Pay Franchise Taxes

Pay Franchise Taxes

Pay Franchise Taxes in the State of Florida Online using this service! 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.

FAQs

Who should be paying Franchise Taxes in Florida?

  • 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)  if one or more of its owners is a corporation. In addition, 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 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 file the U.S. Corporation Income Tax Return (Federal Form 1120) must file Florida Corporate Income/Franchise Tax Return (Form F-1120) or the Florida Corporate Short Form Income Tax Return (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 or Form F-1120A.

What is the due date for filing franchise taxes in Florida?

Corporate income tax is reported using a Florida Corporate Income/Franchise Tax Return  (Florida Form F-1120). 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. 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 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 filing of the related federal return for the taxable year.

What is the penalty for late payment of Franchise Taxes in Florida?

If you file your return or pay tax late,  a penalty of 10% of any unpaid tax for each 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.

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Pay Franchise Taxes

Pay Franchise Taxes

Pay Franchise Taxes in the State of Florida Online using this service! 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.

FAQs

Who should be paying Franchise Taxes in Florida?

  • 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)  if one or more of its owners is a corporation. In addition, 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 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 file the U.S. Corporation Income Tax Return (Federal Form 1120) must file Florida Corporate Income/Franchise Tax Return (Form F-1120) or the Florida Corporate Short Form Income Tax Return (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 or Form F-1120A.

What is the due date for filing franchise taxes in Florida?

Corporate income tax is reported using a Florida Corporate Income/Franchise Tax Return  (Florida Form F-1120). 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. 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 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 filing of the related federal return for the taxable year.

What is the penalty for late payment of Franchise Taxes in Florida?

If you file your return or pay tax late,  a penalty of 10% of any unpaid tax for each 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.

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