Tax Tip Tuesday: Biennial Report
If you are a for profit corporation, including an S corporation, authorized to do business in Iowa, you most likely have recently received a letter reminder from the Secretary of State, reminding you to file your Biennial Report. This report is due by April 1st of even numbered years for profit corporations and cooperative associations. The report is filed in odd numbered years by LLCs, PLLCs, LPs and Nonprofits.
The filing process is quite simple. You will need your Iowa corporation number and pin number to access online filings or paper forms on the Iowa Secretary of State website. Both numbers can be found on the biennial report notice. Simply sign onto the website here, enter the Corporation and pin numbers and choose whether to file online or by paper. For corporations, the fee to file online is $30 and the fee to file by paper is $45. Cooperatives pay a $5 fee whether they choose to file online or by paper. Nonprofits pay no fee. Even if you file online, you can still pay via a check for the $30 fee.
Once you have signed on, you will be asked to update the address of your registered office and agent, address of your principal office and the names and addresses of your president, secretary, treasurer and one member of the board of directors.
There is no fee for filing late, but if you do not file, your corporation will be administratively dissolved or revoked. If you have misplaced your reminder letter, you can call the Secretary of State’s office at 515-281-5204 and they will give you the corporation and pin number over the phone.
Disclaimer: The items included in the Tax Tip Tuesday Video Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation. IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advise contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.