All New Mexico businesses that withhold a portion of income tax must complete Form RPD-41072, the Annual Summary of Withholding Tax for CRS-1 Filers. In essence, the form is used to reconcile and compile all taxes withheld in a calendar year. Form RPD-41072 is straightforward, requiring the total amount of withholding for each month, the number of annual statements submitted, and the amount withheld as shown on a variety of federal forms. If your small business has a good bookkeeping system, this form should take just a few minutes.
If your small business doesn’t currently have an adequate payroll and bookkeeping system, you’re not alone. Unfortunately, this means Form RPD-41072 can take a lot of time to complete. Finding, calculating, and inputting the necessary data applies to a range of tax and wage forms, so investing in a solution now can save you hours of time later. That’s where we can help.
Advanced Micro Solutions creates accounting software for small businesses. If you’re approaching a tax deadline and don’t know where to begin, we can guide the way. Our range of accounting tools is perfect for generating and calculating important information and then applying it to state and federal forms. With us, Form RPD-41072 can be done in seconds.
How AMS Payroll Works
The Annual Summary of Withholding Tax for CRS-1 Filers comes with two main problems. To complete, you need the information on-hand, and you will need to fill out the form. AMS Payroll can help with both.
More than a paycheck calculator, AMS Payroll generates, stores, and exports essential employee data. Each pay period, the software will calculate local, state, and federal taxes, supplying employees with the correct paycheck amount. That information is then housed in a back-end data storage feature. While finishing monthly, quarterly, or annual tax requirements, users can then retrieve this data and export to a tab-delimited text file. With just a few clicks, your form is completed and electronically filed.
AMS Payroll has a range of additional features designed for small businesses. With up to 40 user-defined fields, employers can create additions and deductions for individual employees, tracking healthcare and 401K contributions every pay period. The software can also print more than 30 types of checks and facilitate direct deposit processing, further streamlining any payroll-related need. See below for more software highlights.
- State and Federal tax tables are included and updated as needed
- Up to 40 User-Defined fields can be set up for deductions/additions, such as 401K
- Checks printed individually or by date range
- Over 30 types of checks are supported
- Supports Federal payroll forms such as the 941, 940, 943, 944, and 1040 SchH
- Imports data from QuickBooks, PeachTree, Excel, and Tab-Delimited Text Files
- Exports data to Tab-Delimited Text Files and/or QuickBooks General Journal
Try Us on for Size
If you’re not sure AMS is the product for you, take us for a test ride. Our W2 and 1099 software is available online as free, downloadable demos. If you have any lingering questions, we recommend calling our Sales and Information team at 800-536-1099. Form RPD-41072 filing can be a lot easier – and you won’t have to break the bank to do it.