Accounting & Bookkeeping Services in New Mexico
New Mexico businesses must maintain records supporting NMTRD Gross Receipts Tax filings by location, state corporate and personal income tax returns, and withholding tax remittances.
New Mexico businesses must maintain records supporting NMTRD Gross Receipts Tax filings by location, state corporate and personal income tax returns, and withholding tax remittances. Unlike most states, New Mexico taxes gross receipts rather than net income at the state level through GRT. Fintax Support Limited manages monthly bookkeeping on QuickBooks and Odoo, tracking receipts by GRT location code, reconciling NTTC-exempt transactions, and preparing management accounts with GRT liability estimates for each municipality and county jurisdiction.
Regulatory Framework
NMTRD requires businesses to file CRS-1 Gross Receipts Tax returns monthly or semi-monthly depending on GRT liability volume. Records must be maintained by location to support location-based GRT rate reporting. Compensating tax applies to tangible personal property used in New Mexico on which GRT was not paid to a New Mexico supplier.
Our Accounting & Bookkeeping Services in New Mexico
NM Tax-Compliant Bookkeeping
Maintain US GAAP-aligned books structured for New Mexico Taxation and Revenue Department (NMTRD) Combined Reporting System (CRS) obligations — Gross Receipts Tax by location code, corporate and personal income tax records, and withholding remittances. We configure your chart of accounts so every receipt, deduction, and expense traces cleanly to CRS-1 filings and federal Form 1120, Form 1065, or Schedule C reporting.
GRT location-coded chart
Accounts and classes mapped to NMTRD location codes so gross receipts roll up correctly for CRS-1 reporting.
CRS-ready transaction coding
Every sale, NTTC deduction, and compensating tax entry coded to support NMTRD substantiation standards.
Dual federal-state alignment
Books maintained on the accounting method consistent with your IRS election and New Mexico PIT/CIT requirements.
GRT liability visibility
Monthly ledgers with estimated GRT by jurisdiction at rates from 5.125% to 9.3125% before CRS filing deadlines.
How It Works
NMTRD account review
Confirm BTIN, CRS filing frequency, GRT location codes, and entity type before building your chart of accounts.
Location-based chart setup
Design a US GAAP account structure with GRT location classes, NTTC deduction categories, and compensating tax tracking.
Ongoing transaction posting
Record daily or monthly transactions with destination-sourced GRT treatment and proper federal expense classification.
Monthly close and CRS prep
Reconcile sub-ledgers, review trial balance, and deliver GRT liability summaries aligned to NMTRD CRS schedules.
NMTRD account review
Confirm BTIN, CRS filing frequency, GRT location codes, and entity type before building your chart of accounts.
Location-based chart setup
Design a US GAAP account structure with GRT location classes, NTTC deduction categories, and compensating tax tracking.
Ongoing transaction posting
Record daily or monthly transactions with destination-sourced GRT treatment and proper federal expense classification.
Monthly close and CRS prep
Reconcile sub-ledgers, review trial balance, and deliver GRT liability summaries aligned to NMTRD CRS schedules.
Our NM tax-compliant bookkeeping service keeps your records aligned with US GAAP and the documentation NMTRD expects when substantiating CRS-1 Gross Receipts Tax returns, CIT-1 corporate income tax filings, and PIT-1 personal income tax returns for pass-through entities. We build a chart of accounts that maps cleanly to NMTRD location codes assigned through the Combined Reporting System — ensuring gross receipts at each business address are reported at the correct combined state, county, municipal, and special district rate ranging from 5.125% to 9.3125%. Revenue is coded using destination sourcing rules so receipts are attributed to the location where the product is delivered or the service is performed. NTTC-supported deductions for Types 2, 5, 6, 9, 10, and 15 are tracked in dedicated accounts, and compensating tax on out-of-state purchases is recorded separately. Monthly trial balances, general ledger reviews, and PIT-ready workpapers are organized so your CPA can file federal and New Mexico state returns without reconstructing missing GRT entries.
