Two Important Tax Messages
Dear PTCO's/PTO's, Here are a couple of Very Important Tax Reminders regarding sales tax licensing and vendor/contractor filing. Don't forget to get those in! ~Parents' Council Treasurers
DUE January 20th! For organizations who maintain a sales tax license, this is a friendly reminder to file your annual sales tax report with the State of Colorado, Department of Revenue by January 20th. All reports are filed online. Go to the Colorado Department of Revenue and login to file your report https://www.colorado.gov/revenueonline/_/#2 Please see the following link regarding guidance on “Fundraising & Sales Tax” and the need for maintaining a sales tax license. https://tax.colorado.gov/fundraising-sales-tax If you have any general questions, please contact the Parents’ Council Treasurers at firstname.lastname@example.org. If you have any questions regarding your account status, login to your account and/or contact the Colorado Department of Revenue.
DUE January 31st! This is a friendly reminder to remember to send and submit your IRS 1099/1096 forms to any applicable vendors/contractors,the IRS and the state by January 31, 2021. There have been some changes to which forms to file this year. Previously, form 1099-MISC was filed to independent contractors; however, in 2020, 1099-NEC will need to be filed. The 1099-NEC is used to report independent contractor income. This applies to any vendors/contractors who were paid $600 or more in the past calendar year (January-December 2020) AND who indicated that they were “individual/sole proprietors or single-member LLC” on their completed W-9 form. If you did not have any vendors/contractors who fall into this category, you do not need to file the IRS 1099-NEC. Please review the helpful IRS links listed below to the as related to the 1099-NEC and 1099-MISC: Instructions: https://www.irs.gov/pub/irs-pdf/i1099msc.pdf Forms: https://www.irs.gov/pub/irs-pdf/f1099nec.pdf You may also choose to file using an online vendor, such as www.tax1099.com , which will automatically send applicable copies to the vendor, the state and the IRS. Parents’ Council does not endorse any particular vendor for online filing and fees may apply. If you have any general questions, please contact the Parents’ Council Treasurers at email@example.com . For specific tax-related questions, please consult a tax professional.
Thank you, Paula Krier - Treasurer, Parents' Council Tabitha Strezo - Treasurer, Parents' Council