CO Businesses Must Report Even When You Didn’t Collect Sales Tax

Across Colorado, it’s been reported that retail sales are down by 15 percent due to COVID-19. Due to the pandemic, many businesses are closed temporarily while others have gone out of business.

Still, if you’re a small business owner in Colorado, you need to make sure you stay on top of your state sales tax reports. Even if a business doesn’t collect anything, failing to file your state sales tax reports can be considered tax fraud.

Here’s what you need [...]

CO Business Owners: Some Tax Mistakes Are More Costly Than Others

When you’re running a business, there is always something else that needs to get done. Your focus tends to be on whatever is in front of you, so events that are months away can sometimes fall off your radar. This can include filing your taxes.

The problem is, delaying your tax filing can result in errors. A rushed filing a few days before your deadline keeps you from being able to catch them.

The IRS is simply doing its job [...]

Colorado Sending Paper Tax Returns to Avoid Fraud

For many people, tax season has come and gone. Your taxes were filed, your refund was cashed (or you paid your dues), and you’ve already begun tracking expenses for 2017.

For other Coloradoans, however, the wait for a refund continues. If you are one of these taxpayers and asked for your refund to be directly deposited into your account, it may be time to check the mail.

Why? Because in mid-May, the Colorado Department of Revenue announced that they would [...]