New Colorado Retail Delivery Fee



New Colorado Delivery Fee Effective July 1, 2022, Colorado imposes a retail delivery fee on all deliveries including third party deliveries to a location in Colorado with at least one item of tangible personal property subject to state sales or use tax.

About the Retail Delivery Fee for the State of Colorado

The retailer or marketplace facilitator that collects the sales or use tax on the tangible personal property sold and delivered, including delivery by a third party, is liable to collect and remit the retail delivery fee. Deliveries include when any taxable goods are mailed, shipped, or otherwise delivered by motor vehicle to a purchaser in Colorado.
The retail delivery fee is due at the same time as your sales tax return. Returns are generally filed on a monthly basis and must be filed on or before the 20th day of the month following each reporting period. Retailers permitted to file state sales tax returns on a quarterly, annual, or other basis will file the retail delivery fee return on the same schedule. The retail delivery fee will be reported and paid on a new return, the DR 1786 form. The retail delivery fee is collected state-wide, does not need to be separated by jurisdiction, and is calculated per sale. The retail delivery fee is made up of six different fees for a total of .27 cents a sale. The rates are listed above.
Retailers with an active sales tax account, a retailer license, and any sales tax liability reported after January 1, 2021, will be automatically registered for a retail delivery fee account by July 1, 2022. This applies to both in-state and out-of-state retailers. There is no license required or registration fee due.

Holiday Hours

Happy Holidays!

The JFS Family whishes you and yours the happiest of holidays!

Our office will be closed Friday, December 24th and again on Friday, December 31st. 

If your have any questions in the meantime, feel free to leave us a message.

2022 Important Dates and Deadlines

2022 Important Dates & Deadlines

In an effort to keep you up to date on all important deadlines, we have put together is a list of deadlines. January 18, 2022- Quarterly estimated business tax payments for the period from September 1 to December 31, 2021. January 31, 2022 – Payroll Prior Year Quarterly filings due, Forms W-2/W-3 are due. February 1, 2022 – Forms 1099 deadline February 28, 2022- Forms 1099-MISC that do not report NEC in box 7 and that are provided on paper must be submitted to contractors and the IRS. JFS DEADLINE: February 8, 2022 – 2021 IRS tax returns for partnerships and S corporations are due unless an extension is requested.
  • IRS DEADLINE: March 15, 2022
JFS DEADLINE: March 11, 2022 – Tax day! April 15 is an important deadline for many types of tax filing. Individuals and C corporations using the calendar year for accounting purposes must submit their 2021 state and federal tax returns.
  • IRS DEADLINE: April 15, 2022
April 15, 2022- First Quarter Estimated Tax Payment Deadline April 29, 2022 – First Quarter Payroll Tax reports due JFS DEADLINE FOR CALCULATION: May 31, 2022 -Quarterly estimated business tax payments for the period from April 1 to May 31, 2022.
  • IRS DEADLINE June 15, 2022 – Payment Due
July 31, 2022 – Second Quarter Payroll Tax reports due JFS DEADLINE FOR CALCULATION: August 31, 2022 – Quarterly estimated business tax payments for the period from June 1 to August 31, 2022. Partnerships and S corporations that requested an extension must submit their final 2021 returns by this date.
  • IRS DEADLINE September 15, 2022 – Payment Due
JFS DEADLINE: September 23, 2022 -Tax returns due for taxpayers that submitted an extension by April 15.
  • IRS DEADLINE October 15, 2022
October 31, 2022 – Third Quarter Payroll Tax reports due JFS DEADLINE: November 10, 2022- Year-end Meetings must be scheduled by this date. JFS DEADLINE: December 20, 2022- Requests for 1099, W2, W3, and all year-end filings must be made. JFS DEADLINE: December 30, 2022- Quarterly estimated business tax payments for the period from Oct 1 to December 31, 2022.
  • IRS DEADLINE January 15, 2023-Payment Due

How the Continuing IRS Struggles with Workload Affect You

IRS Workloads Affecting Americans

Just like the rest of us these days, it seems the IRS just has too much to do. And not enough time (or staff) to do it.

