Form DR5785 Electronic Funds Transfer (Eft) Account Setup for Tax Payments - Colorado

What Is Form DR5785?

This is a legal form that was released by the Colorado Department of Revenue - a government authority operating within Colorado. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is the purpose of the Form DR5785?A: The Form DR5785 is used to set up an Electronic Funds Transfer (EFT) account for tax payments in Colorado.

Q: Who can use Form DR5785?A: Any individual or business in Colorado who wants to make tax payments through electronic funds transfer can use Form DR5785.

Q: What information is required on Form DR5785?A: Form DR5785 requires information such as the taxpayer's name, address, Social Security Number or Taxpayer Identification Number, financial institution details, and authorization for the electronic funds transfer.

Q: Is there a fee for setting up an EFT account using Form DR5785?A: No, there is no fee for setting up an EFT account using Form DR5785.

Q: Can Form DR5785 be used for all types of tax payments?A: Yes, Form DR5785 can be used for various types of tax payments, including income tax, sales tax, and other types of taxes administered by the Colorado Department of Revenue.

Q: Is electronic funds transfer mandatory for tax payments in Colorado?A: No, electronic funds transfer is not mandatory for tax payments in Colorado. It is optional for taxpayers who prefer this method of payment.

Q: Are there any penalties for late or insufficient electronic fund transfers?A: Yes, penalties may apply for late or insufficient electronic fund transfers. Taxpayers should ensure that they have sufficient funds in their account and submit payments on time to avoid penalties.