements for the other forms or (2) the local filing cannot be fulfilled by the other forms because the financial statements cannot be audited. (Please note, you may not use the IRS Form 990 in conjunction with other forms). New Mexico Nonprofit Financial Statements | New Mexico Nonprofit The New Mexico Nonprofit Compliance Guide is an essential resource to help businesses and organizations comply with applicable state and federal regulations. All 501(c)(3) organizations that are required to file a Form 990-N must do so in the original, unaltered form. Additionally, all non-profit organizations should make every effort to file their annual tax returns no later than 5 p.m. on the 15th day of June of each year. Failure to file within the time limit could result in penalties. If you have questions about the New Mexico nonprofit tax law, please contact the Commissioner's Office at. New Mexico Nonprofit Non-Profits — New Mexico First — Nonprofit Profits Tax Deduction Nonprofit Profits Tax Deduction — New Mexico First If you are forming a non-profit corporation or labor organization you will receive a tax deduction in the amount of the corporation's surplus. The state of New Mexico has enacted a tax law for nonprofit social welfare and religious community organizations. The corporation's surplus, divided by two (2), is exempt from the business and occupation taxes. Nonprofit Profits Tax Deduction (New Mexico First) — NM Department of Taxation NLS No.

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