Corporation Report Filing and Compliance

Report Compliance - Our goal is to ensure that regulatory compliance is maintained for each corporation in accordance with the "Corporate Reports Act". All corporations Profit and Nonprofit, Foreign and Domestic, that is not exempted shall file reports. This section is responsible for processing, reviewing, and collection of proper accompanying fees on biennial profit corporate reports and nonprofit corporate reports. This section returns reports for correction/completion to comply with statutory requirements. This section also sends out reports, notices of noncompliance, non-filers and renewal of suspensions of business on a monthly basis.

Tax Compliance Section - This section is responsible for performing internal audits on each aspect of report compliance to determine the corporation's status and communicate with the corporation or their representative, attorneys, accountants, the general public and our state or federal agencies to instruct on corporate status, in a professional and efficient manner. They also issue certificates of good standings, tax clearances, and suspensions of business requests, as well as other compliance forms.

First Profit or Nonprofit Corporate Report

The First Profit or Nonprofit Corporate Report is required to be filed within thirty days after the date on which its certificate of incorporation or its certificate of authority, as the case may be, is issued by the commission, and thereafter biennially for profit corporations and annually for nonprofit corporations. The taxable year-end shall be stated on this report. If no taxable year-end is stated, the commission will set the corporation up on a 12/31-year end.

Biennial Profit Corporate Report Procedure

After the filing of the First Report by a profit corporation, the Biennial Profit Corporate Report will be filed on or before the fifteenth day of the third month following the end of its financial/taxable year-end, which may be a fiscal year-end or a calendar year-end.
A Biennial Profit Corporate Report is required every other year depending on the last digit of the NMPRC number.
If the corporation has a last digit that is even, then they file a Biennial Profit Corporate Report for the even taxable year-ends.
The opposite will apply to the odd last digit NMPRC number corporations, as they will file for the odd taxable year-ends.
If a corporation fails to file the required report within the time prescribed for any reporting period, a civil penalty of $200 will be incurred in addition to the fee for filing the report.
Sixty days after written notice of failure to file a report has been mailed, the corporation shall have its certificate of incorporation/authority canceled.

Nonprofit Corporate Report Procedure

Nonprofit corporations are required to file every year. The Nonprofit Corporate Report of a nonprofit domestic or nonprofit foreign corporation shall be delivered to the commission on or before the fifteenth day of the fifth month following the end of its taxable year. Each nonprofit corporation, domestic or foreign, that fails or refuses to file any report for any year within the time prescribed by the Nonprofit Corporation Act shall be subject to a penalty of ten dollars in addition to the fee for filing the report.

The Public Regulation Commission allows three additional days when considering the postmark as the date of submission when determining if a filing is timely. This will apply to both the Profit and Nonprofit filings.

Extension Of Time To File The Required Report

A corporation may, upon application to the Public Regulation Commission by the due date upon which a report is required to be filed under the Corporate Reports Act [Chapter53, Article 5 NMSA 1978], petition the commission for an extension of time in which to file the required report. For good cause shown, the Public Regulation Commission may extend, for no more than a total of twelve months, the date on which any return is required by the provisions of the Corporate Reports Act. This request must be in writing.

The Public Regulation Commission shall, when an extension of time has been granted a corporation under the United States Internal Revenue Code of 1986 for the time in which to file a return, grant the corporation the same extension of time to file the required return and to pay the required fees and tax, if a copy of the approved federal extension of time is attached to the corporation's annual/biennial report. No extension of time granted shall prevent the accrual of interest as otherwise provided by law.

Limited Liability Companies are Exempt from Filing Reports

LIMITED LIABILITY COMPANIES ARE EXEMPT FROM FILING REPORTS

Cooperative Report Procedure

A Cooperative Association shall, annually within sixty days of the close of its operations for that year, make a report of its condition sworn to by the President and Secretary, which report shall be filed with the New Mexico Public Regulation Commission.

Cooperative Licensing

Regular Cooperatives / Chapters 53-4-1 to 54-4-45. License runs from date of incorporation. License Fee - $20.00

Rural Electric / Chapters 62-15-1 to 63-15-33. License runs from July 1 thru June 30. License Fee - $10.00 per 100 members

Market Cooperatives /Chapters 76-12-1 to 76-12-23. License runs from date of incorporation. License Fee - $25.00

Change of Taxable Year End (TYE)

If approval through the Internal Revenue Service was necessary, then a copy of the letter from the IRS approving the change of Taxable Year End must be submitted. If no approval was necessary, a letter of explanation stating the law that allowed the change and listing the effective date (mm/dd/yy) of the change is required.

Profit Tax Clearance Request

Request for clearance for dissolution/withdrawal must be submitted in writing to the New Mexico Public Regulation Commission and must set forth its final day of business (mm/dd/yy). Corporation must be in Good Standing through the final day of business. Tax Clearance Request Form

Nonprofit Tax Clearance Request

Request for clearance for dissolution/withdrawal must be in writing to the New Mexico Public Regulation Commission. Corporation must be in Good Standing.

