IDR Releases New Guidance: Estimated Income Tax Payments for Business Entities

The Iowa Department of Revenue has released new tax guidance related to the following:

• Estimated Income Tax Payments for Business Entities
  Business entities that will owe $1000 or more in Iowa income or franchise tax for the tax year are required to make estimated tax payments in installments throughout the year. Estimated tax payments for business entities are due on the last day of the 4th, 6th, 9th, and 12th months of the tax year. A penalty is imposed if installment payments are late. Limited exceptions apply to this penalty. When making estimated tax payments, the "filing period" is the last day of the tax year, not the date of the estimated payment.

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