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Course ID: CITC

Colorado Income Tax – Decoupling from the IRC

The Colorado state legislature did the unthinkable in 2020; it detached the Colorado tax base from the Internal Revenue Code (IRC) by specifically decoupling from several provisions in the federal CARES Act. In addition, the Colorado Department of Revenue issued an emergency regulation providing that the state’s rolling conformity to the IRC applies only on a prospective basis. In short, preparing Colorado income tax returns are more complicated than ever before.

The new legislation and regulations will impact every business that does business in Colorado. In this 2-hour seminar Bruce Nelson will introduce you to the mechanics and application of these new rules.  Using concrete examples, you will gain an understanding of both the theory behind the latest developments and acquire an understanding of how these changes specifically impact your clients or your company.

After completing this presentation, you will be able to:

  • Describe how the new legislation impacts your specific business or client.
  • Understand how Colorado’s net operating loss rules differ from federal.
  • Distinguish between federal and Colorado limitations on business interest expense.
  • Learn about Colorado’s new limitation on the IRC’s §199A 20% deduction.
  • Understand the state’s decoupling from the excess business loss limitation for noncorporate taxpayers.
  • Recognize why you may lose any Colorado benefit from the federal retroactive correction of qualified improvement property to a 15-year life.

Learning Objectives

  • To understand Colorado’s new legislation and regulations decoupling the state tax base from the IRC.  
  • Review the new changes and their application
  • Distinguish between the IRC and Colorado’s treatment of net operating losses, business interest limitation, qualified improvement property, and the excess business loss limitation. 
  • Learn how to apply the new statutory and regulatory changes to individual and business tax returns. 

Who Should Attend

Anyone looking for an update on Colorado income tax changes.


Fields of Study

Tax

Prerequisites

  • Colorado’s new legislation on net operating losses
  • The impact of the Department’s regulation on the state’s rolling conformity
  • Application of the CARES Act’s specific provisions to Colorado returns

Provider

Colorado Society of CPAs

CPE Credits

2

Level

Update

This course is available for your group as:

 

Let's Roll!

To learn more or customize this course for your group, complete this form and a COCPA team member will get back with you shortly.


Or, contact COCPA: (800) 523-9082 or team@cocpa.org
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