Colorado Department of Revenue Extends Income Tax Filing and Payment Deadline
The Colorado Department of Revenue announced Thursday that it will extend the individual income tax payment and filing deadline. The new deadline will now be May 17, 2021 instead of April 15, 2021, giving individuals an additional 32 days to file and pay.
This provision is in line with a recent announcement by the IRS to extend the federal filing and payment deadline for individual taxpayers. See our previous newsletter covering the IRS announcement HERE.
Similar to the IRS deadline and payment extension, there are some important factors to consider as we understand them now:
- This does NOT extend other taxpayers such as corporations, trusts, etc.
- This does NOT extend the first quarter estimate payment which is still due on April 15th.
- This does NOT extend the extended deadline of October 15.
- The state tax payment and filing postponement is automatic and does not require any action on the part of individual taxpayers.
- If you need additional time to file, you may request an extension to October 15 to file, but must still pay by May 17th in order to avoid penalties and interest.
As stated in our previous article, because of the 2021 estimate payment stipulation, we are still recommending all of our clients to plan to file and pay by April 15th.
This is an evolving situation that we are continually monitoring. We will keep you updated as the conditions develop. If you have any questions about your specific circumstance, please contact our team at BiggsKofford.