Income/Franchise:
Colorado: New Law Addresses How and When Some Partnerships Must Report Federal Tax Adjustments
H.B. 1277, signed by gov. 6/2/23. Generally applicable to federal adjustments with a final determination date on or after January 1, 2024, new law addresses how and when some partnerships must report federal tax adjustments to the Colorado Department of Revenue in response to changes in the federal partnership audit and adjustment process under the federal 2015 Bipartisan Budget Act, many provisions of which are patterned after the Multistate Tax Commission’s “Model Statute for Reporting Adjustments to Federal Taxable Income and Federal Partnership Audit Adjustments.” According to the legislation’s fiscal notes, compared with current state law, the new law “allows more time to report adjustments to federal taxable income and allows pass-through entities to handle these adjustments on behalf of their owners.” The legislation also moves the state income tax return deadline for C corporations generally from April 15 to May 15 (i.e., one month after the federal due date), and moves the extension deadline generally from October 15 to November 15 (i.e., one month after the federal due date), applicable for tax years beginning on or after January 1, 2024. Please contact us with any questions.
30 Rockefeller Plaza New York, NY 10112-0015 United States
About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.
Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte’s approximately 415,000 peopleworldwide make an impact that matters at www.deloitte.com.
