Form GT-800017 Corporate Income Tax (Brochure) R.01/13

5050 W Tennessee St A corporation doing business outside Florida may 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 Facts on Tax a quarterly publication Finally you should compute tax by multiplying Florida net income by 5 5 percent Florida Department of Revenue GT 800017 It claims no tax credits other than tentative tax payments or estimated tax payments It conducts 100 percent of its business in Florida It does not have to pay Federal Alternative Minimum Tax It does not report any additions to and/or subtractions from federal taxable income other than a net operating loss deduction and/or state income taxes if any It has Florida net income of $45 000 or less It is not included in a Florida or federal consolidated corporate income tax return On or before the first day of the fourth month following the close of the tax year or Proposed rules notices of rule development workshops and more Tallahassee FL 32399 0112 Tax Information Publications (TIPs) Taxpayer Services Mail Stop 3 2000 The 15th day following the due date without extension 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 (Florida Form F 1065) is due on or before the first day of the fifth month following the close of the tax year You should add non business income allocated to Florida to the Florida portion of adjusted federal income You should then subtract an exemption of up to $25 000 to arrive at Florida net income (Note: The exemption changes to $50 000 for tax years beginning on or after January 1 2013 ) A corporation that has zero tax due or owes less than $2 500 in tax may file Florida Form F 1120A if it meets all the following criteria: 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 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 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 Before using software ask the vendor for proof that the forms in the software package have been approved by the Department of Revenue Contact Us Corporate Income Tax Corporate income tax is imposed by 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 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 Tax Return (Florida Form F 1120) A partnership must file a Florida Partnership Information Return (Florida Form F 1065) if it is doing business in Florida and a corporation is one of the partners Electronic Filing Estimated Tax Estimated tax payments are 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 The payment for June 2013 is due June 28 2013 Filing a Corporate Short Form (Florida Form F 1120A) Florida Alternative Minimum Tax (AMT) Florida corporate income tax liability is computed using federal taxable income modified by certain Florida adjustments to determine adjusted federal income For a written reply to tax questions write to: Generally the Florida corporate income tax return is due: Go to: www myflorida com/dor/list 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 How Are We Doing? If a corporation owes more than $2 500 in Florida corporate income tax annually it must make estimated tax payments on a Declaration/Installment of Florida Estimated Income/Franchise Tax (Florida Form F 1120ES) Go to the Department s Internet site to file and pay estimated tax If an extension is requested a Florida Tentative Income/Franchise Tax Return and Application for Extension of Time to File Return (Florida 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 You can file Florida Form F 7004 electronically on our Internet site or through the IRS MeF federal/state electronic filing program Information forms and tutorials are available on our Internet site: Please give us your feedback on this publication by taking a one minute survey Go to our Internet site and click on Surveys under Quick Links R 01/13 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 section (s ) 220 11 Florida Statutes (F S ) Sole proprietorships individuals estates of decedents and testamentary trusts are exempted and do not have to file a return Subscribe to our tax publications to receive due date reminders or an e mail when we post: Tax Base and Rate The amount of the available credit carried over to later years is equal to the amount of Florida AMT paid over the amount of Florida regular tax that would have otherwise been due The available Florida AMT credit that you may take in a tax year is limited to the amount of Florida regular tax that is due for that year over the Florida AMT calculated for that year To find a taxpayer service center near you go to: www myflorida com/dor/contact html To speak with a Department representative call Taxpayer Services Monday through Friday 8 a m to 7 p m ET at 800 352 3671 Using Software to Prepare Your Return When Tax Is Due Who Must File? www myflorida com/dor You are able to file and pay your Florida corporate income tax return (Florida Form F 1120) electronically through the IRS Modernized e File (MeF) Federal/State Electronic Filing Program using electronic transmitters approved by the IRS and the Florida Department of Revenue You must file and pay electronically if you paid $20 000 or more in tax during the state of Florida s prior fiscal year (July 1 June 30) Go to the Department s Internet site for more information You may purchase commercial software to prepare and file your paper return Go to the Department s Internet site for a list of approved software vendors The list of approved vendors for 2013 will be available in January 2013 You must compute Florida alternative minimum tax (AMT) if you paid federal AMT for the same tax year Florida AMT 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 or the Florida AMT In later years corporations that paid AMT are allowed a credit