We find ourselves in the middle of one of the greatest wealth transfer periods of all time. Those with wealth must decide whether they want to make transfers, and if they do, they must decide how much, to whom, when and in what structure?
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The Colorado Department of Labor and Employment is offering an extension on the due date for third-quarter unemployment premium payments to Nov. 30 for employers in the nine-county region that experienced massive flooding, including Adams Arapahoe, Boulder, Clear Creek, El Paso, Jefferson, Larimer, Logan and Weld counties.
Late penalties or interest normally accrued will be waived, according to a release from the department, as long as the premiums for the third quarter are filed and paid by the new due date.
Businesses that are located outside disaster areas but whose records are maintained within a disaster area should contact the Division of Unemployment Insurance to discuss an extension and requests will be considered on a case-by-case basis.
In addition, unemployment claims filed against flood-impacted businesses will not impact a company’s experience rating.
Flooding forced many businesses to temporarily shut down or lay off employees, so businesses that have seen claims filed against them as a result will not be charged and their unemployment experience rating will not be impacted, according to the release.
The Colorado Department of Revenue will postpone filing and payment deadlines to Dec. 2 and will waive penalty and interest for all taxes for taxpayers and tax professionals directly impacted by the storms.
In addition to the counties listed above, this postponement is extended to businesses in Broomfield, Chaffee, Crowley, Denver, Fremont, Gilpin, Lake, Lincoln, Morgan, Otero, Park, Prowers, Pueblo, Sedgwick and Washington counties.
Taxes include individual, partnership, corporate and fiduciary income taxes and estimated income, severance, withholding, sales, use and excise taxes.