The Iowa Legislature's decision on whether or not to couple federal tax law changes will have a major impact on many people's tax returns this year. Here's a previous Tax Tip Tuesday blog on this issue. And this has left many Iowans wondering if they should wait to file.
Unfortunately, at this time, there has not been any conclusion to this issue. The good news is that the Senate and governor are now willing to discuss how to pass this for 2015 tax returns.
The bad news is that we are two months into 2016 and still don’t know what the Iowa tax rules will be for some returns that were impacted by the 2015 federal tax extenders bill passed in late December 2015.
We will let you know as soon as this issue is resolved. Please continue to reach out to your legislator concerning this important issue.
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.