|Anticipated Colorado Tax Policy 2024 Session
The Colorado General Assembly plans to address a number of tax policies in the 2024 legislative session. With regard to property taxes, in addition to the legislation passed in during the Special Session addressing property taxes held in late November, expect to see potential clean up legislation for some of the Special Session laws, new legislation later in the session from the Commission on Property Taxes and potential legislation coming from legislators outside of the Commission process.
In addition to property taxes, two tax policy interim committees met this summer and fall and are moving forward the following tax policy changes as legislation. Download PDF for more information.
|January 2, 2024
|Colorado’s New MyUI+ Employer Premium Reporting System
The system now offers new self-service features that are long overdue.
Previous premiums and wage reporting provided little self-service and customer support functionality was borderline draconian and in dire need of an upgrade.
New Employer Accounts can be activated here
For those of us old-school employers…
|December 27, 2023
|September 18, 2023
|September 11-18, 2023
|Colorado 27-cent Retail Delivery Fee
|Colorado employers with 5+ employees, effective 1/1/2023, are now required to offer some retirement savings, including a state-sponsored savings account from Colorado SecureSavings.
From our IRS Stakeholder Liaison
The IRS today reminded tax professionals who specialize in representation or other services that they will need a Secure Access username and password to use the new authorization form upload tool launching next month.. This upload tool will allow an alternative to person-to-person contact as COVID-19 remains a threat to taxpayers and tax professionals. But tax professionals must have a Secure Access username and password in order to access it. This new upload tool will allow tax professionals to safely work with clients remotely to obtain an electronic signature and to electronically upload Forms 2848 or 8821 to the IRS. The forms will be reviewed by the IRS following the usual process.
Many tax professionals can use their e-Services username and password to access the “Submit Forms 2848 and 8821 Online” tool when it becomes available in mid-January. Tax professionals who do not have access to e-Services may have to register using personal tools such as Get Transcript, Online Account or Get an IP PIN. To register for one of the personal tools, review IRS.gov/SecureAccess to see what information is needed to successfully verify identities and create an account. Please note: if you do not have a mobile phone in your name you must request an authorization code by mail which will delay the registration process.
Colorado Sales Tax Changes
Colorado Sales/Use tax collection is under reconstruction. For a quick summary see this quality post which summarizes these links.
- Sales and Use Task Simplification Task Force
- Sales & Use Tax System Information (SUTS) – including status updates
- Colorado Municipal League work on a model ordinance for home rule municipalities intended to govern economic nexus and marketplace facilitators
CO Special Legislative Session November 2021
Colorado government is having a special session this month to assist Colorado businesses with funding. Here are the pre-released bills.
07-11/2020: Colorado NOL and QBI changes no longer follow federal law. See https://leg.colorado.gov/bills/hb20-1420.
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!