If you Travel for work, now is the time to familiarize yourself with the revised Business Expense Substantiation & Tax Implications procedures. Effective January 1, 2023, requirements for timely substantiation/submission of business expenses apply to Travel Card and Airfare Card transactions, as well as to employee out-of-pocket reimbursements.
The University of Colorado has developed policies related to the processing of commercial credit card transactions (Procurement Card, Travel Card, Airfare Card), cash advances, and employee reimbursements that meet the IRS definition of an accountable plan.
We know contracting through the PSC is now taking longer than in the past. There are several causes for extended timelines, many of which are common among entities throughout the economy, including staffing shortages throughout the supply chain, risk evaluations, and changing attitudes among our suppliers. While we are working hard to address these constraints, it’s important to make you aware of our current cycle time estimates and how together, we can improve them.
On July 1, 2022, Colorado began assessing a Retail Delivery Fee (RDF) of $0.27 fee on all deliveries made by motor vehicle to a location within Colorado containing property subject to state sales or use tax.
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