The Colorado Department of Revenue reminds businesses that file wage withholding on a weekly basis through Electronic Funds Transfer (EFT) that they must use a Friday date as the “Pay Period End Date.” The date should always be the Friday date (if that is the payroll date), or the Friday immediately following the payroll date.
Businesses that have more than $50,000 in payroll income withholding taxes during one year from their employees’ wages must file weekly with a Friday date on or before the third business day following that Friday.
The “Payment Due Date” is the third business day (usually a Wednesday unless there is a holiday) following the Friday “Period End Date.”
Exception: December 31 will always be a Pay Period End Date even if it is not a Friday. Businesses must keep their wage withholding filing within one calendar year. The payment is due three business days after December 31.
- The filing date of Friday, December 27 is due Thursday, January 2, 2014.
- The filing date of Tuesday, December 31 is due Monday, January 6, 2014.
This is very important so that the department’s tax accounting system will accurately credit the wage withholding account and business taxpayers will avoid withholding tax nonfiler notices.
“Zero” Returns: A withholding tax return must be filed for every filing period or at least once a month for weekly filers. When there is no withholding during a month, the business must file a “zero” return by paying $0.00 in the EFT system, with the date of the last Friday of that month as the “Pay Period End Date.”