Hurricane Nicole Update:
Florida Corporate Income Tax Filers - The Department will follow the tax relief granted by the Internal Revenue
Service (IRS) for aected taxpayers regarding the extension of Florida corporate income/franchise tax return due
dates. For more information, review the IRS announcement .
Florida Corporate Income Tax
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.
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 articial 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) classied as a corporation for Florida and federal income tax purposes is
subject to the Florida Income Tax Code and must le a Florida corporate income/franchise tax return.
An LLC classied as a partnership for Florida and federal income tax purposes must le a
Florida Partnership
Information Return
(Form F-1065 ) if one or more of its owners is a corporation. In addition, the corporate
owner of an LLC classied as a partnership for Florida and federal income tax purposes must le a Florida
corporate income/franchise tax return.
A single member LLC disregarded for federal and Florida income tax purposes is not required to le 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 le a Florida corporate
income/franchise tax return, 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 le the
U.S. Corporation Income Tax Return
(Federal Form
1120) must le
Florida Corporate Income/Franchise Tax Return
(Form F-1120 ) or the
Florida Corporate Short
Form Income Tax Return
(Form F-1120A) regardless of whether any tax may be due. If you le the
U.S. Income
Tax Return for Homeowners Associations
(Federal Form 1120-H), you are not required to le a Florida return.
Political organizations that le 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 le either Form F-1120 or Form F-1120A.
Fl id t i /f hi t i t d i f d l t bl i di d b t i Fl id
Who Must File?
Tax Base and Rate
Florida Department of Revenue
5050 West Tennessee Street, Tallahassee, FL 32399
Florida corporate income/franchise tax is computed using federal taxable income, modied 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 net income.
Finally, you should compute tax by multiplying Florida net income by the appropriate tax rate based on the
following:
Taxable Year
Beginning
Prior to
1/1/2019
1/1/2019 -
12/31/2020
1/1/2021 -
12/31/2021
On or After
1/1/2022
Tax Rate 5.5% 4.458% 3.535% 5.5%
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 ) and the instructions (Form F-1120N ) also provide a list and
explanation of available credits each year.
Corporate income tax is reported using a
Florida Corporate Income/Franchise Tax Return
(Florida Form F-1120
). Corporations must le 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
b. 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).
2. The 15th day following the due date, without extension, for the ling of the related federal return for the
taxable year.
If you le your return late, a penalty of 10% of any unpaid tax due with the return for each month or fraction
thereof that the return is late, not to exceed a total penalty of 50% of unpaid tax, is charged. If no tax is due, the
penalty for a late led return is $50 per month or fraction thereof that the return is late, not to exceed $300. A
oating 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 ) is due on or before the 1st day of the 4th month
f ll i h l f h
Tax Incentives
Due Date
following the close of the tax year.
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
). Form F-1120ES may be led electronically.
Generally, for tax years beginning prior to 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 estimated tax, a penalty of 12% per year is charged. For more information, see
Underpayment
of Estimated Tax
(Florida Form F-2220 ) and its instructions. A oating 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.
To receive an extension of time to le your return, you must le a
Florida Tentative Income/Franchise Tax Return
and Application for Extension of Time to File Return
(Form F-7004 ) with your tentative tax payment by the
original due date of the Florida return. Form F-7004 may be led electronically.
Extensions are valid for 6 months, with the exception of June 30 tax year end extensions that are valid for 7
months. An extension does not extend the due date for the payment of the tax due for the taxable year. For
partnerships, the extension allows 6 months from the due date of the return to le.
The tentative tax payment with your request for an extension of time to le should be the balance of the tax due
for the taxable year after subtracting any estimated tax payments and any overpayment credits from the prior
year.
If you underpay your tentative tax by more than the greater of $2,000 or 30 percent of the tax shown on the
return when led, the extension will be invalid and a late ling penalty will be imposed. If you underpay tentative
tax by a lesser amount, a tentative penalty of 12% per year during the extension period is charged on the
underpaid amount. The tentative penalty is calculated from the original due date of the return. A oating 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.
A corporation that has zero tax due or owes less than $2,500 in tax may le the
Florida Corporate Short Form
Income Tax Return
(Form F-1120A) if the corporation:
Has Florida net income of $45,000 or less
Conducts 100% of its business in Florida
Estimated Tax
Extension of Time and Payment of Tentative Tax
Qualifications to File a Florida Corporate Short Form F-1120A
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
Is not included in a Florida or federal consolidated corporate income tax return
Claims no tax credits other than tentative tax payments or estimated tax payments
Is not required to pay Federal Alternative Minimum Tax
Florida Form F-1120A may be led electronically.
