Colorado Filings Delayed

Colorado has been late in releasing certain tax forms and has also not provided a firm date for when they will start accepting returns. Below is the message from the CO Department of Revenue website.

"The 2024 return links for Individual income tax, Fiduciary income tax, and Business income tax are coming soon. Please check in early February 2025"

We have heard it will likely be the second week of February when they start accepting returns. In the meantime, we will begin sending out returns we have completed for review/approval but will hold off e-filing (federal or state) until CO opens the e-filing window.

If you are not a Colorado based client, we will e-file if your state is accepting e-files (once we have your approval).

TABOR Reminder

We have received several queries on TABOR asking what is needed to be done to claim it. NO ACTION IS NEEDED. As a reminder, the TABOR refund is built into the CO return process and will be calculated automatically for you.

There are two components of TABOR.

• First, the CO income tax rate is reduced to 4.25% this year (from 4.4%).
• Second, a TABOR refund will be included in your CO income tax return (and increase the overall refund you get or reduce the amount you owe) based upon the attached link and your income levels.