Common Questions
Gross Receipts Tax Tracking by Location Code
Track every dollar of gross receipts against the NMTRD location code where the sale is sourced under New Mexico destination rules. We reconcile monthly receipt totals to CRS-1 filing lines, validate GRT rates from 5.125% to 9.3125%, and maintain deduction schedules for NTTC Types 2, 5, 6, 9, 10, and 15 so your Combined Reporting System returns match your books.
Location code assignment
Receipts tagged to NMTRD CRS location codes for each registered place of business and delivery destination.
Destination sourcing rules
Sales coded to the jurisdiction where property is delivered or services are performed — not where the seller is located.
NTTC deduction tracking
Exempt sales validated against NTTC Types 2, 5, 6, 9, 10, and 15 with certificate numbers recorded for CRS-1 reporting.
CRS-1 reconciliation
Book totals reconciled to filed CRS-1 returns by location before the NMTRD monthly deadline.
How It Works
Location code inventory
Catalog all NMTRD-assigned GRT location codes, combined rates, and filing frequency for each business address.
Sourcing rule configuration
Apply destination sourcing logic in your accounting system for in-state deliveries, remote services, and out-of-state sales.
Monthly receipt posting
Code gross receipts and NTTC deductions by location with rate verification against current NMTRD rate tables.
CRS-1 prep and reconciliation
Generate location-by-location GRT schedules reconciled to CRS-1 form lines for NMTRD Combined Reporting System filing.
Location code inventory
Catalog all NMTRD-assigned GRT location codes, combined rates, and filing frequency for each business address.
Sourcing rule configuration
Apply destination sourcing logic in your accounting system for in-state deliveries, remote services, and out-of-state sales.
Monthly receipt posting
Code gross receipts and NTTC deductions by location with rate verification against current NMTRD rate tables.
CRS-1 prep and reconciliation
Generate location-by-location GRT schedules reconciled to CRS-1 form lines for NMTRD Combined Reporting System filing.
Gross Receipts Tax tracking by location code is the core bookkeeping requirement for every New Mexico business registered with NMTRD through the Combined Reporting System. Unlike states with a single sales tax rate, New Mexico assigns each location a unique GRT rate reflecting combined state, county, city, and special district levies — ranging from 5.125% in unincorporated areas to 9.3125% in high-rate municipalities. We apply destination sourcing so receipts are attributed to the location where tangible personal property is delivered or services are performed, not merely where your office is located. NTTC-supported deductions are tracked separately by certificate type — including Type 2 (government sales), Type 5 (resale), Type 6 (construction contractors), Type 9 (interstate telecommunications), Type 10 (manufacturing), and Type 15 (other statutory exemptions) — with certificate numbers validated before CRS-1 reporting. Monthly we reconcile book receipts to CRS-1 gross receipts and deduction columns by location code, flag rate changes from NMTRD bulletin updates, and prepare compensating tax schedules for out-of-state purchases used in New Mexico.
Common Questions
Federal & State Income Tax Record-Keeping
Maintain contemporaneous records supporting federal IRS filings and New Mexico state income tax returns — CIT-1 for corporations and PIT-1 for pass-through entities and individual owners. We organize PIT records, apportionment workpapers, and book-to-tax adjustments so your CPA can file Form 1120, Form 1065, Schedule C, and corresponding New Mexico returns from reconciled source data.
Dual return traceability
General ledger accounts mapped to both IRS form lines and New Mexico CIT-1/PIT-1 schedule requirements.
PIT record organization
Pass-through entity PIT records maintained with K-1 support, basis tracking, and NM apportionment data.
Book-to-tax schedules
Meals limitations, depreciation differences, and GRT deductibility adjustments documented for state and federal filing.
Apportionment workpapers
UDITPA-based New Mexico apportionment factors tracked for multi-state businesses with NM nexus.
How It Works
Entity and filing assessment
Confirm federal form type, New Mexico CIT-1 or PIT-1 obligations, and multi-state apportionment requirements.
Account mapping setup
Map chart of accounts to IRS and NMTRD schedule lines including GRT expense, compensating tax, and incentive credits.
Monthly record maintenance
Post transactions with federal and state tax treatment, maintaining PIT records for pass-through distributions and basis.
Year-end tax package prep
Deliver adjusted trial balance, book-to-tax schedules, and PIT workpapers for CPA federal and New Mexico filing.