When to Notify the Department
You must notify the Florida Department of Revenue, if you:
Change your business name;
Change your mailing address;
Change your location address within the same county;
Close or sell your business; or
Your business becomes active and you will sell or rent taxable property or services.
The quickest way to notify the Department of these changes is to update your account online.
Active Corporations Not Required to File
If you are not required to le a Florida corporate income tax return, change your status to "in business/not
required to le."
Example: You created a corporate income tax account with the Florida Department of Revenue through
registration as a corporation for Florida taxes. You subsequently make a federal election to be a S
corporation. Notify the Florida Department of Revenue of this change online, noting your account is in
business, but does not have to le Florida corporate income tax returns. Enter the eective date of your
federal S corporation election.
Example: You are a new Florida corporation and your tax preparer led
Florida Tentative Income/Franchise
Tax Return and Application for Extension of Time to File Return
(Form F-7004 ) for you, along with all of
the tax preparer’s clients. When ling your federal income tax return, your tax preparer completes the
federal S corporation election for you and les your initial federal income tax return on Form 1120S. Your
tax preparer should submit notication of this change to the Florida Department of Revenue online, noting
your account is in business, but not required to le corporate income tax returns and entering the eective
date of the federal S corporation election.
Taxpayers are required to le Florida corporate income tax returns electronically if required to le federal
income tax returns electronically, or if $5,000 or more in Florida corporate income tax was paid during the prior
state scal year. For a list of the electronic payment deadlines, visit the Department's Forms and Publications
webpage and select the current year
Florida eServices Calendar of Electronic Payment Deadlines
(Form DR-659)
under the eServices section.
File Using the Modernized e-File (MeF) Program
Account Changes
File and Pay Tax
Most taxpayers use a software vendor known to the Florida Department of Revenue to prepare and le Florida
corporate income tax returns. The vendor facilitates the ling of the Florida corporate income tax return through
the Internal Revenue Service’s (IRS) Modernized e-File (MeF) Program. These vendors can help you:
File the Florida Corporate Income/Franchise Tax Return (Form F-1120)
File the Declaration/Installment of Florida Estimated Income/Franchise Tax (Form F-1120ES)
File the Tentative Income/Franchise Tax Return and Application for Extension of Time to File Return (Form
F-7004)
Pay the amount due on the Florida Corporate Income/Franchise Tax Return (Form F-1120)
Pay the estimated amount due on the Declaration/Installment of Florida Estimated Income/Franchise Tax
(Form F-1120ES, 1st, 2nd, 3rd, and 4th installments)
Pay the tentative amount due on the Tentative Income/Franchise Tax Return and Application for Extension
of Time to File Return (Form F-7004)
For more information about MeF, visit the IRS's Electronic Filing Options for Businesses and Self-Employed
Taxpayers webpage.
Electronically File and Pay with the Department
You can use the Department’s website to le and pay most Florida taxes, including the corporate income tax.
You will need to enroll for eServices with the Department to use this option. Once enrolled, select "Corporate
Income Tax File and Pay" from the File and Pay webpage to:
File the Florida Corporate Short Form Income Tax Return (Form F-1120A)
File Form F-7004
Pay the corporate income tax due on Forms F-1120 and F-1120A
Pay the tentative tax due on Form F-7004
Pay the estimated tax due on Form F-1120ES for the 1st, 2nd, 3rd, and 4th installments
Electronically Pay with the Department
You also have the option to only make electronic payments. You must be registered with the Department for
corporate income tax to use this option. By selecting "Tax/Fee/Remittance Payment Only" under “Pay a Bill or
Make a Payment” section on the Department’s File and Pay webpage, you can:
Pay the corporate income tax due on Forms F-1120 and F-1120A
Pay the tentative tax due on Form F-7004
Pay the estimated tax due on Form F-1120ES for the 1st, 2nd, 3rd, and 4th installments
For more information on registering, visit the Department's Account Management and Registration webpage.
If the system you usually use to make a payment is unavailable, you can use one of the other options to
ensure you pay timely.
Filing Using an Alternative or Hardcopy Form
If you are not ling electronically, you can purchase "alternative" forms software from a Department approved
alternative forms vendor and use it to prepare and le a paper return. Before using software to prepare your
alternative form, ask the vendor for proof that the forms in the software package have been approved by the
Department. You can also download and print all Florida corporate income tax forms from the Department's
Forms and Publications webpage. Be sure to print the forms in color if you are ling them.
If you need assistance, call the Department's Taxpayer Assistance at 850-488-6800 Monday through Friday,
excluding holidays.
