Colorado recently released an updated version of FYI General 11: Colorado Civil Tax Penalties and Interest. This publication provides guidance on annual interest rates relating to tax underpayments and penalty information.
There was one correction to the publication which involves the daily calculation of interest: the parenthetical that accounts for leap year using 366 days for calculation purposes was removed. Calculations for the daily amount owed should use 365 days instead.
To review this updated version of FYI General 11, please click here.
About the Author
Paul Ogawa is a Junior Regulatory Counsel at Sovos Compliance. As part of the Regulatory Analysis team, his main areas of focus are state and federal tax withholding, the Affordable Care Act (ACA), and Canadian tax information reporting. Prior to Sovos, Paul worked as a litigation attorney in Boston area law firms, representing clients in insurance subrogation claims, family law matters, and employment disputes. Paul is a member of the Massachusetts Bar, earned his B.A. from Brandeis University and his J.D. from the Suffolk University Law School.More Content by Paul Ogawa