Entity and filing assessment
Confirm federal form type, New Mexico CIT-1 or PIT-1 obligations, and multi-state apportionment requirements.
Account mapping setup
Map chart of accounts to IRS and NMTRD schedule lines including GRT expense, compensating tax, and incentive credits.
Monthly record maintenance
Post transactions with federal and state tax treatment, maintaining PIT records for pass-through distributions and basis.
Year-end tax package prep
Deliver adjusted trial balance, book-to-tax schedules, and PIT workpapers for CPA federal and New Mexico filing.
Federal and state income tax record-keeping for New Mexico businesses requires books that satisfy IRS substantiation under IRC Section 6001 while simultaneously supporting NMTRD corporate income tax on Form CIT-1 and personal income tax on Form PIT-1 for pass-through entities and their owners. We maintain PIT records including partner and member basis schedules, guaranteed payment tracking, and New Mexico-sourced income apportionment under UDITPA principles for businesses operating across state lines. Because New Mexico GRT is levied on gross receipts rather than net income, book-to-tax adjustments must properly treat GRT as a deductible business expense on federal returns while reconciling state addbacks where applicable. Depreciation schedules align to federal Form 4562 and New Mexico conformity rules, and incentive credit documentation — film production, technology jobs, and rural jobs credits — is organized for NMTRD and NMEDD reporting. Monthly we ensure expense categorization supports both Schedule C or Form 1120 deductions and the PIT-1 income allocation New Mexico requires from LLCs, partnerships, and S-Corporations filing through the Combined Reporting System.
Common Questions
Bank & Credit Card Reconciliation
Match every bank and credit card transaction to your general ledger so cash positions reflect actual balances and GRT-eligible receipts are fully captured before CRS-1 filing. Monthly reconciliation catches missing deposits, duplicate entries, and misclassified GRT transactions before they become NMTRD audit triggers or distort federal Form 1120 and Schedule C filings.
All accounts reconciled
Business checking, savings, merchant accounts, and credit cards matched to ledger balances monthly.
Processor payout matching
Stripe, Square, and Shopify Payments payouts reconciled to gross receipts and GRT location coding.
GRT receipt completeness
Unmatched deposits investigated so gross receipts are not underreported on CRS-1 location returns.
NMTRD-examination ready
Reconciled records with bank statements satisfy NMTRD and IRS documentation requirements.
How It Works
Account inventory and access
Catalog all business bank and credit card accounts and establish secure feed or statement access.
Transaction matching
Match each bank and card line item to posted journal entries, identifying unmatched items and GRT coding gaps.
Discrepancy resolution
Investigate duplicates, missing entries, and misclassified GRT transactions with your approval.
Reconciliation sign-off
Finalize reconciliation reports showing bank balance equals book balance for each account.
Account inventory and access
Catalog all business bank and credit card accounts and establish secure feed or statement access.
Transaction matching
Match each bank and card line item to posted journal entries, identifying unmatched items and GRT coding gaps.
Discrepancy resolution
Investigate duplicates, missing entries, and misclassified GRT transactions with your approval.
Reconciliation sign-off
Finalize reconciliation reports showing bank balance equals book balance for each account.
Bank and credit card reconciliation is essential for New Mexico businesses because NMTRD Gross Receipts Tax is calculated on total gross receipts — any unrecorded deposit directly understates CRS-1 filings and creates assessment risk during NMTRD audits. We reconcile all business accounts monthly, matching cleared transactions to general ledger entries and verifying that deposit sources are coded to the correct GRT location code under destination sourcing rules. For businesses using Stripe, Square, Shopify Payments, or Amazon disbursements, we reconcile processor payouts against bank deposits to ensure gross revenue, fees, refunds, and chargebacks are recorded separately from net deposits. Unreconciled accounts distort GRT liability estimates, cause incorrect CRS-1 filings at rates from 5.125% to 9.3125%, and make federal Schedule C or Form 1120 income reporting unreliable. Our reconciliation reports document every adjustment with supporting bank statements so you have defensible records if NMTRD questions a location's gross receipts or the IRS examines a specific deduction.
