New Mexico Amendment to Articles of Incorporation regarding paying distributions out of any funds legally available therefor
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How to fill out Amendment To Articles Of Incorporation Regarding Paying Distributions Out Of Any Funds Legally Available Therefor?
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FAQ
New Mexico does not require LLCs to file an annual report. New Mexico imposes a franchise tax on LLCs if they paid federal income tax. The franchise tax is filed along with the state income tax, and is due by the 15th day of the third month following the close of the tax year. The fee is $50.
Pass-Through Entity Annual Withholding Return A Pass-Through Entity (PTE) is generally an entity that passes its income or losses through to its owners instead of paying the related tax at the entity level.
Annual statements of withholding should not be submitted to the Department, but must be submitted to the taxpayer using form RPD-41359, Annual Statement of Pass-Through Entity Withholding, or 1099-Misc.
The State of New Mexico requires pass-through entities (which may be a state law partnership or a limited liability company taxed as a partnership) to withhold tax at 5.9% on earnings of non-resident partners or members if the owner's distributive share of net income is over $100 in a year.
New Mexico LLCs taxed as S-corp Like regular LLCs, S-corps are taxed as pass-through entities. This results in S-corps not having to pay the usual corporate income taxes. The benefit of the S-corp is that it can reduce the amount of self-employment tax (15.3%) an LLC owes.
A composite tax filing has the advantage of convenience for pass-through entity owners. A combined return accounts for the state tax obligations of either all owners or those who decide to participate. As an owner, you benefit from not being responsible for filing individual returns in multiple states.
In order to amend your Articles of Organization in New Mexico, you must submit the form ?Articles of Amendment to the Articles of Organization? (Form DLLC-AM) to the New Mexico Public Regulation Commission. This form is available online. Be sure to include a duplicate copy in your submission.
File amended returns using the PIT-1 form for the appropriate tax year. Mark the ?amended? checkbox or write ?amended? at the top of the form. For these years do not file an amended return on Form PIT-X.