Best Tax Lawyers in Albuquerque, NM

FAQs

• Where does the Tax Court holds trial sessions nearest to Albuquerque, New Mexico?

  The Tax Court does not have a fixed address in New Mexico for trial sessions. Residents in Albuquerque may check their notice of trial to see where their hearing will be held.

• Where is the low-income taxpayer clinic that is nearest to Albuquerque, New Mexico?

  The low-income taxpayer clinic serving Albuquerque is the New Mexico Legal Aid Low Income Taxpayer Clinic. You may call its office at 866-416-1922 or 505-243-7871.

• What are the penalties for not filing your taxes in Albuquerque?

  If you don’t file your taxes on time or choose not to file your taxes at all in Albuquerque, it is likely that you’ll face a Failure to File penalty. This penalty is inclusive of 5% of your unpaid tax liability for each month that you didn’t file and up to 25% of your total unpaid taxes. If you are faced with this kind of situation, it would be best to seek the assistance of an experienced tax attorney.

• Will you go to jail for not filing taxes in Albuquerque?

  Yes. Generally speaking, if you fail to file a tax return or if you file a fraudulent return in Albuquerque, there is always a possibility that you’ll get imprisoned for a maximum of five years. In some cases, you may face one year of jail time for each year you do not file your tax return.

• Are there types of personal property that are exempt from taxation in Albuquerque?

  Yes. There is some personal property that may be exempt from taxation under the County Assessor in Albuquerque. These include motor vehicles that are registered under the provisions of the Motor Vehicle Code and aircraft registered under the Aircraft Registration Act. Inventories that are for sale or resale at wholesale, retail, or consignment are also exempt from taxation in all of Bernalillo County.

• Are tax avoidance and tax evasion considered the same in Albuquerque?

  No. Although the two terms may seem similar, they are different from one another in Albuquerque and anywhere else in New Mexico. Tax avoidance refers to when a person or business attempts to lessen their tax liability and maximize their after-tax income. Meanwhile, tax evasion is the deliberate failure to pay taxes due. Tax evasion is a felony punishable by a federal prison sentence of up to five years and a maximum fine of $100,000.

• Can you remain anonymous if you wish to report someone for tax fraud in Albuquerque?

  Yes. It is possible to remain anonymous when reporting someone for tax fraud in Albuquerque. You won’t be required to provide your name, phone number or any identifying information. To report someone you believe is committing tax fraud, you may call the 24-hour New Mexico tax fraud hotline at 1-866-457-6789 and email the Fraud Information Report form to tax.fraud@tax.nm.gov.