Iowa

Corporate income tax

Iowa corporation income tax return (IA 1120) is due on the last day of the fourth month after the end of the tax year (cooperatives: 15th day of the ninth month).

Extension. Automatic six-month extension to file (no form required) for taxpayers who have paid 90% or more of the correct tax by the original due date;...

Partnerships and S corporations

S corporations (and partnerships) may make a Pass-Through Entity Tax (PTET) election to be taxed at the entity level; electing entities must make estimated payments; the PTET election must be made by the date six months after the original due date of the return (2025 IA 1120S instructions). Composite return (IA PTE-C) requirements apply to nonresident owners.

Sales and use tax

Due date. Monthly returns and payments are due on or before the last day of the month following the end of the month in which the tax was collected; annual returns are due on or before January 31 for the prior calendar year.

Filing frequency. Effective July 1, 2022, quarterly filing was eliminated: taxpayers collecting less than $1,200 in sales and use tax per year file annually; taxpayers collecting $1,200 or more per year file monthly. Deposit payments are no longer required.

Thresholds. Annual < $1,200 tax per year; monthly >= $1,200 per year.

Prepayments. None. Mandatory semimonthly deposits were eliminated effective July 1, 2022; payment is due only when a return is filed.

Notes

Iowa has no franchise, net worth, or gross receipts tax on general businesses and no LLC fee at the Department of Revenue. Iowa returns use the last day of the 4th month (April 30), not the 15th.