October 10, 2022
2022-1531 Iowa updates income tax withholding reporting requirements, establishes penalty for late and inaccurate Forms W-2/1099 - Legislation adopts the administrative policy that the due date for filing Iowa Forms W-2/1099 is February 15.
- A penalty of $500 applies to each occurrence of filing a late or inaccurate Form W-2/1099.
- Starting with tax year 2022, the Verified Summary of Payments (VSP) is no longer required.
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The Iowa Department of Revenue (IDR) has issued proposed rulemaking that implements law changes enacted this year under HF 2552 and makes other changes to better conform the law changes with how the IDR currently administers withholding filings. The IDR website is updated to reflect these updated rules. A list of changes effective beginning with tax year 2022 follows: - The due date for filing Forms W-2/1099 with the IDR is updated from the last day of February to February 15, in line with current IDR policy.
- In addition to other penalties that may apply, a penalty of $500 applies to each time the payer issues or files an inaccurate or late Form W-2/1099.
- TheVSP report is no longer required. The VSP was due February 15 of the year following the year in which covered payments were made.
- All Forms W-2/1099 with Iowa income tax withholding must be filed using GovConnectIowa.
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