(Des Moines)- The Iowa Department of Revenue announced on Thursday, April 9, conditional penalty relief for taxpayers required to make estimated payments. The changes, prompted by COVID-19, are the result of Order 2020-03, an order signed by Director of Revenue Kraig Paulsen.
Specifically, the order provides conditional penalty relief for taxpayers required to make estimated payments of individual, corporate, or franchise tax for a tax year beginning during the 2020 calendar year which have an installment due date on or after April 30, 2020, and before July 31, 2020.
More information, including detailed provisions, related to the relief is listed in the order. In addition, the Department has updated its Frequently Asked Questions related to estimated tax at tax.iowa.gov/COVID-19, with several FAQs related to the conditional penalty relief granted in this order.
Department officials also note that State income tax refunds currently are being processed at about the 30-day mark.
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