Rules, Rules, Rules
The wait period before a V/R letter can be sent.
What is 30 days?
The 3 things we typically do not waive.
What are Interest, Collection Fees, and Estimated Payment Penalties?
The person under which a ROL account must be set up.
What is the Primary account holder?
Things that are not included in income for PTC applicants. (Identify at least 3)
What is Home Care Allowance, Adult Foster Care, Child Support, Income Tax Refunds, Gifts, Welfare for Dependent Children, LEAP, Food Stamps?
Our warehouse reflects more withholding than the TP has claimed.
What is ignore it but let the TP know?
The 2 choices on which the amount of required estimated payments is based.
What is 70% of taxes due divided by 4 from the previous tax year OR 100% of taxes that will be due divided by 4 in the current year?
April 15, June 15, September 15, and January 15
What are the due dates for Estimated Payments?
The type of payment that must be made by check or money order.
What is a 108 payment?
This deduction cannot be claimed on a state return if a TP has itemized Federally.
What is charitable contribution?
When the TP is 65 and claiming $24,000 on line 4 of the 104AD.
What is verify it by birthdate and 1099R?
In addition to the 104PN, these items must be submitted for a non-resident who sold property in Colorado.
What is a check in the amount of 2% of the sale, form DR 1083, and form DR 1079?
$30 or 30% of the balance of tax due, whichever is greater.
What is the penalty for filing late on Severance Tax?
Returns that must be filed by paper.
What are OGS and Individuals filing for the first time that are not filing through a 3rd party?
A refundable credit and a non-refundable credit.
What is a credit that exceeds the amount of tax due and generates a refund and what is a credit that exceeds the amount of tax due and is not refunded but may or may not be carried forward?
When the TP is 66 and claiming $35,000 on line 3 of the 104AD and $15,000 on line 4 of the 104AD.
What is verify it by looking at Federal taxable social security, birthdate, 1099R, prior year claim, and fix it?
Subject to tax at the entity level, requires each taxpayer to file their own return, and is binding on all the partners/shareholders.
What are the basic rules or requirement to the SALT Parity Act Election?
The cutoff date for applying for a 2023 PTC application.
What is December 31, 2025?
When an individual is required to make estimated tax payments.
What is tax liability, less withholding and credits, greater than $1,000?
The only things that can be considered as "Other Subtractions" on the 104AD.
What are Olympic Medal, Exonerated Persons Deduction, Catastrophic Health Insurance, Medical Savings Account, Military Family Relief Funds Grant, and I.R.C. 1341 Subtraction?
The amount on line 11 of the 104CR (SALT Parity Act Credit) comes from the totals of this/these line(s) on the 106K.
What is verify amounts from lines 15 and/or 22?
When the TP MUST file by April 15 (or April due date) to claim the TABOR refund.
What is no tax liability and no W2 income?
The due date for a fiscal year filer.
What is 5 months after the close of the fiscal year?
5 things that could disqualify a PTC applicant.
What are residency requirement (365 days), income threshold, expenses > income, age, application out of statute, & dependent?
Residential Energy Storage System credit that is not assigned.
What is a non-refundable credit?
When the TP claims a credit for taxes paid to another state.
What is verify it by reviewing the other state's tax return and fix it if the credit amount is less then what is being claimed?