Colorado Delays IRS Tax Acceptance Amidst System Updates and New Credits

The Colorado Department of Revenue has delayed the acceptance of state tax returns, initially scheduled for mid-February, until late February 2025, causing concern among taxpayers awaiting refunds. This delay is compounded by technical issues affecting the online platform's launch. William Fraser, president of Fraser, Waldrop & Company CPA's in Denver, noted the negative impact on his firm's operations, including reduced revenue and increased workload. The IRS tax acceptance delay could lead to processing bottlenecks, a problem seen in previous years. Fraser warned that this situation would affect all taxpayers, especially those expecting early refunds. Despite the delays, the tax filing deadline remains April 15. Taxpayers can file paper returns by downloading the form from the department's website and mailing it in, though this may cause additional delays due to postal service processing times. The department has also implemented 14 new tax credits aimed at optimizing the tax structure, but these changes have contributed to confusion and filing delays. Authorities advise taxpayers to stay informed through official channels and consult with their accountants for strategies to avoid further filing issues.