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
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.
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
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
Anyone looking for an update on Colorado income tax changes.
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