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Recent Colorado Income Tax Developments*

Description

*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.

Have a question you would like Bruce to answer during this seminar? Click here to submit questions.

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.
  • 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
  • An explanation of the SALT Parity Act and its retroactive application.
Major Topics
  • 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
  • The SALT Parity ACT
Provider
Colorado Society of CPAs
Course Level
Update
CPE Field of Study
Tax
4
Who Should Attend

Anyone looking for a State and Local Ta Update.

Instructor(s)
Bruce Nelson
Prerequisites

None

Advanced Preparation

None.

Location
Webcast
Event Information
When
Sep 27, 2022
8:30 am - 12:10 am MDT
Location
Webcast
Total CPE Credits
4
Format
Webcast

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Recent Colorado Income Tax Developments*


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