According to their own website, as of November 6, 2021, the IRS still had 6.9 million unprocessed individual returns to look at. In addition, they also had unprocessed amended returns (2.7 million), quarterly payroll tax returns (1.7 million), and amended quarterly payroll tax returns (392,000), among others, and the monthly processing of millions of advance Child Tax Credit payments.

Of course, it’s been a rough couple of years for everyone, including the IRS. Covid-19 shut down the entire country for several weeks and the IRS was no exception. They are still struggling to catch up from the backlog of work that started in March 2020. Add to that the agency’s involvement in numerous Covid relief initiatives since then, and you’ve got one very busy agency.

In the past two years, the IRS has had to deal with:

  • Covid shutdown for several weeks & backlogged work because of it
  • Gearing up to process and issuing multiple rounds of Economic Impact Payments (aka stimulus checks) to over 164 million taxpayers.
  • Multiple changes in legislation regarding Paycheck Protection Program (PPP) Loans
  • Multiple changes in legislation regarding Employee Retention Credits
  • Gearing up to issue monthly advance Child Tax Credit payments to millions of taxpayers (covering 60 million children as of November 2021).

As a result, the IRS continues to struggle. Their own web page on “IRS Operations during Covid-19” states they are delayed in live phone support, processing paper returns, reviewing e-filed returns and answering other mail.

Full IRS Article Here

 

What are their response times like? The IRS website states it can take:

  • 21 days to 120 days to issue a refund
  • more than 20 weeks to process a 1040-X (amended individual return)
  • more than 60 days to process a missing form or document sent by a taxpayer
  • an average of 260 days to resolve identity theft cases
  • longer than normal to answer a letter or notice response
  • so long to process Third-Party Authorizations or Powers of Attorney, the IRS cannot even provide a timeframe

On top of all that telephone support exists, but there are extremely long wait times due to limited staffing and high call volume. And there is anecdotal evidence on social media that receiving refunds related to certain credits (such as the Employee Retention Credit) can take months from filing through actual receipt.

What does this mean for you? As we work to serve you in a timely manner where the IRS is concerned, just be aware that delays on the IRS side of things may mean it takes longer to get a refund or a response from the IRS. Obtaining information from the IRS as we follow up on certain filings (such as an S Corporation election, for example) will also take longer than it normally has.

In spite of the recent struggles of the IRS, we will continue to brave the hold times on the IRS telephone support system and follow up diligently on previous filings for you. Thank you for your patience during this time!

What You Need To Know About Advanced Child Tax Credit Payments

What You Need To Know About Advanced Child Tax Credit Payments

Advanced Child Tax Credit Payments in 2021

Among the many changes that have happened within the IRS, the one change that is grabbing attention is the Advance Child Tax Credit Payment. This means that if you have eligible dependents you will receive advanced monthly payments of the increased Child Tax Credit that you would normally see on your year end tax return. This can result in some tax planning issues if you are not careful.

This is not another stimulus payment. This is the IRS sending you your refund earlier than normal. If you normally have a balance due after the child tax credit, this can result in a larger liability at year end if you do not prepare accordingly.

To opt out of the Advance Child Tax Credit Payment you can do so at https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021

Just click on the “Unenroll from Advance Payments.”

Be sure to talk with your tax advisor about how this affects your personal situation.

Where Is My Tax Refund?

Where Is My Tax Refund?

The IRS is swamped. As it struggles to manage processing issues due to the pandemic and last-minute changes from the latest tax credits approved by the Biden administration, there’s one painful consequence for many Americans: a potential delay in receiving their tax refund.

In 2020, the IRS closed its offices due to the pandemic. This created a backlog of unprocessed paper 2019 tax returns the IRS is still catching up on—and that’s not even counting the high-volume of 2020 tax returns being submitted.

The IRS says that several services are affected by these issues, including a slowdown of reviewing newly filed tax returns—even if they’re filed electronically. This in turn can delay the issuing of refunds.

Delays in receiving your tax refund can be frustrating but you can go online to the IRS website and check the status of your refund by going to: https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp