Accounting / CPA Permits & Licenses in Roswell, NM

Required for all LLCs. Online filing available via Business Services portal.

Filing required online. Failure to file leads to delinquency status.

Prerequisites: 150 semester hours education, pass Uniform CPA Exam, 1 year supervised experience. LLC itself not licensed; individual CPAs must be.

All offices in NM must be registered. At least 1 NM-licensed CPA as owner/resident manager required. Peer review may apply for certain firms.

Renewable every 5 years for $25. Not required if using exact legal LLC name.

All businesses must register for Gross Receipts Tax (NM sales tax equivalent). Online via TAP portal. No state general business license required.

All businesses providing services or selling goods in New Mexico must register for Gross Receipts Tax (GRT), including accounting/CPA firms. GRT applies to service-based businesses at varying rates depending on location. Accounting services are generally subject to GRT. Registration is done via Form ACR-1 through Taxpayer Access Point (TAP).

Required for all employers with one or more employees, including part-time. Sole proprietors without employees are exempt but may elect coverage. CPAs with no employees are not required to carry workers' comp.

Not legally required by New Mexico state law for CPA firms. However, it is strongly recommended due to professional risk exposure. Some clients, contracts, or engagements may require proof of E&O coverage. The New Mexico Public Accountancy Board does not mandate E&O insurance for licensure or practice.

Required for all employers in New Mexico. Employers must withhold state income tax from employee wages. Registration is completed via Form ACR-1 through the Taxpayer Access Point (TAP).

All employers in New Mexico must register with the Department of Workforce Solutions and pay unemployment insurance tax (SUTA). Rates vary based on experience rating; new employers typically pay 2.0% on first $8,000 of each employee's wages annually. Registration can be completed online at https://dws.state.nm.us.

New Mexico does not impose a corporate income tax on LLCs. However, income passes through to members who must report their share on personal returns. The LLC may need to file informational returns. As of 2023, New Mexico allows pass-through entities to elect entity-level taxation under the Pass-Through Entity Tax (PTE) at 5.9%, but this is optional. Most LLCs file informational returns only.

Many cities and counties in New Mexico require a local business license or privilege tax. For example, Albuquerque requires a Business Tax Registration Certificate (https://www.cabq.gov/business/business-license). Santa Fe requires a Business License (https://www.santafe.gov/departments/treasury/business-license). Fees and requirements vary. Accounting firms are not exempt. Renewal is typically annual.

Required for all LLCs with employees or those choosing to be taxed as corporations. Even single-member LLCs without employees may need an EIN for banking or state registration purposes. Obtained online via IRS website.

New Mexico does not impose a traditional franchise tax on LLCs. Instead, LLCs must file an Annual Report and pay a $50 fee by April 15 each year. This is a mandatory filing regardless of revenue or activity level. Failure to file may result in administrative dissolution. See https://www.sos.state.nm.us/starting-a-business/after-formation/annual-report/

Accounting services are subject to New Mexico Gross Receipts Tax (GRT), not sales tax. Rates vary by city and county. For example, Albuquerque charges 7.765%, Santa Fe 8.6875%. Filing frequency depends on annual gross receipts: monthly if over $500,000; otherwise quarterly. No excise, tourism, or food taxes apply to CPA firms.

Required for all businesses operating within Albuquerque city limits to report and pay local gross receipts tax. Applies to accounting/CPA services.

Required for businesses outside city limits but in Bernalillo County. Accounting firms providing services county-wide must register.

Professional offices like CPA firms are typically permitted in commercial (C-1/C-2) or certain residential zones with home occupation permit. Verify via Zoning Verification Letter.

Allowed for low-impact professional services like accounting if <25% of home used, no external signage, limited traffic (ROA 1994, Sec. 14-3-3(B)).

Wall signs for professional offices limited to 20% of facade area in commercial zones.

Required for all commercial spaces >3000 sq ft or with assembly; basic office may need life safety verification (IFC 2021 adopted).

Required for monitored systems to reduce false alarms (AO 1994, Sec. 9-3-1).

All businesses including professional services require license per LCMC 5-1-1. Note: Las Cruces example for Dona Ana County.

Professional offices permitted if no client visits exceed 4/day (Santa Fe LDC 30-3).

Not mandated by New Mexico law for accounting firms. However, landlords, clients, or third parties may require it as a condition of leasing office space or entering contracts. Considered best practice for protection against premises liability or property damage claims.

A $50,000 surety bond is required for all CPA firms registered in New Mexico. This is a license bond, not a performance bond. It protects the public and ensures compliance with state laws. The bond must be issued by a surety company licensed in New Mexico. Individuals applying for CPA licensure are not required to post a bond, but firms are.

