Last summer, Florida
passed new legislation requiring all Florida corporate income tax filers to
provide certain additional information online with the Florida Department of
Revenue (FDOR). The new online information disclosure relates to how certain
areas of the federal Tax Cuts and Jobs Act impact a company’s Florida income
tax. Note that the state has limited this additional online reporting to only
those companies required to file a Florida corporate income/franchise tax
returns (Form F-1120 or F-1120-A). Other entity types such as partnerships are
not affected by this legislation.
Florida placed a very tight deadline for
reporting this information given the timing of passing the legislation and the
notice to taxpayers. Many corporations were
unaware of this new requirement despite the FDOR mailing a notice to all
Florida corporate taxpayers. Companies cannot afford to ignore this new online
reporting since late filing carries a minimum of $1,000 penalty or 1% of tax,
whichever is greater. The Florida
Statutes do provide a framework to settle or compromise those penalties.
Had a situation come up i knew i needed help with. Researched quite a few in the area didnt take...
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We had used Legal Zoom for our wills but found it very difficult to make even minor changes over time....
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Andrew Jackson was recommended by my Real Estate broker and I was very satisfied with the service. He was clear,...
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