Florida Corporate Income Tax Lawyer
Florida Tax Law
Unless you are exempt, a business that files as a C-Coporation or S-Corporation for federal income tax purposes and conducts business in Florida is required to file a Florida corporate income tax return. This includes out-of-state businesses as well. In the case of no taxes being owed, a return must still be filed. A Florida Partnership Information Return, Form F-1065, is filed if you are doing business in Florida and a corporation is one of your partners. You must file a Corporate Income/Franchise and Emergency Excise Tax Return (Form F-1120) if your corporation or artificial entity is a partner or member of a joint venture doing business in our state. Under specific conditions, if your corporation owes less than $2,500 in taxes or has no tax deficiency, Form F-1120A is used.
Generally, only a C-Coporation is required to pay the Florida corporate income tax and S-Corporations are merely required to file informational returns under most circumstances. However, we regularly run into companies that have operated for years believing that they have a valid S-Corporation election in place only to find out that the Federal S-Corporate election is invalid or was simply lost by the IRS. If the Federal S-Coporation election was not made, then the business was really operating as a C- Corportion all these years and the Florida Department of Revnue steps in wanting Florida Corporate Income Taxes for all the years the business has been in operation PLUS penalties and interest! If this has happened to your company or you are not sure if your S-Corporation election is valid, then contact our firm. Either we can verify whether you election was approved by the IRS or we negotiate on your behalf to have the S-Corporation election retroactively accepted by the IRS, solving the matter with both the IRS and the Florida Department of Revenue.
When a business runs into trouble with corporate income taxes, this is where an experienced Florida tax attorney from the Law Offices of Moffa, Gainor, & Sutton, P.A. enters the picture. Our concentration is almost exclusively on Florida tax controversy and we provide aggressive legal representation to those in need of our services from the start of trouble through to the end of your tax matter. We have been working with difficult tax situations for decades. As attorneys and CPAs, we use our knowledge and hard-won experience with
Florida tax law to help you put this potentially rough time behind you so you can do what you do best - run your business.
Corporate Income Tax Situations
Your corporate income taxes are due each year and the date of filing is determined by your corporation's tax year. This tax must be paid electronically for those who paid more than $20,000 in corporate income taxes in the past fiscal year. Additionally, when you owe a greater amount than $2,500 in corporate taxes, estimated tax payments must be made using Form F-1120ES.
In certain cases, businesses can benefit from Florida tax incentives and this may help you with your taxes. Examples are those who contribute to a nonprofit scholarship funding organization or if you are located in an enterprise zone.
If you have run into trouble or desire to do state tax planning or consulting in order to prevent tax situations from arising, you have come to the right firm.
Contact a Florida corporate income tax lawyerto learn your legal options when you are facing corporate income tax situations.