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Colorado State Tax Update

Description

The geography of Colorado state sales tax and income tax have undergone dramatic changes in the past two years. First, sales tax nexus and sourcing were turned upside down in HB19-1240. Then the state legislature decoupled the state tax base from the CARES Act (HB20-1024 and 1420) at the same time the Department of Revenue held by regulation that federal tax changes apply only prospectively. And if that wasn’t enough, on January 15, 2021 the state legislature enacted new legislation reversing some of the changes from 2020 in HB21-1002. Confused? We all are.

In this 3-hour seminar Bruce Nelson will pull all the changes together and reduce that confusion. By integrating both the “big picture” and the specifics, you will gain an understanding of both the theory and practice behind these latest developments. 

After completing this presentation, you will be able to: 

  • Describe how the new legislation impacts your specific business or client.  
  • Learn about Colorado’s most recent sales tax filing and reporting developments.
  • 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. 
  • Recognize why you may lose any Colorado benefit from the federal retroactive correction of qualified improvement property to a 15-year life. 
  • Understand the implications of the fact that Colorado no longer “piggybacks” off federal taxable income.
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. 
Major Topics
  • The status of Colorado’s legislation on sales tax filing and sourcing of sales
  • 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.
  • How HB21-1002 mitigates the decoupling from the CARES Act
Provider
Colorado Society of CPAs
Course Level
Update
CPE Field of Study
Tax
3
Who Should Attend

Any accountants, attorneys or tax preparers in both public practice and industry who are responsible for filing sales and use tax returns.

Instructor(s)
Bruce Nelson
Prerequisites

None

Advanced Preparation

None

Location
Webcast
Event Information
When
Feb 3, 2021
8:30 am - 11:45 am MST
Location
Webcast
Total CPE Credits
3
Format
Webcast

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Colorado State Tax Update


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