Common Questions
Year-End Financial Statements
Close your fiscal year with adjusted trial balances, formal financial statements, and GRT reconciliation schedules ready for your CPA, lender, or NMTRD audit response. Year-end preparation includes accruals, depreciation entries, CRS-1 annual reconciliation, and PIT workpapers so federal and New Mexico state tax filings start from accurate books.
Adjusting journal entries
Year-end accruals, deferrals, depreciation, and prepaid adjustments posted before CPA handoff.
Formal financial statements
Complete P&L, balance sheet, statement of cash flows, and equity rollforward under US GAAP.
CRS-1 annual reconciliation
Twelve months of CRS-1 filings reconciled to book gross receipts by NMTRD location code.
Tax-ready trial balance
Adjusted trial balance mapped to IRS and New Mexico CIT-1/PIT-1 form line items.
How It Works
Pre-close account review
Review all accounts for miscodings, unreconciled GRT items, and missing NTTC documentation.
Adjusting entries preparation
Post accruals, depreciation, prepaid amortization, and inventory adjustments for the fiscal year.
Financial statement compilation
Prepare formal income statement, balance sheet, and cash flow statement with comparative prior year.
CPA and CRS package delivery
Deliver adjusted trial balance, GRT reconciliation schedules, PIT workpapers, and supporting documentation.
Pre-close account review
Review all accounts for miscodings, unreconciled GRT items, and missing NTTC documentation.
Adjusting entries preparation
Post accruals, depreciation, prepaid amortization, and inventory adjustments for the fiscal year.
Financial statement compilation
Prepare formal income statement, balance sheet, and cash flow statement with comparative prior year.
CPA and CRS package delivery
Deliver adjusted trial balance, GRT reconciliation schedules, PIT workpapers, and supporting documentation.
Year-end financial statement preparation bridges your monthly New Mexico bookkeeping and federal and state tax filing, ensuring your CPA receives complete records before Form 1120 (due April 15), Form 1120-S or Form 1065 (due March 15), Schedule C, and corresponding NMTRD CIT-1 and PIT-1 deadlines. We post all necessary adjusting entries — accrued expenses, deferred revenue, prepaid amortization, payroll accruals, and bad debt reserves — so financial statements reflect the full fiscal year under US GAAP. A critical New Mexico-specific deliverable is the annual CRS-1 reconciliation schedule tying twelve months of filed GRT returns to book gross receipts by location code, with NTTC Types 2, 5, 6, 9, 10, and 15 deductions validated against certificate registers. Fixed asset depreciation schedules reconcile to Form 4562, and PIT records for pass-through entities include basis rollforwards and New Mexico apportionment summaries. The final package satisfies lender covenant requirements, external audit PBC lists, and NMTRD substantiation standards if your GRT returns are selected for examination.
Common Questions
QuickBooks / Xero Setup with NM GRT Configuration
Launch your New Mexico business on QuickBooks Online or Xero with NMTRD-compliant GRT location codes, destination sourcing rules, NTTC tracking, and CRS-1 reconciliation reports. We configure tax settings for combined rates from 5.125% to 9.3125%, connect bank feeds and payment processors, and map accounts for federal and New Mexico state income tax filing.
Platform selection guidance
QuickBooks Online or Xero recommended based on your GRT complexity, integrations, and CPA preferences.
GRT location code setup
Tax agencies and rates configured per NMTRD location code with destination sourcing rules applied.
NTTC tracking configuration
Exempt transaction categories for NTTC Types 2, 5, 6, 9, 10, and 15 with certificate number fields.
Bank feed and integration setup
Bank accounts, Stripe, Shopify, and payroll connected with GRT-aware categorization rules.
How It Works
Platform and GRT assessment
Evaluate QuickBooks Online vs Xero against your location count, NMTRD CRS filing frequency, and integration needs.
GRT tax configuration
Create tax agencies, location codes, combined rates, and destination sourcing rules per NMTRD assignments.
Integration and bank feed setup
Connect bank accounts, payment processors, and payroll with automatic GRT location categorization.
CRS reporting and training
Configure CRS-1 reconciliation reports and walk through daily workflows with your team.
Platform and GRT assessment
Evaluate QuickBooks Online vs Xero against your location count, NMTRD CRS filing frequency, and integration needs.
