Iowa Admin. Code r. 701-600.3 - Retention of records
(1) Every
financial institution subject to the tax imposed by Iowa Code section
422.60 (whether or not the
financial institution incurs liability for the tax ) shall retain its books and
records as required by Section
6001 of the Internal Revenue Code and
federal income tax regulation 1.6001-1(e) including the federal schedules
required by 701-subrule 601.3(2). For taxpayers using an electronic data
interchange process or technology also see 701-subrule 11.4(4).
(2) In addition, records relating to
computation of the Iowa apportionment factor, allocable income, other
deductions or additions to federal taxable income, and Iowa tax credits shall
be retained so long as the contents may be material in the administration of
the Iowa Code under the statutes of limitation for audit specified in Iowa Code
section 422.25.
This rule is intended to implement Iowa Code sections 422.25 and 422.70.
Notes
ARC 9104B, IAB 9/22/10, effective 10/27/10; Editorial change: IAC Supplement 11/2/22; Editorial change: IAC Supplement 10/18/23
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