Two tax amnesty programs are set to begin on October 1st in Colorado.
The first is being offered by the Colorado Department of Revenue and is a limited-time opportunity for individuals and businesses with overdue taxes to pay up without paying any additional penalties. Those with overdue taxes can pay the full amount owed, plus half the total interest owed. However, taxpayers that receive a delinquency notice on or before Oct. 1, 2011 for a particular tax and filing period will not be eligible for the program. The tax amnesty period runs from Oct. 1, 2011 through Nov. 15, 2011. For further information, visit the official Web site www.coloradotaxamnesty.com
The second program is being offered by the City and County of Denver. The amnesty begins on October 1, 2011 and ends on December 30, 2011 for sales tax, retailer’s and consumer’s use taxes, and business and employee occupational privilege taxes for tax periods ending on or before June 30, 2011. The program allows taxpayers to pay unreported back taxes and reduce interest charges by half while avoiding penalties and criminal prosecution. For more information on this program see the City and County of Denver’s Web Site.