The Colorado Department of Revenue requires all organizations filing fuel, cigarette or tobacco taxes, retail marijuana sales and excise taxes, withholding of income from an oil and gas interest, employers with annual wage withholding liabilities greater than $50,000.00, and businesses with annual state sales tax liabilities greater than $75,000.00 to pay through Electronic Funds Transfer (EFT). Other individuals and organizations may also choose to pay electronically. Electronic payments offer you a number of benefits:
- The cost and time to write checks is eliminated.
- You know exactly when your account will be debited.
- You are assured that the funds are received on time, every time.
- Certain tax types will automatically generate a tax return when the tax payment is made. Refer to the DR 5785 for the listing of these taxes notated with an *.
- You must file a complete sales and use tax return at the same time you make a sales/use tax payment
- All of the electronic payment options listed meet the statutory requirements for paying electronically.