IA Tax & Accounting Services
Kurt Simmons CPA provides comprehensive tax and financial services to individuals and businesses throughout Iowa (IA). With its agriculture and insurance industry center, we understand the unique financial landscape that comes with doing business in Iowa.
Under the CPA Mobility Act, our CPA — licensed in Maryland, Delaware, and Florida — is authorized to provide the full range of attestation, tax, and advisory services to Iowa clients without the need for an additional state license. This means Iowa individuals and businesses receive the same comprehensive service as our home-state clients: financial statement audits, tax strategy, IRS representation, virtual CFO services, and every other service we offer — delivered through our technology-forward, virtual-first practice model.
CPA Services Available in Iowa (IA)
IA Individual Tax Preparation
Comprehensive federal and Iowa state tax return preparation, including complex returns with investments, rental properties, and self-employment income.
Learn More →IA Business Tax Services
Tax preparation and planning for Iowa-based businesses including S-Corps, C-Corps, partnerships, LLCs, and sole proprietorships.
Learn More →IA Cryptocurrency Tax
Specialized crypto tax services for Iowa investors and traders. DeFi, NFTs, staking rewards, and exchange reporting handled with expertise.
Learn More →IA Trader Tax Services
Mark-to-market elections, wash sale tracking, and tax optimization strategies for active traders in Iowa.
Learn More →IA IRS Resolution
Professional representation before the IRS for Iowa taxpayers facing audits, collections, liens, levies, or offers in compromise.
Learn More →IA 83(b) Elections
Equity compensation planning and 83(b) election filing for Iowa startup employees and founders receiving restricted stock.
Learn More →IA Financial Statement Audits
Full-scope GAAS-compliant financial statement audits for businesses, nonprofits, and organizations requiring independent assurance.
Learn More →IA Review Engagements
Limited assurance engagements providing meaningful confidence in financial statements for lender requirements and stakeholder reporting.
Learn More →IA Compilations
Professionally prepared financial statements from management-provided data for internal reporting, small business needs, and bank presentations.
Learn More →IA Agreed-Upon Procedures
Targeted, customized engagements designed to address specific areas of concern with flexible scope tailored to stakeholder needs.
Learn More →IA Employee Benefit Plan Audits
DOL-compliant audits for 401(k), pension, and employee benefit plans meeting ERISA filing requirements and fiduciary obligations.
Learn More →IA Tax Strategy & Advisory
Proactive, year-round tax planning that identifies savings opportunities. Entity structure optimization, multi-state planning, and strategic initiatives.
Learn More →IA Cost Segregation Studies
Engineering-based analysis to accelerate depreciation deductions on commercial and residential rental properties, maximizing cash flow.
Learn More →IA Virtual CFO Services
Fractional CFO capabilities including financial modeling, cash flow management, KPI dashboards, and strategic financial leadership.
Learn More →IA Business Consulting
Operational assessments, process improvement, internal control design, and strategic planning to drive efficiency and profitability.
Learn More →IA Estate & Succession Planning
Comprehensive estate planning, business succession strategies, and wealth transfer optimization for business owners and high-net-worth individuals.
Learn More →IA Capital Markets Advisory
Securities compliance, FINRA regulatory guidance, and capital markets advisory for businesses navigating public offerings, private placements, and broker-dealer requirements.
Learn More →Iowa Audit Services in Detail
Iowa businesses, nonprofits, federal contractors, and benefit plan sponsors typically need an independent audit when state law, federal rules, lenders, grantmakers, or boards require external assurance. We perform GAAS-compliant attest engagements scoped to the specific assurance need — most commonly:
Iowa Federal Contractor & Defense Audits (Cedar Rapids)
Collins Aerospace (formerly Rockwell Collins; an RTX subsidiary) is headquartered in Cedar Rapids and is one of the largest U.S. defense and commercial avionics contractors. We support Cedar Rapids defense and aerospace contractors with GAAS-compliant audits, indirect rate calculations and DCAA-compliant accounting systems, Cost Accounting Standards (CAS) compliance, and audits prepared for security-cleared business operations. We also serve Iowa Army Ammunition Plant (Burlington) contractors.
