Federal law (26 U.S.C. Section 6050X) now requires government entities receiving payments of $50,000 or more in certain suits or agreements, to file a specific information return with the IRS, as well as furnish a statement to each person who is a party to the suit or agreement.

The 2022 Iowa General Assembly enacted and Governor Reynolds signed Senate File 2378, a bill that made changes to Iowa’s beverage container deposit and redemption law, commonly known as the “bottle bill.” SF 2378 creates a new reimbursement for beer distributors which pay handling fees for empty beer containers to entities that collect those containers. This new reimbursement to beer distributors will be administered by the Iowa Department of Revenue.

Beginning in 2023, certain business entities will be required to file their 2022 and later Iowa income tax returns electronically. Similar requirements will take effect for 2023 Iowa Fiduciary income tax returns.