10 April 2020 Iowa Small Business Relief program allows employers to defer their income tax withholding payments for 60 days The Iowa Department of Revenue issued a reminder that businesses impacted by COVID-19 can still apply for a deferral on making withholding tax payments under the Small Business Relief Program. Under the relief program, for any sales and/or withholding tax filing due during the period beginning March 20, 2020, through the close of business on April 30, 2020, businesses can get an extension of an additional 60 days from the original due date to file the return or pay the tax. Penalties associated with sales and/or withholding tax filings due during the period beginning March 20, 2020, through close of business on April 30, 2020, will also be waived. Interest is waived for 60 days from the date the return was due. If a payment has not been made within the 60-day period, interest will begin to accrue on the outstanding balance due on the first day of the calendar month after the 60th day. Businesses wishing to apply for this program are instructed to complete and submit a Small Business Relief Tax Deferral application. The Department notes that submitting an application does not guarantee assistance. Taxpayers that are not granted relief through the application process described above could qualify for relief from penalty (but not interest) if they meet one of the reasons described in Iowa Code Section 421.27. Requests for a penalty waiver are made on the Department's Penalty Waiver Request, 78-629. For more information go to tax.iowa.gov/COVID-19.
Document ID: 2020-0951 | |||||||||||
