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Sales and Use Tax in Iowa

 

Gain a better understanding of the hottest Iowa sales and use tax topics.

The last thing a company wants to do is overpay Iowa sales and use taxes. The best method to ensure that a company is paying the correct amount of sales/use tax is to know the most recent changes in the law, rules, and policies. Also, Iowa has some significant exemptions that can reduce the sales/use tax that a company pays. This topic will cover the significant exemptions that apply to Iowa companies.
Replacement Part and Supplies The most significant change in Iowa sales/use taxes during the past 20 years is the expansion of the exemption for replacement parts and supplies used by a manufacturer. It is estimated that this change will reduce the taxes on these items by more than $349 million dollars over the next few years. It is important to know these changes in the statute to reduce the tax burden for Iowa manufacturers.
Computers and Software One of the most common areas of overpayment of tax is the area of computers and software. A key factor for the exemption is documentation. The content will review what records the revenue department typically requires when an audit occurs.

Agenda

Faculty

Lawrence H. Nordeen, CPA

Lawrence H. Nordeen, CPA

Iowa Taxes LLC

  • Principal with Iowa Taxes LLC
  • More than 30 years of experience in Iowa sales/use taxes including 20 years with Ernst & Young LLP (retired in 2012) and 10 years as a sales/use tax auditor for the State of Iowa
  • Provides consulting in all aspects of sales/use taxes including tax planning, training, refund studies, managed audits, and audit protests
  • Primary focus is refund (reverse) audits for clients which have produced over $40 million dollars in refunds in Iowa sales/use taxes for clients; past clients include manufacturers, insurance companies, casinos, retailers, construction companies and financial institutions
  • Part of committees that worked on prior sales/use tax legislation for changes in software maintenance, electronic delivery of materials and the change in manufacturing exemption
  • Can be contacted at [email protected]

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