Tax Tip Tuesday: Iowa Legislature Approved Bill

On Saturday, the Iowa Legislature gave final approval to a bill that will eventually (starting in 2019) lower individual and corporate rates, eliminate federal deductibility and subject some new items to sales tax. Assuming Governor Reynolds signs the bill, I will be thoroughly analyzing this new legislation over the next two weeks and will have a full review on May 22, 2018.

We will be taking a break next week.

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 advice 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.