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Aspen Office
400 East Main Street
Aspen, CO 81611

Carbondale Office
0326 Hwy 133, Suite 200
Carbondale, CO 81623

Colorado is getting serious about sales and use tax!

We all know that states and localities are out looking for revenue, and Colorado is no different. As a result, the state is cracking down on sales and use tax collection. Colorado estimates a significant increase, as much as a half billion dollars, in collection of use tax for 2011- 2012. And they expect much of that increase to come from their enforcement efforts targeting non-filers.

Sales tax is normally collected by retailers when you buy non-exempt tangible goods. In situations where sales tax is not collected, Colorado law requires that the sales tax equivalent, "use tax" be remitted to the State. For example, if you personally, or your company, bought a product or a piece of equipment from an out-of-state retailer, you likely did not pay sales tax at the time of purchase. Because you didn't pay sales tax, you owe "use tax" to Colorado. If you order products online, such as toner and ink cartridges, you likely owe Colorado "use tax".

If you think you or your business might have purchased items without paying either sales or use tax, there is some help available: Colorado's Tax Amnesty Period!

Tax Amnesty Period

Who: All Individuals and businesses who are delinquent on taxes (all types with a few exceptions) that were due on or before December 31, 2010

What: Terms of Tax Amnesty Period

—Pay full amount owed on taxes
—Plus 50%
—And zero penalties

When: October 1, 2011 - November 15, 2011

Where: Colorado

Why: The tax amnesty period allows all taxpayers to "catch up" on delinquent taxes without paying penalties and interest.

We are here to help! In order to participate in the amnesty period you must fill out all appropriate forms before submitting to the State. If you are considering filing any tax form during this amnesty period please call us before you act!

Also, if you would like us to review your sales and use tax filing requirements and/or help in determining how those requirements relate to you, give us a call.

Reese Henry & Company, Inc.
400 East Main Street Aspen, CO 81611
970.925 3771

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