How Can I Sign Colorado Banking Form

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hello everyone my name is Steve and on behalf of the Colorado Department of Revenue it is my pleasure to walk you through this video introduction on how to complete form cr0 108 p the Colorado sales tax and withholding account application this video provides step-by-step instructions and you can pause the video and rewind at any time to review the instructions provided let's go ahead and get started the Colorado Department of Revenue aims to make complex tax information easier to understand the information provided in this presentation will only address how to complete the form cr0 108 P Colorado sales tax withholding account application and will not address complex situations or any other tax types this video will cover why you need a form cr0 100 ap how to fill out the form step by step and tools and resources if you want or need to learn more the form CR 0-100 ap is used to open a sales tax and withholding account or to add an additional location to an existing account you can also register for sales and withholding account online at my biz Colorado gov rather than filing the form CR 0-100 ap and section a will cover your reasons for filing this application and your specific type of business organization in Section a1 we want to know your reason for filing this application select original application if you are a new or startup business select change of ownership if you're an existing business that changed its legal structure this does not include changes of stockholders of corporations and members and limited liability companies select additional location if you're an existing business have a Colorado account number and are adding a new physical location if you're an existing business and you're adding a second store that's important for us to know because it affects how your license fees are handled next please indicate if you already have a Colorado account number or can and if so please write in the account number as this will help cut down your application processing time in box a to indicate your organization type which is how you registered your business with the IRS and secretary of state if you registered your business as an individual sole proprietor you can use your social security number to complete the application if you registered your business as anything other than an individual sole proprietor you will need your federal employee identification number or Fei n to complete the application Section B of the cr0 100 covers all the detailed information related to your business if you're registering your business as an individual sole proprietor and using your social security number or SSN enter your last name and first name in line 1a and your SSN and line 1b if you're registering your business as anything other than an individual sole proprietor and using your F ein enter your business name in line 1c and your F ein in line 1d specific instructions on how to list business organizations can be found in the instructions that accompany the form cr0 100 if you will be doing business under any name other than the name you entered on line one enter your trade name or doing business as in line two a trade names must be registered with the Colorado Secretary of State however it is not required to obtain a tax account all walk in an email business and individual applications with the Colorado Department of Revenue must provide a valid proof of identification of the owner partner or corporate officer who will be signing the application enter the proof of identification for the person who will be signing the application here in line to be valid proof includes a legible copy of any state driver's license state ID card United States passport resident alien card United States naturalization papers or military ID couriers must bring in a photocopy of the ID with the application do not enter a social security number in line to be for more information see page 1 of the form cr0 100 instructions under ID requirements section b3 is where you'll enter your physical place of business information in line three a principal address enter the actual address where your sales are taking place in Colorado do not use a post-office box if you do not have a physical location in Colorado type or print a brief explanation eg sales representative only in line 3a if your principal place of business is a rental property such as a condo apartment or townhouse list the address of the rental unit in line 3a the leasing company or managers should be at the mailing address if your business will be operating from variable locations enter mobile in line 3a for sales tax purposes only if your business will have multiple fixed locations a separate application must be filed for each location then enter the city state and zip code in which your principal place of business is located in line 3b enter the county in which your principal place of business is located if you're not sure of the county refer to the form d r100 - available on our website at Colorado gov forward slash tax under forms and instructions if your business is located within city limits enter the city in which your principal place of business is located in line 3c in line 3 d enter the telephone number for your business if the mailing address of the business is different than the physical location of the business then you'll need to complete section B for mailing address if different than the physical address in line for a enter the last name and first name of the person to whom the mail should be sent in line for B enter the business name associated with the mailing address enter the telephone number for the mailing address and line C and indicate yes or no to receive mobile text messages data rates may apply in line for D and to the street city state and zip code where your business or organization will receive mail from the department in line 5 enter your email address and opt in to receive current tax updates for free from the Colorado Department of Revenue [Music] if you acquired or purchased your business you'll need to complete section B line 6a through 6d in line 6 a enter the business name and prior owners first and last name enter the month and year you acquired the business in line 6 B in line 6 C enter the business address and in line 6 D enter the prior owners f ein answer the questions listed in Section B 7 they help us better determine if you may need additional Colorado Department of Revenue registrations or licensing more information regarding the marketplace and marketplace terminology can be found on our website at Colorado gov forward slash tax hover over the businesses tab on the right then click on sales and use tax then click on marketplace information in Section B 8 write a brief description of what you're doing and the products services and/or function of your business or organization this information helps us determine the appropriate North American industry classification system or NAICS code for your business and get important tax information and updates to you depending on your business type in sections B 9 and 10 type or print the name title social security number phone number and home