Iowa Admin. Code r. 701-602.14

Current through Register Vol. 47, No. 13, December 25, 2024

Rule 701-602.14 - Method of accounting, accounting period

The return shall be computed on the same basis and for the same accounting period as the taxpayer's return for federal corporation income tax purposes. Permission to change accounting methods or accounting periods for franchise tax purposes is not required provided the taxpayer furnishes the department with a copy of the federal consent.

This rule is intended to implement Iowa Code sections 422.35 and 422.61.

Editorial change: IAC Supplement 11/2/22