Iowa Nonprofit Audits
Audited financial statements for IA charities are routinely required by major Iowa funders — including the Carver Charitable Trust, the Greater Des Moines Community Foundation, the Variety – the Children's Charity of Iowa, the Pella Rolscreen Foundation, the United Way affiliates, and federal subrecipient grantors.
Iowa 401(k) & Employee Benefit Plan Audits
Iowa plan sponsors filing Form 5500 generally require an ERISA-compliant audit when the plan has 100 or more participants with account balances at the start of the plan year. We perform full-scope and §103(a)(3)(C) limited-scope benefit plan audits for 401(k), 403(b), and defined-benefit plans across Iowa, including plans sponsored by Principal Financial Group (Des Moines — one of the largest U.S. retirement plan providers and life insurers), Hy-Vee (West Des Moines — employee-owned grocery chain), John Deere (Waterloo, Davenport/Quad Cities, Dubuque, Ottumwa — major Iowa agricultural-equipment plants), Collins Aerospace / RTX (Cedar Rapids), Wells Fargo Mortgage (West Des Moines — major operations center), Nationwide Insurance (Des Moines), Pella Corporation (windows and doors), Vermeer (Pella — agricultural and industrial equipment), Casey's General Stores (Ankeny), Quaker Oats / PepsiCo (Cedar Rapids), University of Iowa Hospitals & Clinics, and Iowa's substantial agricultural cooperative network.
Iowa Single Audits (Uniform Guidance)
Iowa nonprofits, counties, school districts, and pass-through subrecipients that expend $1,000,000 or more in federal awards in a fiscal year are subject to the Single Audit requirements of 2 CFR Part 200.
Iowa Lender, Bonding & Investor Audits
Iowa banks (Bankers Trust, West Bank, Heartland Financial), surety companies, and Iowa-based agricultural lenders (Farm Credit Services of America, Iowa State Bank network) frequently require audited financial statements as a condition of credit facilities, surety capacity, or capital raises.
Iowa Reviews & Compilations
Where a full audit is not required, we deliver review engagements (limited assurance) and compilations (no assurance) — both routinely accepted by Iowa lenders and stakeholders requiring CPA-prepared financial statements.
Iowa (IA) Tax & Business Landscape
Key Iowa Tax Numbers. Personal income tax: 3.8% flat effective January 1, 2026 (under HF 2317 reform — phased down from prior graduated structure). Corporate income tax: top rate 5.5% (reduced from 9.8% under the same reform). Sales and use tax: 6% state, plus 1% local option in many jurisdictions; combined 6%–7%. Iowa exempts most retirement income from state tax for residents age 55+ (effective TY2023). Estate/inheritance tax: repealed effective January 1, 2025 (Iowa was previously one of only a handful of states with an inheritance tax). Pass-through entity (PTE) elective tax: rate matches personal IT, available since tax year 2022.
Filing Mechanics. Individuals file Form IA 1040 (residents and nonresidents/PY use the same form with appropriate schedules). C-corporations file Form IA 1120. Partnerships file Form IA 1065; S-corps file Form IA 1120S. PTE election is made on partnership/S-corp returns. Iowa individual returns are due April 30 (not April 15 — one of the few states with a different deadline). Returns are administered by the Iowa Department of Revenue.
Iowa Agriculture — The Heart of the Corn Belt. Iowa is the #1 U.S. producer of corn (which drives the U.S. ethanol industry), the #1 U.S. producer of pork, and among the top soybean producers. Iowa is also the #1 U.S. producer of ethanol, with dozens of dry-mill ethanol plants operated by POET, Valero, ADM, and farmer-owned cooperatives. Iowa farmers and farm businesses face specialized issues: Schedule F reporting, equipment depreciation under MACRS with §179/bonus depreciation, prepaid input deductions, deferred grain contracts, IRC §1301 farm income averaging, conservation easements, cooperative patronage dividends (Section 199A(g)), and Section 45Z clean fuel production credits for biofuel producers (under IRA 2022). Wind energy is also significant — Iowa is among the top U.S. wind power producers, generating substantial PTC/ITC and Section 6418 transferable credit activity.
