*Or, Bruce tries to make sense of it all.
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. But what the legislature taketh away, they tried to give back retroactively in 2021 with House Bill 21-1002 and with an amended SALT Parity Act in 2002. In short, preparing Colorado income tax returns is more confusing than ever.
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