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Funding a Child’s Trump Account? The IRS Just Drew the Gift Tax Line, and It Is Narrower Than You Think
Rev. Proc. 2026-25 lets routine Trump Account contributions qualify for the gift tax annual exclusion, but one other gift can break the safe harbor entirely.
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New Mexico Quietly Became One of the Best States to Go Broke In: The 2023 Exemption Overhaul, Explained
New Mexico’s 2023 exemption overhaul raised the homestead to $150,000 and household goods to $75,000. What it means for bankruptcy filers and judgment debtors.
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Suing the Spouse Doesn’t Dodge the Stay: A New Ruling Every New Mexico Creditor Should Read Before the Next Move
A 2026 appellate ruling held that chasing a debtor’s spouse on a fraudulent transfer claim violated the automatic stay and cost the creditor attorneys’ fees.
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Scammed in a “Pig Butchering” Investment Fraud? The Tax Code May Give New Mexico Victims Back a Piece
Investment scam victims may deduct losses under IRC 165(c)(2) even after the TCJA. How New Mexico victims document, time, and claim a theft loss deduction.
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Haven’t Filed Tax Returns in Years? The Six-Year Path Back Without Blowing Up Your Life
The IRS generally wants six years of returns, not twenty. How non-filers in New Mexico come back into compliance, undo inflated IRS substitute returns, and save…
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The Real Math Behind an IRS Offer in Compromise: A Worked New Mexico Example
Pennies on the dollar is a formula, not a slogan. The reasonable collection potential math, worked through for a New Mexico taxpayer with an $85,000 IRS…
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New Mexico Gross Receipts Tax Audits: A Field Guide for Business Owners Who Just Got the Letter
New Mexico’s gross receipts tax reaches services most states never tax. How TRD audits work, the 60-day NTTC rule, the 90-day protest deadline, and managed audits.
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How to Stop an IRS Wage Garnishment in New Mexico: What the IRS Can Take, and the Five Ways Out
An IRS wage levy takes most of your paycheck, not a percentage. How New Mexico workers can get a garnishment released fast: CDP rights, hardship, and…
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A $1 Billion Wind Farm Fight Just Ended After 13 Years, and Every New Mexico Renewable Project Should Read the Autopsy
The Court of Federal Claims rejected a DCF valuation in the $1B Alta Wind Section 1603 dispute. What the ruling means for New Mexico wind and…
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Insights ✶ New Mexico
Tax & Bankruptcy Insights
Plain-English analysis of federal tax defense, tax planning, and bankruptcy developments that matter to New Mexico individuals and business owners. New posts every week from attorney-CPA Phillip Zagotti.