Iowa Admin. Code r. 701-505.1

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

Rule 701-505.1 - Who must pay estimated tax

(1)General rule. Every corporate taxpayer, including both domiciliary and nondomiciliary corporations, shall pay estimated tax if the amount of tax payable, less credits, can reasonably be expected to be more than $1,000 for the calendar or fiscal year. The amount of estimated tax paid shall be used as a credit on the Iowa corporate income tax return.

(2)Definition. For purposes of this division, "estimated tax" means the amount which the taxpayer estimates to be the tax due and payable under division III of Iowa Code chapter 422.

This rule is intended to implement Iowa Code section 422.85.

Iowa Admin. Code r. 701-505.1

Editorial change: IAC Supplement 11/2/22