GRT tax configuration
Create tax agencies, location codes, combined rates, and destination sourcing rules per NMTRD assignments.
Integration and bank feed setup
Connect bank accounts, payment processors, and payroll with automatic GRT location categorization.
CRS reporting and training
Configure CRS-1 reconciliation reports and walk through daily workflows with your team.
Configuring QuickBooks Online or Xero for New Mexico requires more than standard US sales tax setup — NMTRD Gross Receipts Tax uses location-specific combined rates, destination sourcing, and NTTC deduction reporting through the Combined Reporting System rather than a simple state rate. We create tax agencies matching each NMTRD GRT location code, configure combined rates from 5.125% to 9.3125%, and apply destination sourcing so invoices and sales receipts attribute revenue to the delivery jurisdiction. NTTC-supported transactions are flagged by certificate type — Types 2, 5, 6, 9, 10, and 15 — with certificate number fields for CRS-1 deduction reporting. Compensating tax on out-of-state purchases is tracked through dedicated expense accounts, and custom reports map QuickBooks or Xero data to CRS-1 form lines by location. Bank feeds connect for all business accounts, and integration rules for Stripe, Shopify, Square, and Gusto ensure imported transactions carry correct GRT location coding from day one.
Common Questions
Accounts Payable & Receivable Management
Track vendor bills and customer invoices with AP and AR workflows that protect cash flow while maintaining GRT-compliant receivable coding and NTTC validation on payables. We manage bill entry, invoice tracking, ageing reports, and payment scheduling so CRS-1 gross receipts are complete and NTTC Types 2, 5, 6, 9, 10, and 15 deductions are supported before NMTRD filing deadlines.
Cash flow control
Ageing schedules and payment calendars optimized for NMTRD CRS-1 remittance and payroll timing.
NTTC payable validation
Vendor NTTC certificates verified on purchase orders so GRT is not overpaid to out-of-state suppliers.
GRT-coded receivables
Customer invoices tagged with destination location codes and correct combined GRT rates on each sale.
Receivable follow-up tracking
Outstanding invoices monitored so gross receipts are recognized in the correct CRS-1 reporting period.
How It Works
AP and AR workflow design
Define bill approval, invoice numbering, NTTC collection procedures, and GRT location coding rules.
Bill and invoice entry
Enter vendor bills and customer invoices with correct GL coding, GRT treatment, and NTTC documentation.
Ageing and payment scheduling
Generate AP and AR ageing reports and coordinate payment runs aligned with CRS-1 remittance dates.
Period-end reconciliation
Reconcile AP and AR sub-ledgers to the general ledger and accrue unmatched items at month-end.
AP and AR workflow design
Define bill approval, invoice numbering, NTTC collection procedures, and GRT location coding rules.
Bill and invoice entry
Enter vendor bills and customer invoices with correct GL coding, GRT treatment, and NTTC documentation.
Ageing and payment scheduling
Generate AP and AR ageing reports and coordinate payment runs aligned with CRS-1 remittance dates.
Period-end reconciliation
Reconcile AP and AR sub-ledgers to the general ledger and accrue unmatched items at month-end.
Accounts payable and receivable management for New Mexico businesses must account for GRT on the receivable side and NTTC validation on the payable side — requirements that standard AP/AR workflows often miss. Customer invoices are coded with destination-sourced GRT location codes and combined rates from 5.125% to 9.3125%, ensuring gross receipts hit the correct CRS-1 line when payments are received. On the AP side, we verify vendor NTTC certificates before accepting exempt purchases and track compensating tax obligations on out-of-state tangible personal property acquisitions that lack New Mexico GRT charges. Vendor bills are entered when received — not when paid — so expenses appear in the correct period for federal and New Mexico CIT-1/PIT-1 filing under accrual accounting. W-9 collection supports federal 1099-NEC reporting, while NTTC registers support NMTRD CRS-1 deduction columns. Month-end AP and AR reconciliations ensure sub-ledger balances match your general ledger for clean financial statements and audit-ready GRT records.