Iowa Insurance & Financial Services — Des Moines. Des Moines is one of the largest U.S. insurance and financial services hubs, hosting Principal Financial Group (Fortune 500 — major retirement plan provider and life insurer), Nationwide Insurance (substantial Des Moines operations), Wells Fargo Mortgage (West Des Moines major center), Athene Holding (life insurance/annuities — Apollo subsidiary), Voya Financial (regional operations), EMC Insurance, and FBL Financial (Farm Bureau Financial). Insurance and finance professionals face specialized issues: deferred compensation, executive RSU/PSU grants, NQDC plan elections, and Section 162(m) executive compensation limits. We support Des Moines insurance and financial services professionals across these issues.
Iowa Manufacturing — John Deere & Beyond. Iowa hosts major manufacturing operations: John Deere (Deere & Company — headquartered in Moline IL but with massive Iowa plants in Waterloo, Davenport/Quad Cities, Dubuque, Ottumwa, and Des Moines — agricultural equipment for the Corn Belt), Vermeer (Pella — agricultural and industrial equipment), Pella Corporation (windows and doors), Maytag historical Newton, Whirlpool Amana, Quaker Oats Cedar Rapids (PepsiCo), and Collins Aerospace / RTX Cedar Rapids (avionics, defense electronics). We support Iowa manufacturing professionals with stock plan, deferred comp, and supply-chain accounting issues.
Iowa Economy & Who We Serve. Iowa's economy spans agriculture (corn #1, pork #1, soybeans top-2, ethanol #1), insurance and finance (Des Moines — Principal, Nationwide, Athene, Wells Fargo Mortgage, FBL), manufacturing (John Deere agricultural equipment, Pella, Vermeer, Whirlpool, Maytag historical), defense and aerospace (Collins Aerospace Cedar Rapids), education and healthcare (University of Iowa, Iowa State, Mercy Health), renewable energy (wind power leader, ethanol leader), and logistics (Mississippi River barge freight, I-80 corridor). Our typical IA clients include farmers and farm partnerships, Des Moines insurance and finance professionals, John Deere and Collins Aerospace employees with substantial equity comp, ethanol cooperative members and operators, real estate investors, and high-net-worth families.
CPA Mobility in Iowa. Iowa has adopted CPA mobility provisions under the Uniform Accountancy Act. Kurt Simmons holds active CPA licenses in Maryland, Delaware, and Florida, and we confirm all applicable Iowa Accountancy Examining Board mobility and firm registration requirements before commencing any engagement.
Cities and Communities We Serve. Our virtual-first practice serves clients across all of Iowa, including Des Moines/West Des Moines (state capital; Principal Financial; Hy-Vee), Cedar Rapids (Collins Aerospace; Quaker Oats), Davenport/Bettendorf (Quad Cities; John Deere Davenport Works), Sioux City, Iowa City (University of Iowa; UIHC), Waterloo/Cedar Falls (John Deere; UNI), Council Bluffs (Omaha metro IA side), Ames (Iowa State University), Dubuque, Ankeny (Casey's), Pella (Vermeer; Pella Corp), the Corn Belt, the Mississippi River cities, and every Iowa county.
