Colorado DOR Issues Guidance on Rounding Sales Tax Post-Penny Production Halt

The Colorado Department of Revenue (DOR) published guidance regarding rounding certain taxes and fees following the U.S. Treasury’s cessation of penny production. The guidance establishes that retailers must calculate sales tax to three decimal places and round up to the nearest penny when the third digit is greater than four. In addition to the retail sales tax, this guidance is applicable to retail delivery fees, and retail marijuana sales tax, and allows for symmetrical rounding on cash payments while the DOR develops formal rules that may be delayed due to pending federal legislation. [Colo. Dep’t of Revenue, Rounding Guidance for ...