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Colorado State Tax Updates

For the latest news and updates on Colorado state and local tax

November 16, 2020

Colorado Sales Tax Simplification with Launch of Online Portal

On November 13, 2020, the Colorado Department of Revenue and the Governor’s Office of Information Technology rolled out Colorado’s first Sales and Use Tax System (SUTS) online portal for business that collect retail sales tax in excess of $100,000 in a year. The new portal will allow Colorado businesses to file taxes for the 600 plus jurisdictions in Colorado in one convenient location online. Businesses and individuals will be able to use took within the portal to find tax rate for any jurisdiction simply by entering an address free of charge. The state portal includes a new Application Program Interface in which businesses can integrate the tax lookup tool with their existing software. Other features of the new portal include taxability and exemption matrixes, the ability to calculate tax rates on items with differing tax rates in the same jurisdiction, and the history record of any tax rate changes.

With 272 municipalities, Colorado has been a complicated state to navigate when it comes to sales tax. Especially considering 71 municipals are home rule jurisdictions that can establish their own tax base and require taxpayers file and remit tax directly to the municipality as a self-collecting tax jurisdiction. More than half of the home rule jurisdictions are on the SUTS System and many others have started the process of executing agreements. A complete list of the jurisdictions joining the system can be found here.

April 13, 2020

Income Tax Update

The income tax payment and the estimated income tax payment deadlines have been extended 90 days until July 15, 2020. All income tax returns that were required to be filed by April 15, 2020 were given a six month extension, and are due on or before October 15, 2020.
Source: https://www.colorado.gov/pacific/tax/income-tax-deadlines

April 1, 2020

Individual and Corporate Filing Deadline

The income tax payment deadline for all Colorado taxpayers has been extended to July 15, 2020. Income tax returns previously due to be filed April 15, 2020 have been given an automatic six-month extension, now due October 15, 2020. The estimated payment deadline and penalties for the same have been waived until July 15, 2020.

More on Taxes and the Coronavirus Pandemic.

Disclaimer: Please note this is the information that is readily available at this time, it is subject to change so please consult your Withum tax advisor.

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