Iowa Corporation Income Tax Instructions - 2014 Page 2
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7General Instructions
Which Return to File
Short Year: Where under the provisions of the
Internal Revenue Code a corporation is
Regular
Corporations:
Every
corporation
required to file a short period return, the Iowa
doing business in this state or deriving income
short period return is due 45 days after the
from sources within this state, unless exempt by
original federal due date.
Iowa Code section 422.34, must file an Iowa
UBIT (Nonprofit Corporation): A nonprofit
corporation return, IA 1120.
corporation
reporting
unrelated
business
FSCs: Foreign sales corporations domiciled or
income on federal form 990-T must file an IA
incorporated in Iowa must file an IA 1120S if
1120 on or before the 15th day of the 5th
any income or loss is reportable to Iowa.
month following the end of the tax period. If the
S Corporations, IC-DISCs: S corporations
nonprofit
corporation
has
no
unrelated
and Interest Charge Domestic International
business income, even if filing a form 990-T to
Sales Corporations must file an Iowa Income
claim the small business health care tax credit,
Tax Return for an S Corporation, IA 1120S.
no Iowa return or copy of the federal return is
Limited Liability Companies (LLCs): Limited
required to be filed.
liability
companies
that
are
taxed
as
Automatic Extension of Time to File
corporations for federal purposes must file the
All taxpayers who have paid 90% or more of
IA 1120. All other limited liability companies
their correct tax on or before the original due
must file form IA 1065, Partnership Return of
date of their return automatically have an
Income. Single member LLCs do not need to
additional six months in which to file their
file an IA 1065. They must include their
return and pay any additional tax due with no
business income from federal Schedule C on
penalty. Taxpayers who have not paid 90% or
their individual tax returns or on the corporation
more of their correct tax on or before the
income tax return of the owner.
original due date of their corporation income
Financial Institutions: Every bank, savings
tax return are not allowed the six-month
and loan association, and other financial
additional period of time to file and owe both
institution as defined in Iowa Code section
penalty and interest on the additional tax due
422.61 doing business in this state as a
after the original due date of their return. If an
financial institution must file an Iowa Franchise
additional payment is necessary in order to
Tax Return, IA 1120F.
meet the 90% requirement, it must be made
by the original due date of the return.
When to File
Such payments can be made electronically on
Calendar Year: Return is due no later than
eFile & Pay or by using form 42-019, Iowa
April 30, 2015.
Corporation Tax Payment Voucher.
Fiscal Year: Return is due within four months
after the end of the fiscal year.
Interest will accrue on any tax due after the
Cooperative: Cooperative associations as
original due date of the return. All elections
defined in IRC section 6072(d) have until the
made on a return filed within six months of the
15th day of the 9th month after the close of
original due date will be considered timely.
their period to file a return.
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42-002 (09/08/14)
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