The CRS 1 form, officially called the New Mexico Combined Reporting System (CRS) Long Form, is the primary gross receipts tax return used by businesses in New Mexico to report taxable income and calculate their state gross receipts tax obligation. Issued by the New Mexico Taxation and Revenue Department (TRD), this two-page document lets businesses report gross receipts, claim eligible deductions by location, and calculate net taxable gross receipts for a given period. Businesses with multiple CRS permits, diverse deduction types, or operations across several localities use the long form to consolidate all required schedules into one submission. Filing frequency is assigned by the TRD: monthly for high-volume businesses, quarterly or semi-annually for smaller filers. Common deduction categories include sales to certain exempt organizations, professional services exempt from gross receipts tax, and qualifying interstate transactions. The CRS 1 form requires the taxpayer's CRS number, business name, reporting period, and a line-by-line breakdown of gross receipts and deductions before arriving at the taxable amount and the applicable gross receipts tax rate.
| Question | Answer |
|---|---|
| Form Name | CRS-1 Long Form |
| Also Known As | New Mexico Combined Reporting System Form |
| Form Length | 2 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 30 sec |
| Purpose | Gross Receipts Tax Reporting |
| Issued by | New Mexico Taxation and Revenue Department |
| Other names | crs 1 long form new mexico, printable crs 1 forms, crs 1 form, clearinghouse |