Is a New Mexico Managed Audit amnesty?

Once upon a time in New Mexico there was an amnesty program. New Mexico's Tax Amnesty law expired September 30, 2010, but now there is what amounts to another one with a different name.

Managed audits

Don't despair. there is still an opportunity to avoid penalties & interest if you qualify. It's called a Managed Audit. It is available for:

Returns that not have been filed.
Returns have been filed but need to be amended.
All major taxes administered by the N.M. Taxation & Revenue Dept. such as income tax, gross receipts tax and withholding tax.

Benefits

No penalty - 2% per month up to 10 months - or interest - currently 7% per annum - if the tax is paid within 180 days of billing notice.

But

If the tax is not paid on time, interest will be calculated back to the original due date, although there will not be a penalty.
You may be eligible for a payment plan of up to 72 months during which interest will continue to accrue.

The process

The process can be simple if all of your gross receipts are not subject to tax (deductions and exemptions). In that case, you provide an auditor with the total and taxable gross receipts that are applicable to the tax periods covered. If you have deductions, you will have to provide documentation that proves - to the auditor's satisfaction - that you are entitled to the deductions.