NEW MEXICO CHAPTER - NATP
NEWSLETTER FALL 2009
It’s That Time of Year Again!
It is time to refocus our thinking on the task ahead of us. And the National Association of Tax
Professionals has the perfect solution for you. Monday, November 30 at the Embassy Suites
Hotel in Albuquerque, the NATP will present The Essential 1040 seminar which includes 8
CPE units. The following day (Dec. 1) you can earn an additional 8 CPE by attending the
Beyond the 1040 seminar. And included in the registration for these courses is a FREE self-
study course in Ethics which will earn you can additional 2 CPE’s. For details and registration
for either or both of these seminars see www.natptax.com.
AND to get up to date on what’s new with the State of New Mexico and with the Social Security
Administration, join us for dinner and a 2 hour session Monday evening following The Essential
1040 also at the Embassy Suites. You have to eat anyway, and for most of our out of town
members you will be staying overnight anyway, so this will be a productive use of your evening.
The cost of the State Update seminar AND the meal included is only $70.00 for members (non-
members and walk-ins pay $10.00 more).
It is our understanding that there are relatively few changes in this year’s NM tax so here is your
opportunity to ask NM Taxation & Revenue or Social Security those nagging questions that you
would like to have settled or feel comfortable with. We solicit your questions in advance so our
speakers will have time to research the subject fully and give us a complete answer. Mail or
FAX your questions to: Jerry Kegerries, 2921 Carlisle Blvd NE, Ste 212, Albuquerque, NM
87110, (FAX) (505) 830-2580. Registration information is found at the end of this newsletter.
And here is the agenda for our State and Social Security Update Meeting
2009 New Mexico Tax Law update and changes,
Dennis McCall, EA Supervisor of Taxpayer Assistance
Gale Kessler, Administrator Services Manager
Social Security Administration Updates
Jackie Mirabal, Albuquerque, SSA
2009 Car Tax Credit
By Rob Barnett, Vice President, NATP NM Chapter
As we are getting ready for the 2009 tax season, I have had several clients ask me about
the part of the 2009 Stimulus Package that has to do with the Car Tax Credit. This credit has
nothing to do with the “Cash for Clunkers” program, in fact, many tax payers will benefit from
both programs. This tax credit allows purchasers of new cars to take the tax paid on that
purchase as a deduction off taxable income whether the taxpayer itemizes or not.
In New Mexico, we do not have a “sales tax”, but the excise tax charged on the purchase
is the amount to be deducted. In order for a tax to be deducted using the credit, the tax needs to
be based on the value of the vehicle, and not a flat rate or sliding scale, so the NM Motor Vehicle
Excise Tax fits the bill perfectly for this credit. The amount of the excise tax in New Mexico is
3% of the purchase price and allowances for the vehicle trade in on the purchase may be
deducted from the sale price or the reasonable value of the vehicle when purchased. Since this
credit is only good for new car purchases only, the amount the taxpayer paid in the excise tax
should be spelt out easily in the purchase paper work. Here are some other easy rules to
remember about the 2009 New Car Tax Credit:
• It is for new car purchased by the taxpayer between February 17, 2009 and December 31,
• It is for Brand New cars, light trucks, motor homes and motorcycles purchases, no
Unused or pre-owned vehicles.
• The amount is limited to the taxes paid on the first $49,500 of the purchase price. So in
New Mexico, we will be limited to $1485 in adjustments to income when considering the
NM 3% excise tax rate.
• There is a phase out at incomes of $125,000 for individuals and $250,000 for couples.
The credit is proportioned for the next $10,000 and completely phased out after that
I think with all the many temporary changes caused by this year’s American Recovery
and Reinvestment Act, we tax preparers will need to stay on our toes and be willing to research
these new credits.
(Please use a separate form for each attendee)
NM-NATP New Mexico State Update Dinner Meeting, Monday, November 30, 5:30 – 8:30pm,
Embassy Suites Hotel, Albuquerque.
2 IRS sponsored CPE credits
Seminar & Dinner included in the cost of $70.00 for members. Add $10.00 for non-members,
for walk-ins and registrations received after Friday, Nov. 20. Full refund will be available for
cancellations received prior to Friday, Nov. 20. No refunds thereafter.
NAME __________________________________________ PHONE _____________________
COMPANY NAME ________________________________ E-MAIL _____________________
ADDRESS _______________________________________ FAX ________________________
CITY/STATE/ZIP _________________________________ NATP MEMBER Y/N __________
Mail or FAX your registration and payment to:
2921 Carlisle Blvd NE, Ste 212
Albuquerque, NM 87110
FAX (505) 830-2580
Make your check payable to NM-NATP
OR pay by Credit Card
Card type _________________ Card Number ___________________________________
Name as it appears on card ____________________________ Expiration Date _____________
Card Holder Signature __________________________