New Mexico Administrative Code › Title 15 - GAMBLING AND LIQUOR CONTROL › Chapter 1 - GAMES AND GAMING GENERAL PROVISIONS › Part 8 - ACCOUNTING REQUIREMENTS UNDER THE GAMING CONTROL ACT › Section 15.1.8.14 - TAX RETURNS; AUDITED FINANCIAL STATEMENTS; OTHER LICENSEES

Current through Register Vol. 35, No. 13, July 16, 2024
A. Racetrack gaming operator, distributor,
				and manufacturer licensees shall submit copies of their federal income tax
				returns to the board within thirty (30) days of fling their returns with the
				internal revenue service. If a licensee files an "application for automatic
				extension of time to file U.S. income tax return" with the internal revenue
				service, the licensee shall submit a copy of the request for extension within
				thirty (30) calendar days of submitting such request to the internal revenue
				service.
B. Racetrack gaming
				operator, distributor, and manufacturer licensees shall submit annually two (2)
				copies of their audited financial statements with comparative figures from the
				prior year covering all financial activities of the licensee to the board no
				later than one hundred twenty (120) days after the close of the licensee's
				fiscal year end.
C. Each licensee
				shall engage an independent certified public accountant who shall audit the
				financial statements in accordance with auditing standards generally accepted
				in the United States of America. The financial statements shall be prepared in
				conformity with accounting principles generally accepted in the United States
				of America, international financial reporting standards (IFRS) or any other
				comprehensive system of accounting acceptable to the board.
D. In the event of a license termination or
				change in business entity, the licensee or former licensee shall, not later
				than ninety (90) days after the event, submit to the board two (2) copies of
				its financial statements, or if required by the board, audited financial
				statements, covering the period from the end of the period covered by the
				previous financial statement to the date of the event. If a license termination
				or change in business entity occurs within ninety (90) days after the end of a
				business year for which a financial statement has not been submitted, the
				licensee may submit financial statements covering both the business year and
				the final period of business rather than separate statements.
E. If a licensee changes its business year,
				the licensee shall prepare and submit to the board financial statements
				covering the period from the end of the previous business year to the beginning
				of the new business year, submitted within ninety (90) days after the end of
				the period. Such financial statements shall be audited if required by the
				board. With board approval, the licensee may incorporate the financial results
				of the period in the financial statements for the new business year.
F. The licensee shall submit to the board a
				copy of any audit and review findings reports and management advisory letters
				with the audited financial statements and independent auditor's report on
				compliance with minimum internal control standards. The licensee shall submit
				audit and review reports and management advisory letters within thirty (30)
				days of receipt.
G. The board may
				request additional information and documents from either the licensee or the
				licensee's independent certified public accountant, directly or through the
				licensee, regarding the financial statements or services performed by the
				accountant. The licensee shall provide all additional information requested by
				the board.