Colorado Payroll Updates - October 2024
Week Of 10.21.2024
Less Than Two Weeks for Employers to Fulfill FAMLI Obligations.
Colorado employers have just two weeks remaining to fulfill their third quarter 2024 obligations under the state's Family and Medical Leave Insurance (FAMLI) Act. The deadline for reporting wages and paying premiums is October 31, 2024, after which penalties and interest charges will be applied for non-compliance. It's important to note that while penalties won't be retroactively applied to quarters prior to the third quarter 2024, employers are still responsible for addressing any outstanding wage reports or premium payments from previous quarters. The FAMLI Division sent out notices to businesses with missing reports or unpaid premiums, urging employers to log into their My FAMLI+ Employer accounts to ensure compliance. Even if using third-party administrators or payroll services, employers remain accountable for accurate wage reporting and timely payment of premiums, fees, fines, and interest. For assistance or questions regarding obligations or setting up installment payment agreements, employers can contact the FAMLI Division at (866) 263-2654 on weekdays between 7:00 a.m. and 6:00 p.m. MT.
Colorado Tax Deadlines Extended to May 2025 for Hurricane-Affected Taxpayers
Governor Jared Polis and the Colorado Department of Revenue announced that individuals and households affected by hurricanes Helene and Milton that reside or have a business anywhere in the states of Florida, Alabama, Georgia, North Carolina, South Carolina, and parts of Tennessee and Virginia have until May 1, 2025, to file various individual and business tax returns and make tax payments. Impacted individuals who had an automatic extension to file their 2023 return, due on October 15, 2024, now have until May 1, 2025, to file; this extension does not relieve the taxpayer from penalties and interest. Affected Colorado sales tax licensees who file and pay by the extension deadline of May 1, 2025, will be eligible for any vendor fee (discount) that applies. Department exemptions do not apply to home-rule jurisdictions who collect their own taxes. The Department will not automatically apply this tax deadline waiver. Affected taxpayers who reside or have a business located in the covered disaster area must call the tax information hotline at 303-238-SERV (7378) Monday through Friday from 8 a.m. to 4:30 p.m. to request the extended deadline after they receive a bill. (Relief for Taxpayers Impacted by Hurricanes Helene and Milton, Colorado Gov. Polis News Release, 10/18/2024.)