- Business Registration – Businesses are generally required to register in the states in which they conduct business. If you have an entity registration (Corporation, LLC, etc.) or Trade Name registered with the Colorado Secretary of State or with other state(s), we recommend checking to be sure registration is current. You may look up your registrations for Colorado at the website below. Enter your business name under “Search Business Database.” If you are doing business in multiple states, you may be required to register as a “foreign” entity in those states as well. https://www.sos.state.co.us/pubs/business/businessHome.html
- Phishing and Security – Computer hacks are increasing. A hacker breaking into your bank accounts, client lists, accounting software, or other business software can wreak havoc on your business. The most common attacks involve phishing where an innocent looking email contains a dangerous link or file that will infect your computer. Some good advice is included on this website. https://www.consumer.ftc.gov/articles/how-recognize-and-avoid-phishing-scams#recognize. If you have employees, we recommend training them on security and setting policies about computer use..
- Telework – Many people are continuing to work remotely. If you or an employee teleworked part of the year in a different state, please contact your tax preparer so we can see if you need to file any additional state tax returns for your business.
- Unclaimed Property – After one to three years, Colorado businesses are required to turn over unclaimed property to the state. The most common types are uncashed payroll checks, unused deposits by customers that you can’t locate to return, or uncashed vendor checks. As of July 2020, Colorado removed the prior exception for small amounts. Reports are typically due November first of each year. For more information see: https://colorado.findyourunclaimedproperty.com/
- Colorado Revenue Online – We suggest creating an account for your business at: https://www.colorado.gov/revenueonline/_/ (Choose Sign Up at upper right). You’ll need the business’s EIN and a copy of a recently filed return, such as your 2022 business income tax return. If you ever receive a notice for your business, you’ll be able to grant us third-party access to expedite helping you resolve the issue. If you are a sole proprietor and don’t have sales tax and/or payroll tax, then create an individual account.
- Colorado requirement to notify employees of potential CO tax credits – Employers are required to notify employees of potential earned income tax credit and child tax credit by 1/31 each year per HB 23-1006 that was passed 3/31/23 and is effective beginning 1/1/24. Notices can be provided to employees electronically via email or text message. If you use a payroll service, they might handle this for you. The notice to print, text, or email is here: https://tax.colorado.gov/sites/tax/files/documents/DR0995_2023.pdf