Required for any vehicle registered to the LLC. Minimum liability limits: $25,000 bodily injury per person, $50,000 per accident, $10,000 for property damage (25/50/10). Personal auto policies do not cover business use.

Not required for accounting/CPA services, as they are professional services and do not involve sale of tangible goods. Exempt unless the business begins selling physical products (e.g., books, software media). No state mandate exists for product liability insurance in New Mexico.

Not applicable to accounting/CPA businesses unless hosting events where alcohol is served and a license is held. No requirement unless the business obtains a liquor license. Most CPA firms do not require this.

While single-member LLCs with no employees may technically operate without an EIN using the owner's SSN, most banks and clients require an EIN. CPAs typically obtain one for professionalism and compliance tracking.

IRS Circular 230 governs standards of practice for CPAs, attorneys, and enrolled agents. Requires due diligence, prohibits frivolous positions, and mandates disclosure of reportable transactions. This is a key federal regulation specific to tax professionals.

Applies to all LLCs registered in New Mexico. Must be filed online via the Secretary of State's portal.

All businesses collecting or earning gross receipts in New Mexico must register and file GRT returns. CPA firms are subject to GRT on service revenue.

Required for businesses with employees. Employers must withhold state income tax from employee wages.

Only applies to individuals holding a CPA license in New Mexico. Firms must ensure licensed CPAs maintain active status. Renewal requires completion of continuing education.

Licensees must complete 80 hours of CPE per biennium, including 4 hours in ethics. Records must be retained for 4 years.

Each licensed CPA must display their current license certificate in a conspicuous place at the place of business.

EIN is one-time registration, but ongoing tax reporting obligations follow. Required for payroll, 1099s, and federal tax deposits.

CPA firms must issue Form 1099-NEC to independent contractors paid $600+ for services.

Employers must display OSHA’s Job Safety and Health Protection poster (OSHA 2203) in a conspicuous location.

All employers with employees must carry workers’ comp insurance. Sole proprietors without employees are exempt.

Many cities and counties in New Mexico require annual business license renewal. Check with local clerk’s office.

Self-employed individuals (including LLC members) must make quarterly estimated tax payments for federal income and self-employment tax.

GRT is filed and paid periodically based on volume of receipts. Most CPA firms file monthly or quarterly.

Keep tax records for at least 3 years. Employment tax records for 4 years. Recommended to keep business records for 7 years.

LLCs must maintain records including articles of organization, operating agreement, financial statements, and ownership records for at least 6 years.

Employers must file quarterly wage reports and pay unemployment insurance tax to the state.

By default, LLCs are pass-through entities. Single-member LLCs report income on owner’s Form 1040; multi-member LLCs file Form 1065 (informational). CPAs must comply with self-employment tax rules under Schedule SE. This is a structural tax requirement, not industry-specific.

CPAs operating as sole proprietors or partners must pay self-employment tax. This is not an employer tax but a personal obligation tied to business structure.

CPA firms with employees must provide a safe workplace, display OSHA poster (available free), and report work-related fatalities or hospitalizations. Most requirements are minimal for office environments (e.g., emergency exits, ergonomics, electrical safety).

CPA firms that host clients must ensure physical access (e.g., ramps, door widths) and digital accessibility (website, client portals) under ADA Title III. Remote-only practices may have reduced obligations but still must avoid discrimination.

Standard accounting practices do not involve regulated waste. Most CPA firms are exempt from federal EPA regulations unless they engage in non-typical activities (e.g., industrial document destruction with solvents). Not applicable under normal operations.

CPAs must avoid deceptive advertising (e.g., false claims about credentials, success rates, or tax savings). Must substantiate all claims. Applies to websites, social media, and brochures. While CPAs are regulated by state boards, FTC enforces truth-in-advertising standards for all businesses.

All U.S. employers, including CPA firms, must verify identity and work eligibility of employees using Form I-9. E-Verify is not mandatory unless federal contract requires it.

CPAs must comply with FLSA requirements: minimum wage, overtime (1.5x regular rate after 40 hours), and proper classification of exempt vs. non-exempt employees. CPA professionals may qualify for FLSA exemption under "learned profession" if duties and salary meet criteria.

Most small CPA firms do not meet the 50-employee threshold. If threshold is met, must provide up to 12 weeks of unpaid, job-protected leave for qualifying medical/family reasons.

CPAs must obtain a Preparer Tax Identification Number (PTIN) from the IRS to legally prepare federal tax returns for compensation. This is a federal requirement specific to tax professionals. State CPA licensure is separate and governed by New Mexico.

While not specific to CPAs, CPA firms advising clients on international tax matters must ensure compliance for themselves and may be liable for advising on FBAR. This is a federal reporting requirement under Bank Secrecy Act.