State tax deadlines extended amid COVID-19 outbreak

first_imgRelease #1Des Moines, Iowa – The Iowa Department of Revenue today extended the filing and payment deadline for several state tax types, including income tax. The changes, prompted by COVID19, are designed to provide flexibility to hard-working Iowans whose lives have been disrupted. The changes are a result of an order signed earlier today by Director of Revenue Kraig Paulsen.The order extends filing and payment deadlines for income, franchise, and moneys and credits taxes with a due date on or after March 19, 2020, and before July 31, 2020, to a new deadline of July 31, 2020.Specifically, the order includes:• IA 1040 Individual Income Tax Return and all supporting forms and schedules• IA 1040C Composite Return and all supporting forms and schedules• IA 1041 Fiduciary Return and all supporting forms and schedules• IA 1120 Corporation Income Tax Return and all supporting forms and schedules• IA 1120F Franchise Tax Return for Financial Institutions and all supporting forms and schedules• IA 1065 Iowa Partnership Return and all supporting forms and schedules• IA 1120S S Corporation Return and all supporting forms and schedules• Credit Union Moneys and Credits Tax Confidential ReportWhat does the deadline extension apply to?The tax returns listed above and any tax due associated with those returns if the due date is on or after March 19 but before July 31 of this year. The extension does not apply to estimated tax payments.Who does the deadline extension apply to?Iowa residents or other taxpayers doing business in Iowa who are required to file the Iowa returns listed above.How are penalties and interest handled?No late-filing or underpayment penalties shall be due for qualifying taxpayers who comply with the extended filing and payment deadlines in this order. Interest on unpaid taxes covered by this order shall be due beginning on August 1, 2020.State income tax refunds currently are being processed at about the 30-day mark. Taxpayers can check the status of their refunds at the Department’s website where’s my refund page.Taxpayers and tax professionals who need assistance can contact the Department by email at [email protected] or call the taxpayer services phone line at 515-281-3114 or 1-800-367-3388.Release #2 Des Moines, Iowa – The Iowa Department of Revenue today extended one income tax withholding deposit due date for certain taxpayers. The change, prompted by COVID-19, is designed to provide flexibility to disrupted businesses. The extension is a result of an order signed earlier today by Director of Revenue Kraig Paulsen.The order extends the income tax withholding deposit due date for the period ending March 15, 2020, from March 25, 2020, to the new deposit due date April 10, 2020. It applies to Iowa residents or other taxpayers doing business in Iowa who remit income tax withholding on a semi-monthly basis.How are penalties and interest handled?No late-filing or underpayment penalties shall be due for qualifying taxpayers who comply with the extended filing and payment deadlines in this order. Interest on unpaid taxes covered by this order shall be due beginning on April 11, 2020.State income tax refunds currently are being processed at about the 30-day mark. Taxpayers can check the status of their refunds at the Department’s website where’s my refund page.Taxpayers and tax professionals who need assistance can contact the Department by email at [email protected] or call the taxpayer services phone line at 515-281-3114 or 1-800-367-3388. DES MOINES — The state’s top tax official has extended the deadlines for filing a variety of taxes, including individual income tax returns that had been due April 30th. Individual state income tax returns are now due by July 31st.The filing and payment periods for several types of state taxes, including withholding taxes submitted by businesses, are also extended.Department of Revenue director Kraig Paulsen says these changes are designed to provide flexibility to hard-working Iowans whose lives have been disrupted by the COVID-19 outbreak.last_img

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