Rescinding Tax Clearance

If a corporation has been issued a Tax Clearance and the corporation wants to have the clearance rescinded, a signed notarized affidavit must be submitted stating that the corporation wants the Tax Clearance Rescinded.

Suspension Of Business Request

The Suspension of Business Request is filed in lieu of the report that is due. This request must be mailed within a year from the due date of the current report due, to be in lieu of the report. Corporation must be in Good Standing and not engaging in active business. A dormant corporation may continue in dormant status by filing a statement of renewal every five years.

Any corporation in this class may be fully revived by the resumption of active business and the filing of the annual/biennial report.

Reinstatements

A corporation administratively revoked may apply to the commission for reinstatement within two years after the effective date of revocation.

Audits

A request for an Audit, for delinquencies in filing, must be submitted in writing signed by an authorized officer or agent.

Good Standings

A request for a Certificate of Good Standing and Compliance must be submitted in writing with the required fee. The commission may issue a certificate of Good Standing and Compliance if the corporation requesting the certificate has paid all fees due at the time of the request. (A request for a Certificate of Not in Good Standing must be submitted in writing with the required fee.)

Miscellaneous Certificates

A certificate issued by the commission under its seal, as to the status or nonexistence of a corporation, which does not include good standing or not in good standing. The request must be submitted in writing with the required fee.

Protest Letters

A request for waiver of the late filing penalty must be submitted to the attention of Ann Echols, Bureau Chief, if the fault does not lie with the New Mexico Public Regulation Commission. A determination shall be made by the Tax Examiner/Collector/Revenue Agent.

Inquiries are to be submitted to

All inquiries are to be submitted to:
New Mexico Public Regulation Commission
P.O. Box 1269
Santa Fe, New Mexico 87504-1269
Attention: Tax Compliance

Please refer to the New Mexico Public Regulation Commission Schedule of Fees for all required fees.

What is a registered agent?

An individual or corporation, which may be a domestic corporation or a foreign corporation authorized to transact business in our state who is going to accept service of process in the event a corporation is sued.

What is a Director?

One of a group of persons entrusted with the overall direction of a corporate enterprise.

What is an Officer?

One of a group of persons who carry out the daily functions of the corporation.

What do I enter as the Taxable Year End?

The Taxable Year End is the date the corporate books are closed each year. It may be either a calendar year end or a fiscal year end.

How do I obtain a clearance for dissolution/withdrawal?

A request for clearance must be submitted in writing stating the final day of business. The corporation must be in Good Standing before a clearance can be issued.

Can an officer be a director?

Yes, but you must state the titles held for each individual listed.

What is the final day of business?

The date the corporation ceased business.

What is your web address?
What is your street address, name of building and room number for overnight service?

Public Regulation Commission
Corporation Bureau
1120 Paseo de Peralta
PERA Building Room 413
Santa Fe, NM 87501

How do I get a Certificate of Good Standing and Compliance?

Send a letter requesting Certificate of Good Standing, along with the required filing fee. Please refer to our fee schedule for the appropriate fee. You may also come in person to our office from 8:00 a.m. to 5:00 p.m. Monday through Friday (closed on holidays).

How much does a Certificate of Good Standing and Compliance cost?

For each certificate requested: $50 for a profit corporation, $25 for a limited liability company and $10 for a nonprofit corporation. Corporations must be in good standing to obtain a certificate of good standing.

To whom do I make the money order or check payable?

New Mexico Public Regulation Commission (NMPRC).

Is there something in writing I can get that states a corporation is in good standing that doesn't cost anything?

Click on the name of the corporation on our web site and print the page with status and other information.

What makes a corporation not in Good Standing and Compliance?

Either for failure to file reports or pay fees due. Call our compliance staff at (505)827-4510 for specifics.

Can I walk in to your office to get a Certificate of Good Standing and Compliance ?

Yes. Come to our office between 8:00 a.m. and 5:00 p.m. Bring a check or a money order.

How long does it take to get a Certificate of Good Standing and Compliance?

Upon written request, the Commissin has 10 days in which to issue a Certificate of Good Standing and Compliance. For same day service, you may come in person to our office.

What are your office hours?

8:00 a.m. to 5:00 p.m., Monday through Friday; closed holidays.

What is your direct number?

For report compliance call (505)827-4510.

How do I dissolve/withdraw my corporation?

Forms are on our web site or you can call, (505)827-4504 for forms.

How do I get a clearance for dissolution/withdrawal?

Send a request for clearance with the final day of business MM/DD/YY.

I am no longer in business; do I still need to file a report with your bureau?

All corporations are required to file reports, even if no business is being transacted; however, a corporation may apply for suspension. This would place the corporation in an inactive status and reports would not be required to be filed. The suspension is good for five years.

I've lost my documents; how do I get a replacement?

Contact our Copies Section at (505)827-4513.

I can't find my corporation listed on your web site, what am I doing wrong?

Read the abbreviations at the beginning of our inquiry page.

Is this corporate name available?

Call Charter Documents at (505)827-4511