IDR Releases New Tax Guidance: Web Hosting Taxability
The Department has released new tax guidance to explain the taxability as it relates to certain digital products, software, and related services: Web Hosting.
The Department is excited to announce our new website, revenue.iowa.gov, is launching in one week, on July 9!
IDR Announces 2022 Interest Rates, Deductions, Income Tax Brackets
Des Moines, Iowa – The Iowa Department of Revenue has finalized individual income tax brackets and individual income tax standard deduction amounts for the 2022 tax year (applicable for taxes due in 2023) and the 2022 interest rate, which the agency charges for overdue payments.
Interest Rates
Starting January 1, 2022, the interest rate for taxpayers with overdue payments will be:
GovConnectIowa: File Specifications and Bulk File Testing Now Available
The Iowa Department of Revenue is modernizing our technology and processes to better serve Iowa taxpayers. The end result of this four-year effort will provide taxpayers, businesses, and tax professionals with a new and secure portal, GovConnectIowa. Beginning November 15, 2021, GovConnectIowa will be available for business taxes and will include new business registration and filing returns and making payments for sales and use tax, fuel tax, and income tax withholding.
Iowa Corporate Income Tax Changes for 2021
Several significant changes to Iowa’s corporate income tax take effect in 2021 as a result of the Iowa tax reform bill. These changes include reductions to corporate income tax rates and the elimination of both federal deductibility and the Iowa corporate income Alternative Minimum Tax. In addition, under Senate File 619, bonus depreciation will be allowed for Iowa purposes for property placed in service in tax years beginning on or after January 1, 2021.
IDR Releases New Tax Guidance: Iowa Corporate Income Tax Changes
The Iowa Department of Revenue has released new state tax guidance regarding Iowa Corporate Income Tax Changes for 2021.
IDR Announces Modernized Portal: GovConnectIowa
Save time, go online! GovConnectIowa
The Iowa Department of Revenue and other state agencies are modernizing technology and processes to better serve Iowa taxpayers. The end result of this four-year effort will provide taxpayers, businesses, and tax professionals with a new and secure portal, GovConnectIowa.
3-Year Carryback for Iowa NOLs Incurred by Individuals During the COVID-19 Pandemic
This requires any net operating loss incurred by an individual engaged in a small business or farming business in Iowa after January 20, 2020 to be carried back 3 years, unless an election was made to waive the carryback period or to use the 5-year carryback period for farmers.
IDR Releases Tax Guidance: NOLs Incurred During COVID-19 Pandemic
The Iowa Department of Revenue has released state tax guidance regarding 3-Year carryback for Iowa NOLs incurred by individuals during the COVID-19 pandemic.
IDR Releases Updated Tax Guidance: Qualifying COVID-19 Grants - Income & Franchise Tax Exclusion
The Iowa Department of Revenue has released updated state tax guidance regarding legislative changes to the exclusion enacted in 2021 Iowa Acts, Senate File 619.