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Brochure - Corporate Income Tax R.01/09
- 1. Corporate Income Tax Florida’s Florida Alternative Minimum Tax (AMT) You must compute Florida alternative minimum tax (AMT) if you paid federal AMT for the same tax year. Florida AMT Corporate income tax is imposed by section (s.) 220.11, Florida Statutes (F.S.). is computed by multiplying Florida alternative minimum taxable income by 3.3 percent. The tax due is whichever amount is greater: the regular Florida corporate income tax Who Must File? income, however, they must then file a Florida corporate or the Florida AMT. In later years, corporations that paid AMT income tax return and pay any tax due. Corporations and artificial entities that conduct business, are allowed a credit. Homeowner and condominium associations that file a U.S. or earn or receive income in Florida, including out-of-state The amount of the available credit carried over to later years Corporation Income Tax Return (federal Form 1120) must corporations, must file a Florida corporate income tax return is equal to the amount of Florida AMT paid over the amount of file a Florida Corporate Income Tax Return (Florida Form unless exempt. They must file a return, even if no tax is due. Florida “regular” tax that would have otherwise been due. The F-1120 or F-1120A) regardless of whether any tax may be Sole proprietorships, individuals, estates of decedents, and available Florida AMT credit that you may take in a tax year is due. However, if they file a U.S Income Tax Return for testamentary trusts are exempted and do not have to file a limited to the amount of Florida “regular” tax that is due for Homeowners Associations (federal Form 1120-H), they do not return. that year over the Florida AMT calculated for that year. have to file a Florida return. Corporations and other artificial entities, including those located Filing a Corporate Short Form (F-1120A) Tax Base and Rate in other states, that are partners in a partnership or members of A corporation that has zero tax due or owes less than $2,500 a joint venture doing business in Florida must file the Corporate Florida corporate income tax liability is computed using in tax may file Form F-1120A if it meets all the following Income/Franchise and Emergency Excise Tax Return (Florida federal taxable income, modified by certain Florida criteria: Form F-1120). A partnership must file a Florida Partnership adjustments, to determine adjusted federal income. Information Return (Form F-1065) if it is doing business in • It has Florida net income of $45,000 or less. • A corporation doing business outside Florida may Florida and a corporation is one of the partners. • It conducts 100 percent of its business in Florida. apportion its total income. Adjusted federal income is • It does not report any additions to and/or subtractions A limited liability company (LLC), classified as a corporation apportioned to Florida using a three-factor formula. The from federal taxable income other than a net operating for Florida and federal income tax purposes, is subject to the formula is a weighted average, designating 25 percent each loss deduction and/or state income taxes, if any. Florida Income Tax Code and must file a Florida corporate to factors for property and payroll, and 50 percent to sales. • It has no Florida Emergency Excise Tax (EET) liability. income tax return. • You should add nonbusiness income allocated to Florida to • It is not included in a Florida or federal consolidated the Florida portion of adjusted federal income. An LLC, classified as a partnership for Florida and federal corporate income tax return. • You should then subtract an exemption of up to $5,000 to income tax purposes, must file Florida Form F-1065 if one or • It claims no tax credits other than tentative tax payments arrive at Florida net income. more of its owners is a corporation. In addition, the corporate or estimated tax payments. • Finally, you should compute tax by multiplying Florida net owner of an LLC that is classified as a partnership for Florida • It does not have to pay Federal Alternative Minimum Tax. income by 5.5 percent. and federal income tax purposes must file a Florida corporate Electronic Filing income tax return. Estimated Tax You are able to file and pay your Florida corporate income tax A single member LLC, disregarded for Florida and federal If a corporation owes more than $2,500 in Florida corporate return (F-1120) electronically through the IRS 1120 Federal/ income tax purposes, does not have to file a separate Florida income tax annually, it must make estimated tax payments State Electronic Filing Program. You must file and pay corporate income tax return. However, the income of the on a Declaration/Installment of Florida Estimated Income/ electronically if you paid $20,000 or more in tax during the company is not exempt from tax if a corporation owns the Franchise and Emergency Excise Tax (Form F-1120ES). You state of Florida’s prior fiscal year (July 1 – June 30). Go to the company, whether directly or indirectly. In this case, the can go to www.myflorida.com/dor to file and pay estimated tax Department’s Internet site for more information. corporation must file Florida Form F-1120 reporting its own using the Department’s Internet site. income, and the income of the single member LLC. Beginning in 2009, estimated tax payments will be due on or S Corporations and tax-exempt organizations are usually not before the last day of the 4th month, the last day of the 6th required to file a Florida corporate income tax return if they month, the last day of the 9th month, and the last day of the do not have federal taxable income. If they have federal taxable tax year.
- 2. When Tax Is Due For Information and Forms Florida’s Generally, the Florida corporate income tax return is due: Information and forms are available on our Internet site at • On or before the first day of the fourth month following www.myflorida.com/dor the close of the tax year, or • The 15th day following the due date, without extension, To speak with a Department of Revenue for the filing of the related federal return, whichever is representative, call Taxpayer Services, Monday later. Any balance of tax owed must be paid in full by through Friday, 8 a.m. to 7 p.m., ET, at the due date of the Florida return. If tax is not paid on 800-352-3671. time, penalties and interest will be assessed. The Florida Persons with hearing or speech impairments may Partnership Information Return (Form F-1065) is due Corporate call our TDD at 800-367-8331 or 850-922-1115. on or before the first day of the fifth month following the close of the tax year. For a written reply to tax questions, write: Taxpayer Services If an extension is requested, a Florida Tentative Income/ Income Tax Florida Department of Revenue Franchise and Emergency Excise Tax Return and Application 5050 W Tennessee St Bldg L for Extension of Time to File Return (Form F-7004) must be Tallahassee FL 32399-0112 filed with full payment of tax by the original due date of the Florida return. Properly filing this form will automatically To receive forms by mail: give corporations 6 months from the due date of the return • Order multiple copies of forms to file the corporate return. For partnerships, the extension from our Internet site at will give you 5 months from the due date of your return to file www.myflorida.com/dor/forms or your return. Go to our Internet site to make your tentative • Mail form requests to: tax payment. Distribution Center Florida Department of Revenue Using Software to Prepare Your Return 168A Blountstown Hwy You may purchase commercial software to prepare and file Tallahassee FL 32304-3761 your return. Go to www.myflorida.com/dor/forms for a list of Department of Revenue service centers host approved software vendors. The list of approved vendors for educational seminars about Florida’s taxes. To get 2009 will be available in January 2009. a schedule of upcoming seminars or to register for Before using software, ask the vendor for proof that the one, forms in the software package have been approved by the • Visit us online at www.myflorida.com/dor or Department of Revenue. • Call the service center nearest you. How Are We Doing? Please give us your feedback on this publication by taking a one-minute survey. Go to our Internet site and click on: How Florida’s corporate income tax affects your business. GT-800017 R. 01/09