State & Federal Tax Information & Updates
Provided below is a list of tax resources and information for Johnson County area businesses that have been affected by the COVID-19 (Coronavirus) outbreak. We will continue to update this page as more resources become available.
Iowa Small Business Relief Grants/Tax Deferral
IEDA and the Iowa Department of Revenue (IDR) are providing a joint application for Small Business Relief Grants and Tax Deferral for businesses with a location in Iowa. Applications closed on March 31, 2020.
Grants
- Assist small businesses in maintaining or reopening business operations
- Range from $5,000-$25,000 – funds can be used to assist eligible businesses in maintaining operations or reopening business
- Funds may not be used to pay debts incurred prior to March 17, 2020
- Must have employed between 2-25 people prior to March 17, 2020
Tax Deferral
IDR reviewing applications to determine if appropriate to grant a deferral for sales and use or withholding tax
Income Tax Returns
Iowa to extend filing and payment deadline for income tax and other tax types
Federal Taxes Deadline Extended to July 15th
The Internal Revenue Service (IRS) announced that the administration has moved the IRS deadline for filing taxes from April 15 to July 15 due to the disruption caused by the coronavirus. That’s a change from a few days ago when the filing deadline remained April 15. Most individuals and businesses will be allowed to delay paying their federal tax bills for 90 days as part of an emergency relief plan amid the coronavirus pandemic. Without penalty, individuals, including pass-through businesses, who owe less than $1 million will be able to delay paying. Corporations will be able to defer payment on taxes due up to $10 million. Individuals and businesses must make payments due to the federal treasury by July 15, 2020. If you are expecting a refund, continue to file as usual. As of now, the IRS is still processing returns and sending out refunds.
Iowa Department of Revenue Extended Tax Filing Deadline
The Iowa Department of Revenue has extended the filing and payment deadline for several state tax types, including income tax. The order, prompted by coronavirus and signed by Director of Revenue Kraig Paulsen, extends filing and payment deadlines for income, franchise, and moneys and credits taxes with a due date on or after March 19, 2020, and before July 31, 2020, to a new deadline of July 31, 2020.