A second round of tax deferrals for small businesses — for tax periods May 1 through June 30 — was announced by the Iowa Department of Revenue on Wednesday.
The program’s continuation is to provide flexibility for small businesses affected by COVID-19, Revenue Director Kraig Paulsen said in a statement.
The initial Iowa Small Business Relief program, begun March 23 and that included deferrals and grants, stopped accepting applications April 30.
Businesses that already turned in an application for the program needn’t reapply.
Some changes to this round, according to the revenue department, include:
• Only payments are deferred.
• Sales tax and withholding tax returns must be filed on or before the due date. If tax returns are not filed in a timely manner, the business will be disqualified from the program and late payments and filing penalties will be applied.
• Each payment included in the new program is deferred for 30 days. Penalties will apply and interest will begin to accrue if payment is not made by the end of the 30-day deferral period.
• Payments deferred between and including March 20 and April 30, 2020, still are deferred for 60 days as indicated in an earlier notice.
Go to tax.iowa.gov/COVID-19 for more details
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