Iowa Farmers Have Until April 30 to File Iowa Tax Returns
In the last two weeks we have posted several times on the issues facing Iowa farmers on filing their Iowa income tax returns for this year. There has been a lot of back and forth as to whether Iowa will couple with all of the federal changes (at least for 2015). That issue is not totally resolved yet, however, almost all Iowa farmers normally file and pay their income tax returns by March 1 of each year.
With the uncertainty of what the final tax laws will be, the Iowa Department of Revenue took the original position that farmers must file by March 1 and then file an amended tax return to get a refund of taxes paid if Iowa did in fact couple with the federal changes. Our post last week showed how much extra cost this would entail, both for Iowa farmers and for the Department of Revenue.
At least it appears that they have “seen the light” and Governor Branstad just announced yesterday that all Iowa farmers will have until April 30 to file and pay their Iowa income tax. This is good news for Iowa farmers and their income tax preparers. I would say my least favorite tax return to prepare is an amended tax return especially if there is a refund. Amended tax returns showing refunds usually take at least 6 months to get processed.
We will keep you posted on what finally happens on coupling, but for now, there is better news for Iowa farmers and their tax due date for 2015 tax returns.
Paul Neiffer, CPA
Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a principal with CliftonLarsonAllen in Walla Walla, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. Paul and his wife purchase an 180 acre ranch in 2016 and enjoy keeping it full of animals.
Still need to file by March 1 because Iowa efile piggybacks on the federal efile which is due March 1. Nice but will still need to efile federal and paper file Iowa or file and amend Iowa