Many Colorado taxpayers are wondering why the Department of Revenue has yet to accept 2024 tax returns. The e-filing system that is used to submit individual, business, and fiduciary returns has been unavailable since mid-January. The system has been offline because of the changes needed to accommodate the 26 major changes to the tax code, including 14 new tax credits. Without the update, the state would not be able to properly review, approve, and pay refunds. While necessary, the process has taken longer than expected (the e-fling portal was set to open in early February) preventing tax returns from being process and returns received. To help clients, prospects, and others Hanson & Co has provided a summary of the key details below.
Ongoing Delay
There has been little information available about when the delay may end. According to an announcement on the Department of Revenue website, visitors are instructed to check back in early February. Since we are now entering the closing days of the month, the lack of an update has caused concern amongst taxpayers, preparers, and accounting professionals as well.
A recently issued news release indicated that returns will be accepted this week. However, no specific details were given only that the Department would make an announcement when acceptance begins. According to the statement, “We appreciate Coloradans patience — we know income tax refunds are important to hardworking Coloradans, many of whom need them to help make ends meet. We are taking lessons learned from this iteration so that we can be as efficient as possible next year.”
Contact Us
The delays in return acceptance means Hanson & Co have not been able to process prepared returns. Until the state starts accepting them, we will hold completed returns and file when the system is available. If you have questions about the delay or need assistance with another tax planning issue, Hanson & Co can help. For additional information call 303-388-1010 or click here to contact us. We look forward to speaking with you soon.