Restore Accounting, Tax Preparation & Training

01/29/2026

We will be closed tomorrow 1/30/2026.
Join us in praying for peace, togetherness and change.

03/05/2025

Come on out and hear me speak!

https://www.eventbrite.com/e/women-in-business-summit-tickets-1249506340099?aff=oddtdtcreator

03/05/2025

COME out and see me and other women in business at the FREE Women in business Sumit in Albuquerque NM!!! Space is limited so sign up NOW!

https://www.eventbrite.com/e/women-in-business-summit-tickets-1249506340099?aff=oddtdtcreator

11/27/2024

*FREE Step by Step Manual in filing your FINCIN Report, just private message me and I will send it over to you. *

Have you filed your business FINCIN Report?

** If your business FINCIN Report is NOT completed by 12/31/2024, you will be fined $500 a day, up to $10,000.**

WHO NEEDS TO FILE THIS REPORT?
A company may need to report information about its beneficial owners if it is: A corporation, a limited liability company, or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or Tribal jurisdiction.

06/27/2024

New Mexico State Gross Recipe Taxes (CRS) change on 7/1/2024, below are the rates for the areas Restore Accounting Clients operate in:

Albuquerque – 7.6250% - Same
Rio Rancho (Sandoval County) – 7.4375% - Same
Bernalillo City – 6.9375% - Same
**If you sell a product and/or services and use an invoice system to track and/or ring up customer sales, please check and if required change your system(s) tax rate as of 7/1/2024.**

GovernmentsGross Receipts Location Code and Tax Rate Map  Explore Section & Events GovernmentsGovernments Overview Local Government Liaison Monthly Local Government Distribution Reports (RP-500) Monthly Local Government Distribution Reports (CAN Distribution Detail by location) Motor Vehicle Taxe...

02/22/2024

Hello! We are currently accepting new accounting and tax clients.
Visit our website for more info; www.restoreacct.com

Email us at [email protected] OR call us at (505)209-7314 to learn more about our services.

12/29/2023

New Mexico State Gross Recipe Taxes (CRS) change on 1/1/2024 below are the rates for the areas Restore Accounting Clients operate in:

Albuquerque – 7.6250% - Same no change

Rio Rancho (Sandoval County) – 7.4375% - Same no change

Bernalillo City – 6.9375% - Same no change

**If you sell a product and/or services and use an invoice system to track and/or ring up customer sales, please check and if required change your systems tax rate as of 1/1/2024.**

06/30/2023

***NEW GROSS RECEIPT RATES as of TOMORROW 7/1/2023***

New Mexico State Gross Receipt Taxes (CRS) change on 7/1/2023, below are the rates for the areas Restore Accounting Clients operate in:

Albuquerque – 7.6250% - Down

Rio Rancho (Sandoval County) – 7.4375% - Down

Bernalillo City – 6.9375% - Down

Santa Fe City – 8.1875% - Down

**If you sell a product and/or services and use an invoice system to track and/or ring up customer sales, please check and if required change your systems tax rate as of 7/1/2023.**

04/06/2023

---- Governor Signs Bill Into Law Exempting Most
Military Pensions From State Income Tax. ----

***For tax year 2022 (to be filed by April 15 of next year), the new law will provide a $10,000 exemption. Tax year 2023 will provide a $20,000 exemption, and a $30,000 exemption will apply for tax years 2024, 2025, and 2026.***

On March 8, the governor signed into law HB-163, a broad tax-cutting bill that, among other measures, will provide a five-year exemption of state income taxes on military pensions.

12/28/2022

NEW TAX NEWS as of 12/27/2022:

$600 REPORTING THRESHOLD FOR FORMS 1099-K DELAYED:

The Internal Revenue Service has announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season.

As a result of this delay, 3rd party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan of 2021.

This includes all 3rd party companies such as but not limited to:
STRIPE, SQUARE, PAYPAL, CASH APP and VENMO.

***The IRS also noted that the existing 1099-K reporting threshold of $20,000 in payments from over 200 transactions will remain in effect for tax year 2022.****

06/23/2022

NM Gross Recipe Taxes Rates Effective 7/1/2022 & NEW GRT LAW: On Manufacturing GRT for certain services

New Mexico State Gross Recipe Taxes (CRS) change on 7/1/2022, below are the rates for the areas Restore Accounting Clients operate in:

Albuquerque – 7.750% - DOWN

Rio Rancho (Sandoval County) – 7.5625% - DOWN

Bernalillo City – 7.0625% - DOWN

Santa Fe City – 8.3125% - DOWN

Mosquera ( San Miguel) – 7.2708% - DOWN

**If you sell a product and/or services and use an invoice system to track and/or ring up customer sales, please check and if required change your systems tax rate as of 7/1/2022.**

7/1/2022 NEW GRT LAW:

FYI ---- BIG change coming for manufacturing companies NOT services sold, if you provide a service this DOES NOT apply to you but I wanted to address it in case you hear about this as it is a bit confusing ( see 2nd attachment):

“Effective July 1, 2022, 2022 NM HB 163 allows receipts from selling professional services to be deducted from gross receipts or governmental gross receipts if the sale is made to a manufacturing business. For purposes of this provision, "professional services" means accounting, legal, information technology, engineering or architectural services.”

What defines a manufacturing company?
A manufacturer is a person or company that produces finished goods from raw materials by using various tools, equipment, and processes, and then sells the goods to consumers, wholesalers, distributors, retailers, or to other manufacturers for the production of more complex goods.

GovernmentsGross Receipts Location Code and Tax Rate Map  Explore Section & Events GovernmentsGovernments Overview Local Government Liaison Monthly Local Government Distribution Reports (RP-500) Monthly Local Government Distribution Reports (CAN Distribution Detail by location) Motor Vehicle Taxe...