Blog Archives

Income 54: Nonresident Partners and Shareholders of Partnerships and S Corporations

The Colorado Department of Revenue has finally revised its guidelines in FYI Income 54 regarding people who do not live in Colorado but are partners and/or shareholders of partnerships and/or S corporations in Colorado, ensuring that pass-through entities pay Colorado income tax

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Posted in Colorado Department of Revenue, Colorado Income Tax, Composite Tax Return, Partnership, Sub-chapter S

Colorado Year End Tax Update: Focus on USE TAX – 50 Points of Light

It is that time of year again where we work ourselves into a tizzy finishing off the year "strong" and simultaneously enduring another holiday season whilst purportedly planning for a new year. YIKES! With internet sales exploding it is a

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Posted in Colorado Department of Revenue, Colorado Income Tax, Sales Tax, Uncategorized, Use Tax

Colorado Income Tax Planning Update: Form 104

The following items might seem new and/or different for Colorado taxpayers on the CO 104 Income Tax form, some are some are not. These points below basically represent some of the more persistent questions coming across my desk as part

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Posted in Colorado Department of Revenue, Colorado Income Tax

Colorado Tax Update & Top 10 Hacks To Streamline the Filing Process

My friends at the Colorado Department of Revenue Tax Division have been hard at work amending and repealing several different personal and corporate income tax regulations with a handful of notable mentions for non-residents and part year residents alike. The absolute

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Posted in Colorado Department of Revenue, Colorado Income Tax

Business Taxes Due Next Week – AVOID PENALIZATION – File An Automatic Extension Request TODAY – IRS Form 7004

The Business and Partnership Tax deadline is coming up fast! Don’t sweat it! File IRS Form 7004 to apply for Automatic Extension of Time to File Certain Business Income Tax. If you happen to be compelled, feel welcome to check out

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Posted in Basis, Business Expense, Business Income, Colorado Department of Revenue, Corporation, Cost Basis, Extension, Partnership, Penalty, Sub-chapter S, Tax Deductible Expenses, Tax Guidance & Preparation, Taxable Income

How Professional Athletes Attribute “Rest Days” for State Income Tax Purposes: A Major Controversy Brews

Many young professional athletes and their less than experienced managers are learning for the very first time that the money "earned" PLAYING or competing is subject to income tax both at the federal level AS WELL AS AT THE STATE LEVEL

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Posted in Church Pastor Religion, Colorado Department of Revenue, Professional Athlete

Tax Amnesty Offer Allows Coloradans a Chance to Settle Up Support Education, but Ends Soon!

I write in support of this effort on behalf of our elected officials here in Colorado and urge anyone delinquent in their Colorado tax responsibilities to come forward NOW before the Amnesty period ends. Although it seems like a ruse

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Posted in Colorado Department of Revenue

Colorado Amended Tax Return Tips – CO 104X

When filing a Colorado amended return for individual income tax, these tips will help avoid processing delays. DO NOT include a copy of the 104 (original) return with the 104X.  Include all schedules and supporting documentation. Even when there is no

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Posted in Amended Tax Return, Colorado Department of Revenue

Colorado Tax Amnesty October 1st through November 15, 2011

The Colorado Department of Revenue is offering a tax amnesty period. The program begins October 1st 2011. Tax amnesty is a limited-time opportunity for individuals and businesses with overdue taxes to pay without additional penalties. Those with overdue taxes can

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Posted in Colorado Department of Revenue
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