N.M. Admin. Code § 3.2.2.12 - PETITION TO CHANGE ACCOUNTING METHODS

A. A taxpayer who elects to report gross receipts tax on either the cash, modified accrual or accrual basis is bound by that election and must report the gross receipts tax on that basis unless the taxpayer petitions the secretary or the secretary's delegate in writing to allow a change in reporting method as required by Subsection C of Section 7-1-10 NMSA 1978 and the petition is granted. A change in accounting method operates prospectively from the date the petition for change of method is granted.

B. A taxpayer who elects to report governmental gross receipts tax on either the cash, modified accrual or accrual basis is bound by that election and must report the governmental gross receipts tax on that basis unless the taxpayer petitions the secretary or the secretary's delegate in writing to allow a change in reporting method as required by Subsection C of Section 7-1-10 NMSA 1978 and the petition is granted. A change in accounting method operates prospectively from the date the petition for change of method is granted.

Notes

N.M. Admin. Code § 3.2.2.12

7/26/76, 6/18/79, 4/7/82, 1/6/84, 5/4/84, 4/2/86, 11/26/90, 6/28/91, 11/15/96; 3.2.2.12 NMAC - Rn & A, 3 NMAC 2.11.12, 4/30/01