Tax & Accounting Blog

Colorado Tax Amnesty Announced – October 1 – November 15th

Indirect Tax, Sales and Use Tax June 9, 2011

Colorado has announced that it will offer a tax amnesty program from October 1, 2011 through November 15, 2011.   The program will allow certain taxpayers to pay the full amount of overdue taxes, including one-half of any interest due, without being subject to any other civil or criminal penalties.

The amnesty program applies to state sales and use tax as well as to local sales and use taxes that are collected by the Department of Revenue.  The amnesty program abates penalties and half of interest due and exempts taxpayers who file their returns under the program from fines or other civil or criminal penalties.

Taxpayers are ineligible for amnesty if they received a Notice of Deficiency before October 1, 2011 for the tax liability at issue or if they were under investigation or being prosecuted for any tax related criminal or fraudulent activity as of October 1, 2011.

A copy of the full text of the bill (S.B. 11-184) can be found here:   Tax Amnesty Bill