Iowa Code 423.50 – Remittance of funds
Current as of: 2023 | Check for updates
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1. Only one remittance of tax per return is required.
Terms Used In Iowa Code 423.50
- Agreement: means the streamlined sales and use tax agreement authorized by subchapter IV of this chapter to provide a mechanism for establishing and maintaining a cooperative, simplified system for the application and administration of sales and use taxes. See Iowa Code 423.1
- Department: means the department of revenue. See Iowa Code 423.1
- Director: means the director of revenue. See Iowa Code 423.1
- Governing board: means the group comprised of representatives of the member states of the agreement which is created by the agreement to be responsible for the agreement's administration and operation. See Iowa Code 423.1
- processing: means the same as defined in subsection 47, except that for purposes of the definition of "processing" used in this subsection, a "manufacturer" shall be construed to include a nonprofit blood center. See Iowa Code 423.3
2. All remittances shall be remitted electronically.
3. Electronic payments may be made either by automated clearinghouse credit or automated clearinghouse debit. Any data accompanying a remittance must be formatted using uniform tax type and payment codes approved by the governing board established pursuant to the agreement. An alternative method for making same-day payments shall be determined under rules adopted by the director.
4. The department shall adopt a standardized process for the remittance of tax payments. The procedure shall have the capability of processing multiple payments and simplified returns by affiliated entities, certified service providers, or tax preparers. The process adopted pursuant to this subsection is subject to the approval of the governing board.