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Colorado – do you file monthly here?

Posted by salestax on March 6, 2009

***UPDATE***

CO has altogether eliminated the vendor fee beginning July 1, 2009 until June 30, 2011 as part of Senate Bill 09-275.  That means for your June ’09return to be filed in July ’09, you are not allowed to take any vendor fee/discount on the CO State returns for filing timely.  However, if you forget, you won’t be penalized, but I’m sure they’ll want that discount back.  CO also says that this is temporary and if things turn around it’s possible the vendor fee could be reinstated at it’s original amount (3.33%) by Jan. 1, 2011.  We’ll wait and see.

*****************************

If you file monthly sales and/or use tax returns in Colorado, be aware that the DOR just announced a reduction in the vendor’s discount you can deduct from your remittance. 

They used to allow a collection fee of 3.33%, but as of RIGHT NOW, it is reduced to 1.35%.  That means your February return that is being filed this month.  With they way things are going these days, if you don’t catch this, CO will send back a return as unacceptable (they’ll keep your money, of course) and charge you interest and penalty for not remitting enough taxes.  While you may get that money back after pleading, it will still be a long drawn out headache. 

See here for an announcement that Colorado put out just yesterday.  Sneaky!

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One Response to “Colorado – do you file monthly here?”

  1. thanks for the effort, really appreciated

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