address of each owner partner or corporate officer of your business if there are more than two owners attach a separate sheet and provide the same information for the additional owners for a partnership between corporations or limited liability companies list each legal name address and social security number separately now let's take a look at section c of the CR 0 100 which covers sales tax accounts in line c 1 select the type of sales that best apply to your business select wholesaler if you're a business that sells to other licensed dealers such as retail Merchants jobbers dealers or other wholesalers for the purpose of resale select retail sales if you're a business that sells products to final purchasers and is required to collect the appropriate sales taxes if you're selling both wholesale and retail select retail sales select charitable if you're a charitable organization designated as charitable 501 C 3 and you're applying for a sales tax license charitable organizations are exempt from paying the $50 deposit for retail sales tax license and the license fee is $8 please be sure to attach a copy of your IRS 501 C 3 letter in line to a filing frequency indicate your filing frequency based on the amount of sales tax collected let's quickly examine each filing option wholesale only annually wholesale only businesses with the sales tax liability of $180 per year or less can file annually if sales tax liability exceeds 180 dollars per year then a retail sales tax license is required 15 dollars a month or less annually if you're a retail business and collect an amount of fifteen dollars or less and sales tax each month you may file annually under $300 a month quarterly if you're a retail business and collect less than $300 in sales tax each month you must file a return each quarter $300 a month or more monthly if you collect $300 or more in sales tax each month you must file monthly businesses that pay more than $75,000 per year in state sales tax must pay by electronic funds transfer or EFT you must complete the form dr5 785 to set up your EFT payment accounts with the Department C II payment options at Colorado gov forward slash tax if your business is seasonal meaning your business sells the product only during certain months each year right in the months you're open for business you must file a separate sales tax return for each month in line to be licensed start date enter the date you will begin sales please note this is an estimated date and you are advised to use an earlier date so that you can use your sales tax license to purchase items tax-exempt for resale however sales tax returns are due effective from the date that you report in this box [Music] next let's take a look at section D of the cr0 100 which covers wage withholding tax accounts if you have employees or need to set up a wage withholding account first indicate the type of withholding account in line d14 w-2 wage withholding check the w2 withholding box in line d1 and then check the appropriate W to filing frequency box in line to the filing frequency is based on how much wage withholding you expect to pay to the state and not on total wages paid to your employees new businesses can file quarterly or can request a more frequent filing if desired businesses with annual wage withholding of $50,000 or more must file and remit withholding taxes by electronic funds transfer or EFT for 1099 withholding such as a 1099 are check the 1099 withholding box in line d1 and then check the appropriate 1099 filing frequency box in line 3 for gaming withholding check the w2 g withholding box and line d1 oil/gas withholding is a special type of withholding and applies to producers of crude oil natural gas or oil sale if you use a payroll company for your wage withholding enter their information in box for a and box for B and to your first day of payroll so we know when to open the payroll account for you please note your first day of payroll and your license start date can be two different dates lastly simply enter your payroll company payroll contact person's phone number in box for C this would be someone we could contact specifically for payroll records if we have any questions or to request documents now let's take a look at section e of the CR 0 100 which covers individual license fees state sales tax deposit a $50 state sales tax deposit is required to open a retail sales tax account and onto businesses first location it is refunded automatically after business collects and remits $50 in state sales tax the deposit is only required on a business's first location if each additional location uses the same account number do not deduct the deposit from your sales tax return sales tax license is $16 for a two-year period the license is renewed at the beginning of each even-numbered year and expires at the end of each odd-numbered year for example January 1st 2020 through December 31st 2021 it is prorated in increments of six months at the licenses purchased after June 30th of any year for more information please see the license fee schedule on page 1 of the CR 0-100 ap form a license renewal covers the full 2 year period wholesale license is $16 for a two-year period the fee is prorated in the same method as the sales tax license this license is for businesses that make sales only to other licensed vendors for resale charitable license the license fee is $8 and charitable organizations are exempt from having to pay the sales tax deposit please note there is no license fee to establish a with holding tax account [Music] Section F of the cr0 100 contains six points of compliance for licensed retailers to help them be and remain voluntarily tax compliant licensed retailers are required to renew their sales tax license every two years in the odd-numbered year licensed retailers are required to file monthly quarterly or annual returns based on the amount of sales tax collected licensed retailers are required to file returns for each tax period even if they had no sales and have a zero sales tax due licensed retailers understand their license is only used to purchase items they resell licensed retailers understand sales tax rates are subject to change twice per year in January in July C Form D r100 to Colorado sales use tax rates for more information licensed retailers can close their account or change their address by using Form D r110 to address change or business closure form section G of the CR zero 100 is the signature page a signature must be on this document or it will not be processed the signature must match that of the individual who presented proof of identification in line to be please include the title of the person signing the application and please include the date the application was signed as a reminder there are many tools and resources available to you through the Colorado Department of Revenue please keep these resources in mind if you find you need additional support my name is Steve and on behalf of the Colorado Department of Revenue Taxation Division education and training thank you for watching this video the Colorado Department of Revenue is always here to help you be voluntarily tax compliant through information education assistance and customer service [Music]