If you file a C corporation tax return in Florida, be aware – Florida’s Department of Revenue is requiring taxpayers that file a Florida corporate income/franchise tax return to submit additional income data for 2018 and 2019 taxable years.
The deadline to submit your information is Tuesday, Sept. 3, 2019 if you filed your 2018 return prior to Sept. 3, 2019. If you extended your return, the due date is 10 days after the extended due date or 10 days after the return is filed, whichever is earlier.
If you fail to meet this deadline, you’re subject to a $1,000 penalty or a penalty of 1% of your tax due – whichever is greater.
What income data do I need to provide?
The department’s Tax Information Publication (TIP) dated Aug. 26, 2019, outlines all the information you’re required to submit. If you received this document, Florida anticipates you’re going to file a corporate tax return for 2018 and 2019 tax years.
Following is a brief outline of what they need:
- Florida corporate income/franchise tax return or schedule
- Federal corporate income tax return or schedule
- Form 8993 – Section 250 deduction for Foreign-Derived Intangible Income and Global Intangible Low-Taxed Income
- Form 8890 – Limitation on Business Interest Expense under Section 163(j)
- North American Industry Classification (NAICS) Code
That’s just a scant listing of the income requirements. Visit the Department of Revenue’s site to see all the information you’re required to submit.
Keep in mind
You’ll need to submit this data for both your 2018 and 2019 tax years. You’ll submit the online application twice, once for each year. You’ll have 20 minutes to enter your information and submit the online application, so make sure you have the information ready before starting.
Again, the deadline to submit this information is Sept. 3, 2019 for many Florida corporate income tax return filers. If you need assistance with gathering and filing this data, please contact us.
If you’re ready to submit your corporate income information now, you can access the application here.
Have questions about Florida’s income data requirement? Let’s talk!