Iowa Admin. Code r. 701-58.3
Current through Register Vol. 47, No. 10, November 13, 2024
Rule 701-58.3 - Form for filing(1)Use and completeness of prescribed forms. Returns shall be made by financial institutions on forms supplied by the department. Taxpayers not supplied with the proper forms shall make application for same to the department in ample time to have their returns made, verified and filed on or before the delinquency date. Taxpayers shall carefully prepare their returns so as to fully and clearly set forth the data required. For lack of a prescribed form, a statement made by a taxpayer disclosing the taxpayer's gross income and the deductions therefrom may be accepted as a tentative return, and if verified and filed within the prescribed time, will relieve the taxpayer from liability to penalties, provided that without imnecessary delay such a tentative return is replaced by a return made on the proper form. Each question shall be answered and each direction complied with in the same manner as if the forms and instructions were embodied in these rules. Failure to receive the proper forms does not relieve the taxpayer from the obligation of making any return required by the statute.
Returns received which are not completed, but merely state "see schedule attached" are not considered to be a properly filed return and may be returned to the taxpayer for proper completion. This may result in the imposition of penalties and interest due to the return being filed after the due date.
(2)Form for filing-financial institutions. Financial institutions as defined by Iowa Code section 42261(1). shall include a true and accurate copy of their federal corporation income tax return as filed with the Internal Revenue Service with the filing of their Iowa return. At a minimum this return includes the following federal schedules: income statement, balance sheet, reconciliation of income per books with income per return, analysis of unappropriated retained earnings per books, dividend income and special deductions, capital gains, tax computation and tax deposits, work opportunity credit computation, foreign tax credit computation, alternative minimum tax computation, and statements detailing other income and other deductions. When a financial institution whose income is included in a consolidated federal income tax return files an Iowa return, federal consolidating income statements as properly computed for federal income tax purposes showing the income and expenses of each member of the consolidated group shall be required together with the following additional schedules on a separate basis:
b. Dividend income and special deductions.c. Work opportunity credit computation.d. Foreign tax credit computation.e. Holding company tax computation.f. Alternative minimum tax computation.g. Schedules detailing other income and other deductions.(3)Amended returns. If it becomes known to the taxpayer that the amount of income reported to be federal net income or Iowa taxable incomesubject to franchise tax was erroneously stated on the Iowa return, or changed by Internal Revenue Service audit, or otherwise, the taxpayer shall file an amended Iowa return along with supporting schedules, to include the amended federal return and a copy of the federal revenue agent's report if applicable. A copy of the federal revenue agent's report and notification of final federal adjustments provided by the taxpayer will be acceptable in lieu of an amended return. The assessment or refund of tax shall be dependent on the statute of limitations as set forth in 701-subrule 57.2(1) and rule 701-603. (422). This rule is intended to implement Iowa Code sections 422.62, 422.66 and 422.73.
Iowa Admin. Code r. 701-58.3