Instructions For Form Ia 1120f - Franchise Return For Financial Institutions - 2011
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3Iowa Department of Revenue
2011 IA 1120F Instructions
GENERAL INSTRUCTIONS
Who Must File: Corporations doing business in Iowa
In addition, IA 4562B Iowa Depreciation Accumulated
as financial institutions must file an Iowa 1120F
Adjustment Schedule is available on the Department’s
franchise tax return. Financial institutions include state
Web site and should be completed to record the
banks chartered in or out of Iowa, national banks,
cumulative effect of the adjustment and attached to the
national association banks, federal savings banks,
Iowa return.
production credit associations, federally chartered
Net Operating Loss Carrybacks: Iowa no longer
savings and loan associations, trust companies, financial
allows carrybacks of net operating losses for franchise
institutions chartered by the federal Home Loan Bank
tax for tax years beginning on or after January 1, 2009.
Board, savings and loan associations incorporated by
Registration Information Changes: If applicable,
Iowa or any other state, and any financial institution
please check the Mailing Address Change box on the
controlled by the Resolution Trust Corporation.
franchise tax form and enter your new address. If you are
Tax Period End: Iowa considers every period end to be
changing the Federal Identification Number or the name
the last day of the month. If your period end is not the
of the bank, please send a letter prior to filing your tax
last day of the month, you must use the month end
return explaining the circumstances and the effective
closest to the end of your accounting period. Report only
date of change. Send your letter to Bank Franchise Tax,
the month and year on the Iowa tax form.
Iowa Department of Revenue, P.O. Box 10456, Des
When to File: Franchise tax returns must be filed no
Moines IA 50306-0456.
later than the last day of the fourth month following the
Apportionment of Income: If you are subject to
close of the financial institution’s taxable year. Amended
apportionment of income, please contact the Department
returns must be filed within three years of the due date of
at (515) 281-3272 to request IA Schedule 59F, or
the original return. For 2011 calendar year filers, the
download a copy from the Department’s Web site at
return is due April 30, 2012.
Where to File: Mail your return to Franchise Tax
How to File: Complete all questions on pages 1 and 2
Return Processing, Iowa Department of Revenue, P.O.
of the IA 1120F. Attach a complete copy of your federal
Box 10413, Des Moines IA 50306-0413.
return as filed with the Internal Revenue Service. If no
Additional Time to File: If 90% or more of the correct
copy is attached, this WILL NOT be considered a
amount of tax due is paid by the due date of the return,
complete return. The preparer must sign, date the return,
then no late penalty will be assessed provided that the
and enter SSN, FEIN, or PTIN.
return is filed within six months of the due date. Any tax
Confidentiality and Fair Information Practices
elections made on the return will be considered timely if
Notice: Information from this return may be made
the return is filed no later than six months from the due
available to the Internal Revenue Service or to tax
date. If an additional payment is necessary in order to
officials of another state under a tax information
meet the 90% requirement, you must pay using the Iowa
exchange program. Except as allowed by law,
Franchise Tax Payment Voucher, form 43-009.
information on this return cannot be released to anyone
Section 179 Expensing / Bonus Depreciation:
who is not an Iowa Department of Revenue or Internal
Effective with the enactment of Senate File 512 on April
Revenue Service employee. Any Department of Revenue
12, 2011, Iowa did adopt the federal provisions relating
employee who discloses tax information without legal
to increasing the expensing amount under section 179 of
authority is subject to a fine of $1,000.
the Internal Revenue Code passed by Congress in 2010.
Any applicable information requested must be provided.
The section 179 expensing amount for 2011 is $500,000.
The information is necessary to complete, correct, or
For any assets placed in service after September 10,
process tax returns; to figure tax due; to collect tax,
2001, but before May 6, 2003, Iowa continues to
interest, and penalties, or to carry out administrative
disallow the 30% bonus depreciation provisions of the
duties. If necessary information is not provided or if
federal Job Creation and Worker Assistance Act of 2002.
fraudulent information is provided, penalties and interest
In addition, Iowa does not allow the 50% bonus
may be assessed and criminal prosecution may result.
depreciation provisions for assets acquired after
Without required information, the exemptions, credits,
December 31, 2007, and before January 1, 2013. Form
deductions, or adjustments shown on returns may be
IA 4562A must be filed for these assets to account for the
disallowed.
difference between Iowa and federal depreciation.
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43-008a (08/08/11)
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