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The Iowa Department of Revenue has released updated tax guidance:
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Iowa Nonconformity: The Federal Consolidated Appropriations Act of 2021
The Department has issued updated guidance related to Iowa’s conformity with the federal Consolidated Appropriations Act, 2021 in order to account for the Iowa legislature’s recent conformity with sections 276(a) and 278(a) of that federal Act (allowable business deductions using forgiven Paycheck Protection Program loans) for tax year 2019 fiscal year filers. Iowa now fully conforms with the federal tax treatment of PPP loans and related expenses for tax years ending after March 27, 2020. This may require certain fiscal year filers to file amended 2019 Iowa returns in order to claim the benefit of deductions for certain expenses paid using PPP loan funds.
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The mission of the Iowa Department of Revenue is to serve Iowans and support state government by collecting all taxes required by law, but no more.
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