Recently, the Iowa Department of Revenue issued informal guidance regarding Iowa’s sales tax exemption for purchases of computers by a commercial enterprise. I have previously discussed Iowa’s computer sales tax exemption here and here. The informal guidance, in some cases, contradicts previous guidance provided by the Department and relied upon by taxpayers, and in other cases, is confusing.  Notable contradictions are as follows: The Department’s guidance indicates surveillance or security cameras are taxable. The Department…
UPDATE – ON DECEMBER 21, 2020 CONGRESS ANNOUNCED A NEW STIMULUS PACKAGE THAT WILL ALLOW EXPENSES PAID WITH THE PROCEEDS OF A PPP LOAN TO BE DEDUCTED IN FULL.  During the week of November 20, the IRS issued two rulings, Revenue Ruling 2020-27 and Revenue Procedure 2020-51 providing guidance to taxpayers who have received Paycheck Protection Program (PPP) loans. Although the forgiveness of a PPP Loan is not taxable, expenses paid with the proceeds of…
This week the IRS issued two rulings, Revenue Ruling 2020-27 and Revenue Procedure 2020-51 providing guidance to taxpayers who have received Paycheck Protection Program (PPP) loans. Although the forgiveness of a PPP Loan is not taxable, expenses paid with the proceeds of a forgiven loan are not deductible. The discussion below assumes that the taxpayers report income on a calendar year basis.  Fiscal year taxpayers would apply the same rules, but the dates would change.…
Dickinson, Mackaman, Tyler & Hagen, P.C. is pleased to announce that 24 attorneys of the firm have been named by Best Lawyers® to its 2021 recognition lists for professional legal excellence, including: 21 attorneys with extensive experience were included in The Best Lawyers in America; Three distinguished attorneys were honored as “Lawyer of the Year” in their respective areas of law in Des Moines, and: Three rising lawyers were recognized in the inaugural edition of Best Lawyers:…
On Monday, August 10, 2020, much of Iowa experienced a derecho, which produced, in some places, 100+ miles per hour wind.  Obviously, this storm resulted in much damage to structures throughout Iowa. Most likely, these structures will be rebuilt and repaired. Due to an exemption in Iowa law, charges for rebuilding of these structures and associated repairs made in response to damage caused by the Iowa derecho should not contain sales tax.        Under Iowa…
On June 29, 2020, Governor Reynolds signed into law House File 2641, which included several changes to Iowa’s sales and use tax laws. Computer Peripherals Last year, the Iowa Legislature created a computer exemption task force to revisit Iowa’s computer exemption found at Iowa Code § 423.3(47). I have previously written about this exemption here. Generally speaking, the computer exemption exempts from sales tax computers purchased and used by a commercial enterprises, financial institutions,…
Over the past eight weeks, serving your legal needs while working remotely to maintain the health and safety of our clients and employees has been our firm’s main focus during COVID-19. As of June 1st, Dickinson Law will begin a phased approach to reopening our offices, with a portion of our attorneys and administrative staff resuming work at our headquarters in downtown Des Moines. This approach is consistent with current governmental recommendations and allows us…
Under the recently Coronavirus Relief Bill that was passed by the Senate, and is expected to pass the House and be signed by the President, a new Paycheck Protection Program has been introduced which will provide small businesses (500 or less employees), and includes sole proprietorships, non-profits and charities, the ability to obtain loans to cover eligible expenses during the Coronavirus epidemic. For multi-location and franchisees, the employee limit is per location, and franchise restrictions…
The COVID-19 pandemic has left many Iowa employers in uncharted waters. Join Jill Jensen-Welch and Melissa Schilling, two shareholder employment attorneys of Dickinson Law, this Friday, March 27th from Noon to 1:30 p.m. for a webinar on Mandated Emergency Leaves. If you have less than 500 employees, you won’t want to miss this free, informational session covering mandates in the law. REGISTER TODAY.  …
Tax Filing Date and Payment Extension Pursuant to IRS Notice 2020-18, the tax filing deadline and deadline for making individual federal income tax payments has been automatically postponed to July 15, 2020. This means that there is no penalty or interest for tax payments that are made by July 15, 2020. This is an automatic change and taxpayers do not need to file requests for extension. The State of Iowa has also extended the deadline…