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Heads Up! Payroll Changes Coming in July

ThomsonReuters

New Mexico. Beginning July 1, new forms will be used to report withholding tax. Form TRD-41414, Wage Withholding Tax Return, will be used to report withholding from payments to employees. Form TRD-41409, Non-Wage Withholding Tax Return, will be used to report withholding from non-wage payments.

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What is state tax apportionment and how do you calculate it?

ThomsonReuters

Each state gets to decide what matters most — your payroll, property, or sales — and in what ratio to account for them. This can make calculating state income tax complex, particularly if you do business in multiple states. tax differ in that allocation covers non-business income, while apportionment covers business income.