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The New Mexico Society of CPAs (“the Society”) recognized and honored Westly Wellborn, CPA, CGMA as the Society’s “Outstanding Member in Public Practice.” At their 22nd Annual Pride in the Profession Awards ceremony. This statewide honor is awarded only once per year.

Ms. Wellborn is proud to have received the award stating, “I am honored to receive the top award for public accounting from my peers. I enjoy helping my clients run successful businesses and make effective use of the tax laws and it’s great to be recognized for that.”

Wellborn & Company operates with the vision to equip people and businesses to achieve their financial goals. While always helping our clients understand the story that the numbers are telling and to respond with sound business advice.

Experience why the New Mexico Society CPAs named Westly Wellborn as an Outstanding Member by scheduling an appointment today.

There are many reasons people request a tax extension. From incomplete tax documentation to unexpected life events, our reasons may vary, but the need to file remains the same. Usually, the IRS does not need to know the reason you need an extension, but it is best to talk to your accountant to discuss your options. Your CPA will make sure that your request is filed and properly submitted, and help you understand your next steps.

If you were not able to file during the normal tax deadline on April 15th, then make sure you are prepared for the upcoming extended tax deadline of October 15th, 2024. If you filed an extension, then this is the date by which you must submit your 2023 tax return.

As a reminder, a standard six-month tax extension allows you to file your return after the normal deadline, but it does not delay the payment due date. Any unpaid taxes were due on April 15th, and may accumulate interest until the balance is paid. It is important to talk to your CPA to make sure you are current on all required payments to avoid compounding interest or penalties.

Make the most of your extra time to submit your return by getting all of the necessary paperwork together before the October due date. If you haven’t already started to gather the required documents for your accountant, then now is the time to get started. Remember to talk to your tax professional about any required documents needed to produce an accurate report.

The New Mexico Taxation and Revenue Department issued a warning to New Mexicans about phone scammers posing as tax agents. The Taxation and Revenue Department received recent reports of aggressive phone calls made by criminals impersonating Taxation and Revenue Employees or Internal Revenue Service (IRS) Agents. According to the Better Business Bureau, this particular scam has impacted tens of thousands of people. The New Mexico Attorney General’s Office said they have received numerous reports of phone scams across the state.

Tax scams are nothing new. There are many examples of people taking advantage of the unsuspecting individuals and the elderly. They usually are aggressive and demand payment immediately. The IRS and the New Mexico Taxation and Revenue Department will correspond with you through US Mail. If you are unsure if a letter or phone call is legitimate, please contact us and we will be happy to help verify what you may actually owe to those departments.

The FBI has also issued a warning of another phone scam targeting college students. The caller claims to be an agent from the FBI collecting a federal student tax, and then try to get the person on the line to make a payment. It is important to understand that the FBI and IRS will never call asking for money. If you receive a suspicious call, it is always best to consult with us and be sure that the call is legitimate.

If you receive an unexpected phone call from someone claiming to be a representative from the IRS or Taxation and Revenue Department, with aggressive threats to make an immediate payment, it could be a scam and should be reported to 24-hour Tax Fraud Hotline at 1-866-457-6789 or your local Taxation and Revenue office.

Be prepared to wait a few extra weeks to receive your New Mexico tax refund this year, as the state is taking extra precautions to protect taxpayers from fraud. The Taxation & Revenue Cabinet Secretary, Demesia Padilla, told lawmakers that the state taxation and revenue information has not been compromised. However, there have been several reports from the federal Internal Revenue Service and private companies in which W-2 wage and personal identification information might have been stolen. This information can then be used to file a fraudulent income tax return. Due to the added security measures, taxpayers can expect to wait six to eight weeks to receive their refund, instead of the usual two weeks.