Iowa Admin. Code r. 701-202.8

Current through Register Vol. 47, No. 5, September 4, 2024

Rule 701-202.8 - Sale of business

(1)Final return due. A retailer selling the business shall file a return within the succeeding month and pay all tax due. Any unpaid tax shall be due prior to the transfer of title of any personal property to the purchaser, and the tax becomes delinquent one month after the sale.

(2)Record retention. A retailer discontinuing business shall maintain the business's records for a period of five years from the date of discontinuing the business unless a release from this provision is given by the department. 701-subrule 285.28(2) provides for possible sales and use tax consequences relating to the sale of a business.

This rule is intended to implement Iowa Code section 423.33.

Iowa Admin. Code r. 701-202.8

Adopted by IAB July 13, 2022/Volume XLV, Number 1, effective 7/1/2022

Adopted by IAB March 6, 2024/Volume XLVI, Number 18, effective 4/10/2024