IRS and New Mexico Tax Relief Extensions for South Fork Fire and Salt Fire Victims

The Internal Revenue Service (IRS) and the New Mexico Taxation and Revenue Department have announced tax relief measures for individuals and businesses impacted by the South Fork Fire, Salt Fire, and recent flooding in southern New Mexico, starting June 17, 2024.

IRS Relief Measures: Affected taxpayers in Lincoln and Otero counties, and on lands of the Mescalero Apache Tribe, are eligible for federal tax relief. The IRS has extended the deadline for filing various federal individual and business tax returns and making tax payments originally due on or after June 17, 2024, to November 1, 2024. This extension applies to individuals who had a valid extension for their 2023 tax returns expiring on October 15, 2024, and certain businesses including calendar-year partnerships and S-corporations.

For more details and updates, visit the IRS Newsroom at IRS.gov.

New Mexico Taxation and Revenue Department Relief Measures: The New Mexico Taxation and Revenue Department is allowing an extension for individuals and businesses impacted by the South Fork Fire and Salt Fire and flash flooding that started on June 17, 2024.

Affected taxpayers located in a covered disaster area identified have a tax relief extension for the estimated payments due June 17, 2024, for New Mexico personal income tax and corporate income tax with an extended due date of September 17, 2024.

An extension for gross receipts tax, compensating tax, withholding taxes, oil and gas taxes, combined fuel tax, and other excise taxes is being allowed as follows. An extension for gross receipts tax, compensating tax, withholding taxes, oil and gas taxes, combined fuel tax, and other excise taxes is being allowed as follows. For those returns that were due June 25, 2024, and July 25, 2024, the extended due date to file is September 25, 2024.

“Affected taxpayers” are defined under Section 301.7508A-1(d)(1) of the Internal Revenue Code. These taxpayers include individuals who live and businesses (including tax-exempt organizations) whose principal place of business is located in the covered disaster area.

Taxpayers not in the covered disaster area but who have records necessary to meet a deadline listed in Treas. Reg. § 301.7508A-1(c) that are in the covered disaster area are also entitled to the extension. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area who was killed or injured as a result of the disaster are entitled to relief.

Affected taxpayers taking advantage of the state extension should send a letter notifying the Taxation and Revenue Department that they qualify for the extension and provide support that they are an affected taxpayer. Taxpayers can also complete Form RPD-41096, Extension of Time to File, if they need a longer extension from what has been allowed in this bulletin. Taxpayers may notify the Department before they file or after they receive a notice with late payment penalty and interest for returns that are covered by the extension. The extension will result in no penalty being imposed for a late-filed return or for a late payment. This extension is allowed under Section 7-1-13(D) NMSA 1978:

Affected taxpayers are encouraged to notify the Taxation and Revenue Department with a letter stating their eligibility for the extension and providing necessary supporting documents. They can also complete Form RPD-41096, Extension of Time to File.

For more information, visit the New Mexico Taxation and Revenue Department's website at tax.newmexico.gov or contact their office directly.

The Village of Ruidoso continues to support our community during this challenging time and urges affected individuals and businesses to take advantage of these extended deadlines and available resources.