On June 29, 2020 Governor Reynolds signed into law House File 2641. The Department has released guidance to explain this tax change as it relates to the following:
The Iowa Department of Revenue has released new sales tax guidance:
The Iowa Department of Revenue has released new guidance as it reflects to Sales Tax.
The Iowa Department of Revenue is issuing updated income tax withholding formulas and tables for 2021 to continue to align Iowa withholding with recent changes in state tax laws.
For individuals, this means that employers will be reducing the amount of Iowa tax withheld from employees’ paychecks, beginning January 1, 2021, increasing take-home wages for individuals.
As a result of the August 10, 2020, derecho storm that affected Iowa, the Internal Revenue Service extended until December 15, 2020, certain tax-filing and tax-payment deadlines falling on or after August 10, 2020, and before December 15, 2020.
Des Moines, Iowa – The Iowa Department of Revenue has finalized individual income tax brackets and individual income tax standard deduction amounts for the 2021 tax year (applicable for taxes due in 2022) and the 2021 interest rate, which the agency charges for overdue payments.
Third Quarter Income Tax Estimate
The Department is reminding taxpayers that Iowa has not extended the due date for estimated income tax payments. The third quarter installment of tax year 2020 estimated income tax for taxpayers filing on a calendar year basis is due September 30, 2020.
The Government Working Group of the Governor’s Economic Recovery Advisory Board will meet from 10 a.m. to noon on Wednesday, September 9. The public is invited to attend.