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Florida Mandates New Information Reporting Requirement for Corporate Taxpayers in the State by Michael Hirsch, JD, LLM


Posted on September 16, 2019 by Michael Hirsch

Under new guidelines issued by the Florida legislature, corporate income and franchise tax filers in the state have an additional information-reporting requirement for taxable years beginning during the 2018 and 2019 calendar years.

To avoid a late-reporting penalty equal to the greater of $1,000 or 1 percent of the tax due, taxpayers that already filed their 2018 returns must submit the required information on the Florida Department of Revenue (DOR) website by Oct. 27, 2019. For all other returns, the additional information reporting deadline is the earlier of 10 days after the extended due date (which is November 1 for calendar-year taxpayers) or 10 days after the tax return is filed.

Some of the information that affected taxpayers must enter into the DOR’s online application, separate from their Florida corporate income/franchise tax returns, including the following:

The DOR recommends that all Florida businesses review their accounts at floridarevenue.com to confirm their tax filing and reporting obligations. When an information reporting requirement exists, taxpayers should take the time to gather relevant data in advance of completing the online application.

About the Author: Michael Hirsch, JD, LLM, is a senior manager of Tax Services with Berkowitz Pollack Brant’s state and local tax (SALT) practice, where he helps individual and business to meet their corporate, state and local tax reporting requirements. He can be reached at the CPA firm’s Fort Lauderdale, Fla., office at (954) 712-7000, or via email at info@bpbcpa.com.