2020 Iowa Acts, House File 2641, Division V, modified the procedures and requirements for reporting federal income tax changes to the Iowa Department of Revenue. This guidance is intended to provide a general overview of these procedures and requirements for Iowa taxpayers who are individuals (IA 1040), estates or trusts (IA 1041), C corporations (IA 1120), financial institutions (IA 1120F), S corporations (IA 1120S), partnerships (IA 1065), and composite return filers (IA 1040C), for federal income tax changes made after July 1, 2020. The Department intends to adopt or update administrative rules as necessary to implement these law changes and this guidance.
Federal Amended Returns or Federal Audit Adjustments
Note: This section does not cover federal income tax changes governed by the Bipartisan Budget Act of 2015 (BBA), also referred to as the centralized partnership audit regime. If you are a partnership or partner that is subject to a federal centralized partnership audit change or a federal administrative adjustment request (AAR) change, see the “Federal Centralized Partnership Audit Regime” section below.