SALT Report 1398 – The Colorado Department of Revenue has revised an administrative publication that reviews the various tax return and payment due dates to help taxpayers avoid paying penalty and/or interest on their tax liabilities. Also, included is a reference to the tax return form used to file each tax and any related publications.
The following are some of the sales and use tax topics covered in the publication:
Business Consumer Use Tax: If total tax is less than $300 during a calendar year, the tax is due January 20 following year-end. Whenever tax due is $300 or more, the tax is due the 20th of the following month.
Individual Consumer Use Tax: Due April 15 for purchases made during the prior calendar year.
Retail Sales Tax: Due the 20th day of the month following end of the taxpayer’s filing period. Annual return is due January 20. The quarterly return is due April 20, July 20, October 20 and January 20. The monthly return is due the 20th day of the following month. Due dates vary for taxpayers with filing periods based on a fiscal accounting period other than a calendar month.
Retailer’s Use Tax: Due the 20th day of the month following end of the taxpayer’s filing period (annual, quarterly, monthly, or a specialized month).
Sale of a Business: Retailers who have sales tax collections on hand when they sell a business must remit those sales tax collections within 10 days after the date of sale of the business. Use the next regular return from the coupon booklet or a Sales Tax Return (DR 0100). A tax status letter can be requested from the Department of Revenue to verify that all sales tax collections have been remitted. The seller remains liable for the tax, and the lien for the tax attaches to any assets the buyer acquires from the previous owner.
A buyer of business assets is also liable for sales tax on any tangible personal property acquired in a business purchase transaction. The buyer must file and pay all sales tax within 20 days after the close of the first business accounting period if the purchaser has a sales tax license.
Additionally, if a tax due date falls on a weekend or holiday, the due date moves to the next business day.
For Further Information: