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Florida Form F-1120 State Corporate Income Tax Return

Florida Form F-1120 State Corporate Income Tax Return

Florida Form F-1120 State Corporate Income Tax Return. All corporations (including 990) doing business, earning income, or existing in Florida must file. See your Tax Accountant for the best results.

The Florida corporate income/franchise tax is imposed on all corporations for the privilege of conducting business, deriving income, or existing within Florida. Corporations, including entities that are taxed federally as corporations, are subject to the tax.

A corporation’s federal income, as adjusted by Florida additions, subtractions, and adjustments, is apportioned to Florida based on the corporation’s activities in Florida compared to its activities everywhere. In most cases, this comparison includes the corporation’s property, payroll, and sales.

Who Must File?

 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/franchise tax return.
  • An LLC classified as a partnership for Florida and federal income tax purposes must file a Florida Partnership Information Return (Form F-1065 PDF Icon) if one or more of its owners is a corporation. Besides, the corporate owner of an LLC classified as a partnership for Florida and federal income tax purposes must file a Florida corporate income/franchise tax return.
  • A single-member LLC disregarded for federal and Florida 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 a Florida corporate income/franchise tax return, reporting its 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 the U.S. Corporation Income Tax Return (Federal Form 1120) must file Florida Corporate Income/Franchise Tax Return (Form F-1120 PDF Icon) or the Florida Corporate Short Form Income Tax Return (Form F-1120A) regardless of whether any tax may be due. If you file the U.S. Income Tax Return for Homeowners Associations (Federal Form 1120-H), 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 Form F-1120 PDF Icon or Form F-1120A.

Tax Base and Rate

Florida corporate income/franchise tax is computed using federal taxable income, modified by certain Florida adjustments, additions, and subtractions, to determine adjusted federal income.

  • A corporation doing business outside Florida may apportion its total income. Adjusted federal income is usually apportioned to Florida using a three-factor formula. The formula is a weighted average, designating 25% each to factors for property and payroll, and 50% to sales.
  • You should add non-business income allocated to Florida to the Florida portion of adjusted federal income.
  • You should then subtract an exemption ($50,000 as of December 31, 2015) to arrive at Florida’s net income.
  • Finally, you should compute tax by multiplying Florida net income by the appropriate tax rate based on the following:

 

Taxable Year Beginning

Before 1/1/2019

1/1/2019 – 12/31/2021

On or after 1/1/2022

Taxable Rate

5.5%

4.458%

5.5%

Tax Incentives

 There are several credits available against the corporate income tax. These include credits for paying salaries in Florida, credits for paying other taxes or assessments, and credits for making certain types of investments in Florida. See the Corporate Income Tax Incentives webpage for a comprehensive list. The Florida Corporate Income/Franchise Tax Return (Form F-1120 PDF Icon) and the instructions (Form F-1120N PDF Icon) also provide a list and explanation of available credits each year.

Due Date

Corporate income tax is reported using a Florida Corporate Income/Franchise Tax Return (Florida Form F-1120 PDF Icon). Corporations must file Florida Form F-1120 each year, even if no tax is due. The due date is based on the corporation’s tax year.

Generally, Florida Form F-1120 is due the later of:

  1. a. For tax years ending June 30, the due date is on or before the 1st day of the 4th month following the close of the tax year; or
  2. For all other tax year endings, the due date is on or before the 1st day of the 5th month following the close of the tax year (e.g., Florida Form F-1120 is due on May 1, 2017, for a taxpayer with a taxable year-end date of December 31, 2016).
  3. The 15th day following the due date, without extension, for the filing of the related federal return for the taxable year.

If you file your return or pay tax late, a penalty of 10% of any unpaid tax for every 30 days or fraction thereof, not to exceed a total penalty of 50% of unpaid tax, is charged. If no tax is due, the penalty for a late-filed return is $50 per month or fraction thereof, not to exceed $300. A floating rate of interest applies to underpayments and late payments of tax. Interest rates can be found on the Department’s Tax and Interest Rates webpage.

Find due dates for the current year.

The Florida Partnership Information Return (Form F-1065 PDF Icon) is due on or before the 1st day of the 4th month following the close of the tax year.

Estimated Tax

 If the corporation owes more than $2,500 in Florida corporate income tax annually, estimated tax payments must be made on a Declaration/Installment of Florida Estimated Income/Franchise Tax (Florida Form F-1120ES PDF Icon). Form F-1120ES may be filed electronically.

Generally, for tax years beginning before January 1, 2017, and for tax years ending June 30, the declaration or payment of estimated tax is 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. For tax years beginning on or after January 1, 2017, that end other than June 30, the declaration or payment of estimated tax is due on or before the last day of the 5th month, the last day of the 6th month, the last day of the 9th month, and the last day of the tax year.

If you underpay the estimated tax, a penalty of 12% per year is charged. For more information, see Underpayment of Estimated Tax (Florida Form F-2220 PDF Icon) and its instructions. A floating rate of interest applies to underpayments and late payments of tax. Interest rates can be found on the Department’s Tax and Interest Rates webpage.

Extensions of Time

 To receive an extension of time to file your return, you must file a Florida Tentative Income/Franchise Tax Return and Application for Extension of Time to File Return (Form F-7004 PDF Icon) with your tax payment by the original due date of the Florida return. Form F-7004 may be filed electronically.

Extensions are valid for 6 months, except for June 30 tax year-end extensions that are 7 months. An extension does not extend the due date for the payment. For partnerships, the extension allows 6 months from the due date of the return to file.

If you underpay tentative tax, a penalty of 12% per year during the extension period is charged on the underpaid amount. The penalty is calculated from the original due date of the return. A floating rate of interest applies to underpayments and late payments of tax. Interest rates can be found on the Department’s Tax and Interest Rates webpage.

 

Florida Form F-1120

Florida Form F-1120 State Corporate Income Tax Return. All corporations (including 990) doing business, earning income, or existing in Florida must file
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