Common Questions
eCommerce Bookkeeping
Reconcile multi-channel eCommerce revenue from Amazon, Shopify, and Stripe against bank deposits with proper GRT destination sourcing, fee treatment, and NMTRD CRS-1 location reporting. eCommerce sellers face unique New Mexico complexity — remote sales sourcing, varying GRT rates from 5.125% to 9.3125%, and platform payout timing all require specialized bookkeeping.
Multi-channel payout reconciliation
Amazon, Shopify, and Stripe payouts matched to gross receipts coded by New Mexico delivery destination.
Destination GRT sourcing
Online orders tagged to NMTRD location codes based on buyer delivery address under NM sourcing rules.
Fee and refund tracking
Platform commissions, FBA fees, chargebacks, and returns coded separately from gross GRT-eligible receipts.
NTTC eCommerce validation
Resale and exempt eCommerce orders validated against NTTC Type 5 and other applicable certificate types.
How It Works
Channel and GRT mapping
Catalog selling channels, payment processors, and NMTRD location codes with destination sourcing rules.
Integration and data import setup
Connect A2X, Bookkeep, or native integrations with GRT location coding on imported settlement reports.
Monthly settlement reconciliation
Reconcile gross sales, fees, refunds, and net payouts by delivery destination against bank deposits.
CRS-1 reporting delivery
Deliver location-coded revenue reports reconciled to CRS-1 form lines for NMTRD Combined Reporting System filing.
Channel and GRT mapping
Catalog selling channels, payment processors, and NMTRD location codes with destination sourcing rules.
Integration and data import setup
Connect A2X, Bookkeep, or native integrations with GRT location coding on imported settlement reports.
Monthly settlement reconciliation
Reconcile gross sales, fees, refunds, and net payouts by delivery destination against bank deposits.
CRS-1 reporting delivery
Deliver location-coded revenue reports reconciled to CRS-1 form lines for NMTRD Combined Reporting System filing.
eCommerce businesses selling into New Mexico must apply destination sourcing for Gross Receipts Tax — attributing receipts to the NMTRD location code where goods are delivered, not where the seller or fulfillment center is located. Amazon FBA, Shopify, and Stripe settlements include fees, refunds, and multi-state orders that standard bookkeeping misses. We reconcile gross merchandise revenue against net bank deposits, ensuring platform fees and chargebacks are recorded separately so CRS-1 reports true gross receipts at combined rates from 5.125% to 9.3125% per delivery jurisdiction. Multi-state eCommerce orders are coded by buyer destination address, and NTTC Type 5 resale certificates are validated for wholesale eCommerce channels. We use A2X and Bookkeep alongside QuickBooks and Xero integrations to automate settlement imports while manually reviewing GRT location attribution for New Mexico deliveries. Inventory-based sellers receive COGS calculations supporting accurate gross margin on federal Schedule C or Form 1120 and New Mexico PIT-1 filings.
Common Questions
Outsourced CFO Services
Access strategic financial leadership — GRT liability forecasting, KPI dashboards, cash flow modeling, and board-ready reporting — without the cost of a full-time CFO hire. Our outsourced CFO service gives New Mexico growth-stage businesses the financial intelligence to manage multi-location GRT exposure, NMTRD remittance timing, and federal-state tax planning.
GRT liability forecasting
Projected GRT by NMTRD location code at rates from 5.125% to 9.3125% integrated into cash flow models.
13-week cash flow modeling
Forecasts aligned to CRS-1 remittance dates, payroll, and NMTRD withholding obligations.
Board and investor reporting
Monthly packages with GRT-adjusted margins, location profitability, and covenant compliance calculations.
Tax planning coordination
Federal and New Mexico PIT/CIT projections integrated with GRT location optimization and entity strategy.
How It Works
Financial strategy assessment
Review current books, GRT exposure by location, reporting gaps, and stakeholder requirements.
Dashboard and model build
Configure KPI dashboards, GRT liability forecasts, and cash flow models tied to NMTRD CRS schedules.
Monthly CFO review sessions
Walk through variances, update GRT projections, and advise on pricing, hiring, and location decisions.
Board and investor package delivery
Prepare financial packages with GRT-adjusted metrics for board meetings, fundraising, or lender submissions.
Financial strategy assessment
Review current books, GRT exposure by location, reporting gaps, and stakeholder requirements.
