Effective January 1, 2025, the Town of Monument will begin collecting its own sales tax instead of being collected by the state directly, via the Colorado Department of Revenue. Businesses must now file and remit sales tax directly to the home rule through its new tax portal or the Colorado Sales and Use Tax System (SUTS).
Who Needs to Pay Attention to This Change?
This update is critical for:
- Retailers, service providers, and contractors making taxable sales in Monument.
- Remote sellers that previously remitted sales tax through the state but now need a separate Monument tax account.
- Any business that collected Monument sales tax in 2024—as filing requirements have changed.
What’s Changing for Sales Tax Filers?
Monument Becomes a Self-Collected Tax Authority
Previously, the State of Colorado handled Monument’s sales tax collection, but starting January 2025:
- Businesses must file and pay sales tax directly to Monument instead of the state.
- Taxes can be remitted through Monument’s Tax Portal or Colorado SUTS.
- New account setup may be required for businesses that were previously filing under state-administered returns.
New Fees and Penalties to Be Aware Of
- Late filing penalty: $15 or 10% of the tax due (whichever is greater).
- Interest on unpaid tax: 1% per month.
- Manual return filing fee: $25 per return if submitted outside of the electronic system
What Should Businesses Do Now?
- Determine if you need to register: If you sell in Monument, check whether you need a new Monument-specific account.
- Update your sales tax filing process: Ensure you are filing directly with Monument starting with your January 2025 return (due February 20, 2025).
- Use the correct filing system: Businesses should transition to Monument’s Tax Portal or the SUTS system to avoid manual filing fees.
- Plan for penalties and interest: Since this change is happening quickly, be prepared for any transition-related compliance challenges.
How TaxValet Can Help
Due to the short notice for businesses to register and adjust their filing process, TaxValet has successfully requested that penalties and interest be waived for January 2025 filings on behalf of our clients.
As a TaxValet client, here’s how we’ll make your life easier:
✅ We handle registration for you, ensuring you have the right tax accounts set up in time.
✅ We update your filing process, so your taxes are remitted correctly to the Town of Monument.
✅ We monitor compliance to ensure you’re meeting all new deadlines and avoiding unexpected fees.
✅ We have a team of experts tracking changes in state administered locals and new or changing homerule jurisdictions, keeping you informed on how they may impact your business.
✅ We advocate on your behalf, securing penalty relief and making sure your business isn’t unfairly penalized during the transition.
With TaxValet, you don’t have to worry about navigating these changes alone—we handle everything for you, so you can focus on running your business. Contact us today to get started.