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.
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:
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.
You can ask any questions related to this service here. We will try to answer them soon!