The Iowa Department of Revenue (DOR) Feb. 19 adopted rules on penalties and interests for individual and corporate income tax purposes. The regulations include: 1) definitions; 2) interest rate determination; 3) interest on refunds and unpaid tax; 4) the penalties applicable to all taxpayers; and 5) the order of application of payments and jeopardy assessments. The regulations take effect March 26. [Iowa Dep’t of Revenue, Regs. Sections 701-10.1, 701-10.2, 701-10.3, et. al., 02/19/25 Iowa Admin. Bull.]
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