Preheat the oven to 350 degrees. In a large skillet, brown the ground beef and drain off any excess liquid. Stir in refried beans, taco sauce, chili powder, and cumin. Lightly grease a 9×13 inch baking dish. Spread the ground beef/refried beans mixture into an even layer on the bottom of the baking dish. Spread the sour cream in an even layer over the beef and bean mixture. Layer onions, tomatoes, olives, and jalapeno pepper rings over the sour cream. Top with Colby-jack cheese.
Place into the oven and bake at 350 degrees for 30 minutes. Serve immediately.