Tax Relief granted to Florida corporate income tax filers affected by Texas and South Carolina storms
The Florida Department of Revenue will follow tax relief granted by the Internal Revenue Service to Florida corporate income tax filers affected by the Texas and South Carolina storms.
For taxpayers located in Texas affected by the storms, the due date for filing and paying Florida corporate income tax is extended to November 17, 2015. The extended due date applies to affected taxpayers in Texas with original or extended due dates on or after May 4, 2015. To find out which locations are eligible, read the IRS notice.
For taxpayers located in South Carolina affected by the storms, the due date for filing and paying Florida corporate income tax is extended to March 2, 2016. The extended due date applies to affected taxpayers in South Carolina with original or extended due dates on or after October 1, 2015. To find out which locations are eligible, read the IRS Notice.
We will make all attempts allowed by law to work with taxpayers impacted by these disasters in Texas and South Carolina during this difficult time. If you have an issue that is not addressed in this notice, please contact the Department as soon as possible to discuss your individual situation.
All corporations (including tax-exempt organizations) doing business, earning income, or existing in Florida.
Every bank and savings association doing business, earning income, or existing in Florida.
All associations or artificial entities doing business, earning income, or existing in Florida.
Foreign (out-of-state) corporations that are partners or members in a Florida partnership or joint venture. A “Florida partnership” is a partnership doing business, earning income, or existing in Florida.
A limited liability company (LLC) classified as a corporation for Florida and federal income tax purposes is subject to the Florida Income Tax Code and must file a Florida corporate income tax return.
An LLC classified as a partnership for Florida and federal income tax purposes must file a Florida Partnership Information Return (Florida Form F-1065) if one or more of its owners is a corporation. In addition, the corporate owner of an LLC classified as a partnership for Florida and federal income tax purposes must file a Florida corporate income tax return.
A single member LLC disregarded for Florida and federal income tax purposes is not required to file a separate Florida corporate income tax return. The income must be reported on the owner’s return if the single member LLC is owned, directly or indirectly, by a corporation. The corporation must file Florida Form F-1120, reporting its own income and the income of the single member LLC, even if the only activity of the corporation is ownership of the single member LLC.
Homeowner and condominium associations that file federal Form 1120 (U.S. Corporation Income Tax Return) must file Florida Forms F-1120 or F-1120A regardless of whether any tax may be due. If you file federal Form 1120-H (U.S. Income Tax Return for Homeowners Associations), you are not required to file a Florida return.
Political organizations that file federal Form 1120-POL.
S corporations that pay federal income tax on Line 22c of federal Form 1120S.
Tax-exempt organizations that have “unrelated trade or business income” for federal income tax purposes are subject to Florida corporate income tax and must file either Florida Form F-1120 or F-1120A.
Florida corporate income tax liability is computed using federal taxable income, modified by certain Florida adjustments, to determine adjusted federal income.
Corporations must file a Florida Corporate Income/Franchise Tax Return (Form F-1120) each year. The due date is based on the corporation's tax year. See “When Tax Is Due.” Corporations must file a return even if no tax is due.
Taxpayers who paid $20,000 or more in corporate income tax during the state’s prior fiscal year (July 1 — June 30) must file Florida corporate income tax returns and pay tax electronically. Form F-1120 must be filed through the Internal Revenue Service’s Modernized e-File (MeF) Program using approved software. Read more about electronic filing and payment of corporate income tax.
You may purchase "alternative" forms software and use it to prepare and file your paper return. The list of approved vendors is updated every January. Before using software, ask the vendor for proof that the forms in the software package have been approved by the Department of Revenue.
If you move or close your business, you must notify the Department. You can submit the information online.
Generally, the Florida corporate income tax return is due:
If you need an extension you must file a Florida Tentative Income/Franchise Tax Return and Application for Extension of Time to File Return (Form F-7004) must be filed with payment of tax by the original due date of the Florida return. You may file Form F-7004 electronically. Properly filing this form will automatically give corporations 6 months from the due date of the return to file the corporate return. For partnerships, the extension will give you 5 months from the due date of your return to file your return.
If your corporation owes more than $2,500 in Florida corporate income tax annually, you must make estimated tax payments on a Declaration/Installment of Florida Estimated Income/Franchise Tax (Form F-1120ES). You can file and pay estimated tax electronically.
Estimated tax payments are due on or before:
A business that donates cash, property, or goods to an approved community-based organization or government agency may take a community contribution tax credit against Florida corporate income tax.
A business that contributes to nonprofit scholarship funding organizations (SFOs) may receive tax credits. You can apply online.
Download a corporate income tax brochure.
Read Tax Information Publications about specific tax issues.