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How do I fill this out?
To fill out this form, carefully read the provided instructions. Ensure you have all necessary identification numbers and details about your covered employees. Follow the outlined steps to complete the report accurately.
How to fill out the New Mexico Workers Compensation Fee Instructions?
1
Read the instructions carefully.
2
Gather your FEIN, CRS number, and EAN.
3
Enter the reporting period and the number of covered workers.
4
Calculate the assessment fee based on the number of workers.
5
Submit the completed WC-1 form with adequate payment.
Who needs the New Mexico Workers Compensation Fee Instructions?
1
Any employer in New Mexico with three or more employees needs this form to comply with the law.
2
Out-of-state businesses with employees in New Mexico must file this to ensure proper fee payment.
3
Corporations that have opted for workers' compensation insurance need to submit for reporting.
4
Employers seeking to exempt executive employees from filing must utilize this form.
5
Businesses engaged in construction activities must use this form regardless of employee count.
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What are the instructions for submitting this form?
Submit the completed WC-1 form to the New Mexico Taxation and Revenue Department either online or via mail. Use the physical address: New Mexico Taxation and Revenue Department, P.O. Box 8390, Santa Fe, NM 87504-8390 for postal submissions. Ensure your FEIN is indicated on checks, and for inquiries, call the Department at 505-827-0951.
What are the important dates for this form in 2024 and 2025?
Important dates for filing include quarterly deadlines for filing the Workers' Compensation Fee. Make sure to check the New Mexico Taxation and Revenue Department's announcements for exact dates. Always submit your forms on or before the due date to avoid penalties.
What is the purpose of this form?
The purpose of this form is to ensure that employers contribute to the Workers' Compensation system in New Mexico. It helps fund crucial services provided by the New Mexico Workers' Compensation Administration for injured workers. Completing this form is essential for legal compliance and to protect both employers and employees.
Tell me about this form and its components and fields line-by-line.
- 1. FEIN: Federal Employer Identification Number assigned by the IRS.
- 2. CRS: Combined Reporting System number assigned by the state.
- 3. EAN: Employer Account Number required for certain employers.
- 4. Reporting Period: The specific time frame for which you are reporting.
- 5. Number of Covered Workers: Count of employees covered under the Workers' Compensation Fee.
- 6. Assessment Fee: Total fee calculated based on the number of covered workers.
What happens if I fail to submit this form?
Failure to submit the form can lead to penalties and legal issues for the employer. They may also miss important compliance deadlines which can exacerbate consequences.
- Penalties for Late Submission: A 2% penalty for each month the payment is late, up to 20%.
- Interest Accrual: Interest will be calculated daily on unpaid amounts.
- Legal Compliance Issues: Not submitting can lead to additional legal complications.
How do I know when to use this form?
- 1. Quarterly Reporting: Used for the required quarterly filing of the Workers' Compensation Fee.
- 2. Employee Count Reporting: For employers needing to report the number of employees covered.
- 3. Compliance Verification: To verify compliance with state regulations regarding workers' compensation.
Frequently Asked Questions
What is the Workers' Compensation Fee?
The Workers' Compensation Fee is a payment made by employers for each employee covered under the New Mexico Workers' Compensation Act.
How do I determine the number of covered workers?
The number of covered workers is determined based on the employees you have on the last working day of the reporting period.
Can I file this form online?
Yes, you can fill out and submit the form electronically for convenience.
What happens if I file late?
A penalty will be incurred based on the late payment, so timely filing is encouraged.
How do I find my FEIN?
Your FEIN can be found on your tax documents or through the IRS website.
Is this fee the same as my insurance premium?
No, the fee is separate from your workers' compensation insurance premium.
What should I do if my form has incorrect information?
You should correct the information on your form and re-submit it as soon as possible.
Who can I contact for questions regarding this fee?
You can contact the New Mexico Taxation and Revenue Department for assistance.
Are there exemptions for small businesses?
Some small employers may be exempt, depending on their specific situation.
What is the penalty for not submitting the form?
Failure to submit can result in penalties and further legal repercussions.
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