Iowa Administrative Code › Agency 701 - Revenue Department › Title VII - Franchise Tax › Chapter 601 - Filing Returns, Payment of Tax, Penalty and Interest, and Tax Credits › Rule 701-601.3 - Form for Filing

Current through Register Vol. 47, No. 3, July 24, 2024
(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 unnecessary 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 422.61(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:
a. Capital
				gains.
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.