CO Tax News

Colorado government is having a special session this month to assist Colorado businesses with funding.  Here are the pre-released bills.

Colorado Fiscal Year 2021-22 Budget Request by Governor Jared Polis – November 2, 2020

07-11/2020: Colorado NOL and QBI changes no longer follow federal law.  See https://leg.colorado.gov/bills/hb20-1420.

Colorado Sales Tax Changes

Colorado Sales/Use tax collection is under reconstruction.  For a quick summary see this quality post which summarizes these links.

Watching Minnesota

COsEA Legislative Committee and NAEA are concerned about law changes in MN that could effect all EAs who prepare Minnesota tax returns, particularly those that might involve installment plans for underpayers.  The Minnesota Society of Enrolled Agents has reached out to NAEA for assistance to amend Minnesota Statute 332B requiring enrolled agents who represent even one single taxpayer in the state to:

  • Register with Minnesota, despite being federally licensed
  • Pay a $1,000 initial registration fee
  • Pay a $250 annual fee
  • Post a $5,000 security bond

Failure to comply subjects enrolled agents to fines and penalties of up to $5,000 per incident, injunctions and civil damages.

If Minnesota Statute 332B is not fixed – either through the legislative or judicial process, or both – it is likely to become the model legislation for other states. Don’t let the next state be ours!