Free GT-800017 - Florida

Florida's

Corporate income tax is imposed by section (s.) 220.11, Florida Statutes (F.S.). Who Must File?
Corporations and artificial entities that conduct business, or earn or receive income in Florida, including out-of-state corporations, must file a Florida corporate income tax return unless exempt. They must file a return, even if no tax is due. Sole proprietorships, individuals, estates of decedents, and testamentary trusts are exempted and do not have to file a return. Corporations and other artificial entities, including those located in other states, that are partners in a partnership or members of a joint venture doing business in Florida must file the Corporate Income/Franchise and Emergency Excise Tax Return (Florida Form F-1120). A partnership must file a Florida Partnership Information Return (Form F-1065) if it is doing business in Florida and a corporation is one of the partners. 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 Florida Form F-1065 if one or more of its owners is a corporation. In addition, the corporate owner of an LLC that is 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, does not have to file a separate Florida corporate income tax return. However, the income of the company is not exempt from tax if a corporation owns the company, whether directly or indirectly. In this case, the corporation must file Florida Form F-1120 reporting its own income, and the income of the single member LLC. S Corporations and tax-exempt organizations are usually not required to file a Florida corporate income tax return if they do not have federal taxable income. If they have federal taxable income, however, they must then file a Florida corporate income tax return and pay any tax due. Homeowner and condominium associations that file a U.S. Corporation Income Tax Return (federal Form 1120) must file a Florida Corporate Income Tax Return (Florida Form F-1120 or F-1120A) regardless of whether any tax may be due. However, if they file a U.S Income Tax Return for Homeowners Associations (federal Form 1120-H), they do not have to file a Florida return.

Corporate Income Tax

Florida Alternative Minimum Tax (AMT)
YoumustcomputeFloridaalternativeminimumtax(AMT) ifyoupaidfederalAMTforthesametaxyear.FloridaAMT 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 ortheFloridaAMT.Inlateryears,corporationsthatpaidAMT are allowed a credit. The amount of the available credit carried over to later years isequaltotheamountofFloridaAMTpaidovertheamountof Florida "regular" tax that would have otherwise been due. The availableFloridaAMTcreditthatyoumaytakeinataxyearis limited to the amount of Florida "regular" tax that is due for thatyearovertheFloridaAMTcalculatedforthatyear.

Tax Base and Rate
Florida corporate income tax liability is computed using federal taxable income, modified by certain Florida adjustments, to determine adjusted federal income. · AcorporationdoingbusinessoutsideFloridamay apportion its total income. Adjusted federal income is apportioned to Florida using a three-factor formula. The formula is a weighted average, designating 25 percent each to factors for property and payroll, and 50 percent to sales. · YoushouldaddnonbusinessincomeallocatedtoFloridato the Florida portion of adjusted federal income. · Youshouldthensubtractanexemptionofupto$5,000to arrive at Florida net income. · Finally,youshouldcomputetaxbymultiplyingFloridanet income by 5.5 percent.

Filing a Corporate Short Form (F-1120A)
Acorporationthathaszerotaxdueoroweslessthan$2,500 in tax may file Form F-1120A if it meets all the following criteria: · IthasFloridanetincomeof$45,000orless. · Itconducts100percentofitsbusinessinFlorida. · Itdoesnotreportanyadditionstoand/orsubtractions from federal taxable income other than a net operating lossdeductionand/orstateincometaxes,ifany. · IthasnoFloridaEmergencyExciseTax(EET)liability. · ItisnotincludedinaFloridaorfederalconsolidated corporate income tax return. · Itclaimsnotaxcreditsotherthantentativetaxpayments or estimated tax payments. · ItdoesnothavetopayFederalAlternativeMinimumTax.

Estimated Tax
Ifacorporationowesmorethan$2,500inFloridacorporate income tax annually, it must make estimated tax payments on a Declaration/Installment of Florida Estimated Income/ Franchise and Emergency Excise Tax(FormF-1120ES).You can go to www.myflorida.com/dor to file and pay estimated tax using the Department's Internet site. Beginning in 2009, estimated tax payments will be due on or before the last day of the 4th month, the last day of the 6th month, the last day of the 9th month, and the last day of the tax year.

Electronic Filing
YouareabletofileandpayyourFloridacorporateincometax return(F-1120)electronicallythroughtheIRS1120Federal/ StateElectronicFilingProgram.Youmust file and pay electronicallyifyoupaid$20,000ormoreintaxduringthe state of Florida's prior fiscal year (July 1 ­ June 30). Go to the Department's Internet site for more information.

When Tax Is Due
Generally, the Florida corporate income tax return is due: · Onorbeforethefirstdayofthefourthmonthfollowing the close of the tax year, or · The15thdayfollowingtheduedate,withoutextension, for the filing of the related federal return, whichever is later. Any balance of tax owed must be paid in full by the due date of the Florida return. If tax is not paid on time, penalties and interest will be assessed. The Florida Partnership Information Return (Form F-1065) is due on or before the first day of the fifth month following the close of the tax year. If an extension is requested, a Florida Tentative Income/ Franchise and Emergency Excise Tax Return and Application for Extension of Time to File Return (Form F-7004) must be filed with full payment of tax by the original due date of the Florida return. 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. Go to our Internet site to make your tentative tax payment.

For Information and Forms
Information and forms are available on our Internet site at

www.myflorida.com/dor
To speak with a Department of Revenue representative,callTaxpayerServices,Monday through Friday, 8 a.m. to 7 p.m., ET, at 800-352-3671. Persons with hearing or speech impairments may call our TDD at 800-367-8331 or 850-922-1115. For a written reply to tax questions, write: Taxpayer Services Florida Department of Revenue 5050 W Tennessee St Bldg L Tallahassee FL 32399-0112 To receive forms by mail: · Ordermultiplecopiesofforms from our Internet site at www.myflorida.com/dor/forms or · Mailform requests to: Distribution Center Florida Department of Revenue 168A Blountstown Hwy Tallahassee FL 32304-3761 Department of Revenue service centers host educational seminars about Florida's taxes. To get a schedule of upcoming seminars or to register for one, · Visitusonlineatwww.myflorida.com/dor or · Calltheservicecenternearestyou.

Florida's
Corporate Income Tax

Using Software to Prepare Your Return
Youmaypurchasecommercialsoftwaretoprepareandfile your return. Go to www.myflorida.com/dor/forms for a list of approved software vendors. The list of approved vendors for 2009 will be available in January 2009. Before using software, ask the vendor for proof that the forms in the software package have been approved by the Department of Revenue.

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GT-800017 R.01/09

How Florida's corporate income tax affects your business.