Form Ia 1120f Instructions - 2014
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32014 IA 1120F Instructions
Who Must File:
that occurred after January 1, 2014.
Corporations doing business in Iowa as
For any assets placed in service after
financial institutions must file an IA 1120F
September 10, 2001, but before May 6, 2003,
franchise tax return. Financial institutions
Iowa continues to disallow the 30% bonus
include state banks chartered in or out of Iowa,
depreciation provisions of the federal Job
national banks, national association banks,
Creation and Worker Assistance Act of 2002.
federal
savings
banks,
production
credit
In addition, Iowa does not allow the 50% or
associations, federally chartered savings and
100% bonus depreciation provisions for assets
loan associations, trust companies, financial
acquired after December 31, 2007, and before
institutions chartered by the federal Home
January 1, 2015. Form IA 4562A must be filed
Loan
Bank
Board,
savings
and
loan
for these assets to account for the difference
associations incorporated in another state, and
between Iowa and federal depreciation.
any financial institution controlled by the
In addition, complete the IA 4562B to record
Resolution Trust Corporation.
the cumulative effect of the adjustment and
Tax Period End:
include with the Iowa return.
Iowa considers every period end to be the last
Net Operating Loss Carrybacks:
day of the month. If your period end is not the
Iowa no longer allows carrybacks of net
last day of the month, you must use the month
operating losses for franchise tax.
end closest to the end of your accounting
period.
Registration Information Changes:
If applicable, please check the Mailing Address
When to File:
Change box on the IA 1120F return and enter
Franchise tax returns must be filed no later
your new address. If you are changing the
than the last day of the fourth month following
Federal Identification Number or the name of
the close of the financial institution’s taxable
the bank, please send a letter prior to filing
year. Amended returns must be filed within
your tax return explaining the circumstances
three years of the due date of the original
and the effective date of change. Send your
return. For 2014 calendar year filers, the return
letter to Franchise Tax Processing, Iowa
is due April 30, 2015.
Department of Revenue, P.O. Box 10413, Des
Where to File:
Moines IA 50306-0413.
Mail your return to Franchise Tax Processing,
Apportionment of Income:
Iowa Department of Revenue, P.O. Box 10413,
If you are subject to apportionment of income
Des Moines IA 50306-0413.
complete the IA Schedule 59F.
Additional Time to File:
How to File:
If 90% or more of the correct amount of tax due
Complete all questions on pages 1 and 2 of the
is paid by the due date of the return, then no
IA 1120F. Include a complete copy of your
late penalty will be assessed provided that the
federal return as filed with the Internal
return is filed within six months of the due date.
Revenue Service. If no copy is included, this
Any tax elections made on the return will be
will not be considered a complete return. The
considered timely if the return is filed no later
preparer must sign and date the return, and
than six months from the due date. If an
enter SSN, FEIN or Tax ID Number.
additional payment is necessary in order to
meet the 90% requirement, you must pay using
Confidentiality and Fair Information
the Iowa Franchise Tax Payment Voucher,
Practices Notice:
form 43-009.
Information from this return may be made
available to the Internal Revenue Service or to
Section 179 Expensing / Bonus
tax officials of another state under a tax
Depreciation:
information exchange program. Except as
At the time of publication, Iowa has not
allowed by law, information on this return can
adopted
federal
Internal
Revenue
Code
only be released to an Iowa Department of
changes regarding the determination of income
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43-008a (07/17/14)
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