Dashboard and model build
Configure KPI dashboards, GRT liability forecasts, and cash flow models tied to NMTRD CRS schedules.
Monthly CFO review sessions
Walk through variances, update GRT projections, and advise on pricing, hiring, and location decisions.
Board and investor package delivery
Prepare financial packages with GRT-adjusted metrics for board meetings, fundraising, or lender submissions.
Our outsourced CFO service provides New Mexico businesses with controller-level and CFO-level financial leadership on a fractional basis. We build rolling 12-month forecasts and 13-week cash flow models that incorporate GRT liability by NMTRD location code — a material cash outflow that standard CFO models often omit. KPI dashboards track gross margin after GRT, revenue per location, NTTC deduction ratios, and operating expense ratios against your strategic plan. Monthly CFO sessions review budget variances, update GRT projections when NMTRD rate changes affect your jurisdictions, and advise on location decisions with tax implications — such as expanding from a 5.125% unincorporated area to a 9.3125% municipality. We coordinate with your CPA on year-end CIT-1 and PIT-1 planning, NTTC optimization, and multi-state apportionment so operational and NMTRD compliance strategy stay aligned throughout the fiscal year.
Common Questions
Clean-Up & Catch-Up Bookkeeping
Reconstruct months or years of incomplete bookkeeping from bank statements, processor reports, and NMTRD CRS-1 filing history before tax season or an NMTRD audit response. Clean-up transforms disorganized records into GRT-compliant books with location-coded receipts, validated NTTC deductions, and reconciled CRS-1 data supporting federal and New Mexico state filings.
Historical GRT reconstruction
Missing months rebuilt with gross receipts coded to NMTRD location codes and destination sourcing rules.
CRS-1 filing reconciliation
Prior CRS-1 returns reconciled to reconstructed books by location code and GRT rate.
NMTRD audit preparation
Books organized to respond to NMTRD GRT audit letters, NTTC validation requests, and assessment notices.
Opening balance reconciliation
Clean opening balances established so ongoing monthly bookkeeping and CRS-1 filing start from a verified baseline.
How It Works
Records assessment and scoping
Review bank statements, CRS-1 filing history, NMTRD account records, and prior tax returns to scope the catch-up period.
Transaction import and GRT coding
Import and categorize historical transactions with location codes, NTTC types, and US GAAP account mapping.
Reconciliation and CRS matching
Reconcile all accounts month by month and match reconstructed receipts to filed CRS-1 returns by location.
Clean handoff to ongoing service
Deliver reconciled books with GRT schedules ready for CPA filing, NMTRD audit response, or monthly bookkeeping transition.
Records assessment and scoping
Review bank statements, CRS-1 filing history, NMTRD account records, and prior tax returns to scope the catch-up period.
Transaction import and GRT coding
Import and categorize historical transactions with location codes, NTTC types, and US GAAP account mapping.
Reconciliation and CRS matching
Reconcile all accounts month by month and match reconstructed receipts to filed CRS-1 returns by location.
Clean handoff to ongoing service
Deliver reconciled books with GRT schedules ready for CPA filing, NMTRD audit response, or monthly bookkeeping transition.
Clean-up and catch-up bookkeeping is essential for New Mexico businesses that have fallen behind on record-keeping or face NMTRD Gross Receipts Tax audit notices. NMTRD expects contemporaneous records tying gross receipts to location codes, NTTC Types 2, 5, 6, 9, 10, and 15 deductions, and compensating tax on out-of-state purchases — filing CRS-1 returns from incomplete books risks assessment, penalty, and interest on underreported GRT at rates from 5.125% to 9.3125%. We reconstruct transaction history from bank statements, Stripe and PayPal reports, Amazon settlement files, and prior CRS-1 filings — coding every entry to the correct NMTRD location code under destination sourcing rules. Common clean-up scenarios include eCommerce sellers who never coded New Mexico deliveries separately, businesses that mixed personal and business accounts, and companies with unreconciled CRS-1 filings diverging from book totals. Once caught up, we deliver reconciled adjusted trial balances, CRS-1 reconciliation schedules by location, NTTC validation registers, and PIT records ready for federal and New Mexico state tax filing or NMTRD audit examination.
Common Questions
Frequently Asked Questions
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