Form Ia 1120f Instructions - 2014 (Page 2 of 3) in pdf

Revenue

Internal

Revenue

Service

correct amount of tax is not paid by the original

employee. Any Iowa Department of Revenue

due date of the return.

employee

who

discloses

tax

information

Failure to Timely Pay the Tax Due or

without legal authority is subject to a fine of

Penalty for Audit Deficiency. A penalty of 5%

$1,000.

will be added to the tax due if the return is filed

Any applicable information requested must be

by the original due date and at least 90% of the

provided. The information is necessary to

correct amount of tax is not paid by the original

complete, correct, or process tax returns; to

due date of the return.

figure tax due; to collect tax, interest, and

When the failure to file penalty and the failure

penalties, or to carry out administrative duties.

to pay penalty are both applicable, only the

If necessary information is not provided or if

failure to file penalty will apply.

fraudulent information is provided, penalties

Penalty for Willful Failure to File. A penalty

and interest may be assessed and criminal

of 75% will be added to the tax due for willful

prosecution may result. Without required

failure to file a return or for filing with intent to

information,

the

exemptions,

credits,

evade tax.

deductions, or adjustments shown on returns

may be disallowed.

Note: Penalties can only be waived under

limited circumstances, as described in Iowa

2014 IA 1120F Instructions

Code section 421.27

Line 1: Net income - Enter the amount of

federal taxable income computed after the

Line 23: Interest - For each month the

federal dividend deduction but before the

required tax is not paid, interest accrues on the

federal net operating loss.

unpaid tax at a rate prescribed by law from the

due date of the return until payment is

Line 2: Interest and dividends - Enter total

received. Any portion of a month is considered

interest and dividends from the evidences of

a full month when calculating interest due on

indebtedness; from securities of state and

unpaid taxes.

other political subdivisions exempt from federal

income tax; and obligations of United States

Line 25: Net overpayment - Enter the amount

possessions purchased after January 1, 1991.

of overpayment. If applicable, reduce the

If municipal interest taxable for Iowa differs

overpayment by the penalty on line 20.

from total municipal interest reported on the

Line 26: Credit to next period’s estimate tax

federal return, a schedule should be included.

- Enter the amount of overpayment to be

Line 3: Iowa franchise tax expenses on

credited

future

tax

liabilities.

The

federal return - Enter the amount of Iowa

carryforward election can only be made when

franchise tax expenses on your federal return.

the return is filed before the end of the next tax

period. If a return is filed after the end of the

Line 20: Penalty (IA 2220): Penalty for

next tax period, the overpayment will not be

Underpayment of Estimated Tax - A financial

credited, but instead will be refunded. The total

institution owing $1,000 or more in franchise

of the amount claimed for refund and the

tax and which has not paid adequate estimated

amount claimed for credit to 2015 estimated

payments is subject to an underpayment of

tax must equal the overpayment amount.

estimated tax penalty in addition to the tax and

late penalties. Iowa 2220 penalties may be

Line 27: Refund: Enter the amount of

assessed even if the return is overpaid by the

overpayment to be refunded.

original due date if the amount and/or timing of

the estimated payments is incorrect. Please

include form IA 2220 with the IA 1120F.

Line 21: Penalty

Failure to Timely File a Return. A penalty of

10% will be added to the tax due for failure to

timely file a return if the return is filed after the

original due date and if at least 90% of the

43-008c (07/17/14)

Form Ia 1120f Instructions - 2014 Page 2

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