Iowa Department of Revenue Extends Filing and Payment Deadlines
Update: After Iowa issued its notice, the IRS issued a notice extending the filing deadline for federal returns to July 15.
The Iowa Department of Revenue has just announced that it is extending the filing and payment deadline for several state tax types, including income tax. The changes, prompted by COVID-19, are described in Order 2020-01 signed today by Director Paulsen. While the IRS has not extended the filing deadline for federal returns, Iowa has chosen to extend filing deadlines and payment due dates. Unlike the IRS, however, Iowa has chosen not to extend the deadline for making 1st quarter estimated payments.
Extended Filing and Payment Deadline
In the order, Iowa has extended 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, this relief 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 Report
Any of these returns with a due date on or after March 19 but before July 31, 2020, now have an extended due date of July 31, 2020. This extension applies to all payments associated with the above returns, but does not apply to any estimated tax payments. This extended deadline applies to Iowa residents and other taxpayers doing business in Iowa required to file the above Iowa returns.
No late-filing or underpayment penalties will be due for qualifying taxpayers who comply with the extended filing and payment deadlines set forth in the order. Interest on unpaid taxes covered by the order will be due beginning August 1, 2020.
Semi-Monthly Income Tax Withholding Filers
In addition to the above relief, the order also extends the income tax withholding deposit due date for the period ending March 15, 2020, from March 25, 2020, to April 10, 2020. This new deadline applies to Iowa residents or other taxpayers doing business in Iowa who remit income tax withholding on a semi-monthly basis. No late-filing or underpayment penalties will be due for qualifying taxpayers who comply with the extended filing and payment deadlines in the order. Interest on unpaid taxes will be due beginning April 11, 2020.
The Center for Agricultural Law and Taxation does not provide legal advice. Any information provided on this website is not intended to be a substitute for legal services from a competent professional. The Center's work is supported by fee-based seminars and generous private gifts. Any opinions, findings, conclusions or recommendations expressed in the material contained on this website do not necessarily reflect the views of Iowa State University.