Form Ia 1120f - Instructions
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3Iowa Department of Revenue
IA 1120F Instructions
GENERAL INSTRUCTIONS
WHO SHALL FILE: Corporations doing business in Iowa
to the Iowa return.
as financial institutions must file an Iowa 1120F franchise
REGISTRATION INFORMATION CHANGES: If
tax return. Financial institutions include state banks
applicable, please check the change of mailing address box
chartered in or out of Iowa, national banks, national
on the franchise tax form and enter your new address. If you
association banks, Federal savings banks, production credit
are changing the Federal Identification Number or the name
associations, Federally chartered savings and loan
of the bank, please send a letter prior to filing your tax return
associations, trust companies, financial institutions chartered
explaining the circumstances and the effective date of
by the Federal Home Loan Bank Board, savings and loan
change. Send your letter to: Bank Franchise Tax, Iowa
associations incorporated by Iowa or any other state, and any
Department of Revenue, P.O. Box 10456, Des Moines IA
financial institution controlled by the Resolution Trust
50306-0456.
Corporation.
APPORTIONMENT OF INCOME: If you are subject to
TAX PERIOD END: Iowa considers every period end to be
apportionment of income, please contact the Department at
the last day of the month. If your period end is not the last
(515) 281-3272 to request IA Schedule 59F, or download a
day of the month, you must use the month end closest to the
copy from the department’s Web site at .
end of your accounting period. Report only the month and
The schedule was updated in 1998; please use the revised
year on the Iowa tax form.
form.
WHEN TO FILE: Franchise tax returns must be filed no
HOW TO FILE: Complete all questions on pages one and
later than the last day of the fourth month following the
two of the IA 1120F. Attach a complete copy of your Federal
close of the financial institution’s taxable year. Amended
return as filed with the Internal Revenue Service. If no copy
returns must be filed within three years of the due date of the
is attached, this WILL NOT be considered a complete return.
original return.
The preparer must sign, date the return and enter SSN,
WHERE TO FILE: Mail your return to Franchise Tax
FEIN, or PTIN.
Return Processing, Iowa Department of Revenue, P.O. Box
CONFIDENTIALITY AND FAIR INFORMATION
10413, Des Moines IA 50306-0413.
PRACTICES NOTICE
ADDITIONAL TIME TO FILE: If 90% or more of the
Information from this return may be made available to the
correct amount of tax due is paid by the due date of the
Internal Revenue Service or to tax officials of another state
return, then no late penalty will be assessed provided that the
under a tax information exchange program. Except as
return is filed within six months of the due date. Any tax
allowed by law, information on this return cannot be
elections made on the return will be considered timely if the
released to anyone who is not an Iowa Department of
return is filed no later than six months from the due date. If
Revenue or Internal Revenue Service employee. Any
an additional payment is necessary in order to meet the 90%
Department of Revenue employee who discloses tax
requirement, you must make payment using the Iowa
information without legal authority is subject to a fine of
Franchise Tax Payment Voucher, form 43-009.
$1,000.
SECTION 179 EXPENSING:
Any applicable information requested must be provided. The
information is necessary to complete, correct or process tax
Iowa has adopted the Federal law increasing the Section 179
returns; to figure tax due; to collect tax, interest and
expensing allowance for tax years beginning on or after
penalties or to carry out administrative duties. If necessary
January 1, 2003.
information is not provided or if fraudulent information is
For any assets placed in service after September 10, 2001,
provided, penalties and interest may be assessed and
but before May 6, 2003, Iowa continues to disallow the
criminal prosecution may result. Without required
30% bonus depreciation provisions of the Federal Job
information, the exemptions, credits, deductions, or
Creation and Worker Assistance Act of 2002. Form IA4562A
adjustments shown on returns may have to be disallowed.
will still need to be filed for these assets to account for the
difference between Iowa and Federal depreciation.
Form IA 4562A has been updated to reflect these
changes. In addition, a new form, IA4562B Iowa
Depreciation Accumulated Adjustment Schedule, is available
on the department’s Web site and should be completed to
record the cumulative effect of the adjustment and attached
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43-008a (7/26/05)
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