Why Iowa Clients Choose Us
- GAAS-compliant audit, review, and compilation experience for nonprofits, federal contractors, benefit plans, and privately held businesses
- Deep expertise in IA-specific issues: Iowa's flat 3.8% tax (effective 2026), retirement income exemption for 55+, IA inheritance tax repeal (2025), IA PTE elections, Principal Financial / Nationwide / Athene insurance professional taxation, John Deere supply-chain and equity compensation, Iowa farm tax (corn, pork, soybean — Schedule F, §1301 averaging, §179/bonus depreciation, ethanol patronage, §45Z biofuel credits), and Iowa wind energy PTC/ITC
- Capital markets background — Kurt Simmons has passed the Series 65 examination (Passed; not currently held as an active license) in addition to holding the CPA
- Specialized practices in cryptocurrency taxation, active trader tax, and 83(b) elections for IA Cedar Rapids/Des Moines startup employees
- Technology-forward, virtual-first delivery — secure client portal, e-signature, and video consultations
- Transparent, fixed-fee engagements where possible — no surprise hourly invoices
Iowa CPA — Frequently Asked Questions
Do I need an Iowa-licensed CPA?
Iowa has adopted CPA mobility provisions under the Uniform Accountancy Act. Kurt Simmons holds active CPA licenses in Maryland, Delaware, and Florida, and we confirm any applicable Iowa Accountancy Examining Board firm-registration requirements before commencing attest engagements.
What is Iowa's income tax rate?
Iowa implemented a flat 3.8% individual income tax effective January 1, 2026 under HF 2317 reform. The IA corporate income tax was simplified to a 5.5% top rate. Form IA 1040 is due April 30 (note: Iowa's individual return is due April 30, not April 15 — one of the few states with a different deadline).
Does Iowa exempt retirement income for residents 55+?
Yes. Beginning tax year 2023, Iowa fully exempts most retirement income (pensions, IRA distributions, 401(k) distributions, deferred compensation, military retirement, and similar) from state income tax for residents age 55 and older. This is a substantial planning benefit for Iowa retirees and a major reason Iowa has become more competitive with neighboring states. Iowa also repealed its inheritance tax effective January 1, 2025.
Does Iowa have a SALT-cap workaround?
Yes. Iowa enacted an elective Pass-Through Entity Tax effective for tax years beginning on or after January 1, 2022. Eligible S-corps and partnerships pay an entity-level tax on Iowa-source taxable income, and members receive a corresponding credit on Form IA 1040.
I'm an Iowa farmer with corn/soybean/pork operations. What special tax issues apply?
Iowa is the #1 U.S. producer of corn (driving the ethanol industry), among the top soybean producers, and the #1 U.S. pork producer. Iowa farmers face specialized issues: Schedule F farm income reporting, equipment depreciation under MACRS with §179/bonus depreciation planning, prepaid input deductions, deferred grain contracts, IRC §1301 farm income averaging, conservation easements (CRP), cooperative patronage dividends (Section 199A(g)), and Section 45Z clean fuel production credits for biofuel producers. Iowa wind energy is also significant — generating PTC/ITC activity and §6418 credit-transfer planning.
I work at Principal Financial, Nationwide, or Athene in Des Moines. What special tax issues apply?
Des Moines insurance and financial services employers offer substantial equity and deferred compensation plans. We handle Principal/Nationwide/Athene/Wells Fargo Mortgage RSU and PSU vesting tax planning, NQDC (nonqualified deferred compensation) plan elections under §409A, §162(m) executive compensation limits, ESPP qualifying vs. disqualifying disposition planning, and the multi-state issues facing Des Moines executives with operations in multiple jurisdictions.
Do you serve Iowa clients outside Des Moines?
Yes. Our practice is virtual-first, so we serve clients across all of Iowa — including Des Moines/West Des Moines (Principal Financial; Hy-Vee), the Quad Cities (Davenport, Bettendorf — John Deere Davenport Works), Cedar Rapids (Collins Aerospace; Quaker Oats), Iowa City (University of Iowa; UIHC), Waterloo/Cedar Falls (John Deere; UNI), Sioux City, Council Bluffs (Omaha metro), Ames (Iowa State), Ankeny, Dubuque, Pella (Vermeer), and rural Iowa's farming communities.