Colorado DOR Publishes Guidelines on Colorado Civil Tax Penalties, Interest

The Colorado Department of Revenue (DOR) Jan. 1 published information on civil tax penalties and interest. If taxpayers don’t pay corporate income, individual income, sales and use, trust income, property, and excise taxes by the applicable due date, penalties and interest will be assessed to the tax liability. The DOR will issue a notice of deficiency for any unpaid penalty and interest that is due. The bulletin: 1) states the regular (6 percent) and discounted (3 percent) interest rates on tax underpayments for 2019; 2) provides an example for calculating interest when the balance crosses multiple rate periods; 3) notes ...