Form F-1120es - Estimated Tax - Instructions printable pdf download

When is Florida Form F-1120 Due?

Where to Send Payments and Returns

Generally, Florida Form F-1120 is due on or before the first day

Make check payable to and send with return to:

of the fourth month following the close of the tax year or the

FLORIDA DEPARTMENT OF REVENUE

15th day following the due date, without extension, for the filing

5050 W TENNESSEE ST

of the related federal return for the taxable year, whichever is

TALLAHASSEE FL 32399-0135

later.

If you are requesting a refund (Line 20), send your return to:

A return is considered timely filed if postmarked on or before

FLORIDA DEPARTMENT OF REVENUE

the applicable due date. If the due date falls on a Saturday,

PO BOX 6440

Sunday, or federal or state holiday, the return is considered

TALLAHASSEE FL 32314-6440

timely filed if postmarked on the next business day. A return

must be filed, even if no tax is due.

Electronic Funds Transfer

If you paid more than $50,000 in tax liability during the State of

Extension of Time to File

Florida’s prior fiscal year (July 1, 2000 - June 30, 2001), you

To apply for an extension of time for filing Florida Form F-1120,

are required to transmit your funds electronically. Please

complete Florida Form F-7004, Florida Tentative Income/

contact the Department at 850-487-7972 for further details.

Franchise and/or Emergency Excise Tax Return and

Application for Extension of Time to File Return . Florida Form

Penalties

F-7004 with instructions is included in the Florida Form F-1120

Late Payment/Late-Filed Return—The penalty for late

package.

payment is 10 percent per month, or fraction thereof, not to

exceed 50 percent of the tax due with the return. If no tax is

A copy of the federal extension alone will not extend the time

due and a return is filed late, the penalty is $50 per month or

for filing the Florida return. Florida Form F-7004 must be filed

fraction thereof, not to exceed $300.

to extend the time to file. An extension for Florida tax purposes

may be granted, even though no federal extension was

Underpayment of Tentative Tax—The penalty for

granted, if good cause for an extension is shown.

underpayment of tentative tax is 12 percent per year during the

extension period on the underpaid amount from the original

Florida Form F-7004, along with payment of all the tax due

due date of the return.

(tentative tax), must be filed on or before the original due date

Underpayment of Estimated Tax—The penalty for

of Florida Form F-1120. An extension of time will be void if:

underpayment of estimated tax is 12 percent per year. If

1) payment is not made with the application, or 2) the required

estimated tax has been underpaid, Florida Form F-2220,

payment is underpaid by the greater of $2,000 or 30 percent of

Underpayment of Estimated Tax , should be completed and

the tax shown on Florida Form F-1120 when filed. Extensions

attached to Florida Form F-1120 (see Line 15 instructions).

are valid for six months. Only one extension is permitted per

tax year.

Incomplete Return—For an incomplete return, the penalty is

the greater of $300 or 10 percent of the tax finally determined

Payment of Tax

to be due, not to exceed $10,000. An incomplete return is one

that cannot be readily handled, verified, or reviewed.

The amount of tax due, as shown on Line 18 of the return,

must be submitted by the original due date along with the

Fraudulent Return—The penalty for filing a false or fraudulent

return or extension of time. Payment must be made in U.S.

return is 100 percent of the deficiency.

funds. If the tax is not paid on time, penalties and interest

apply.

Interest

A floating rate of interest applies to underpayments, late

Using Payment Credits

payments, and overpayments of corporate income tax and

When a corporation makes payment using payment credits

emergency excise tax. The floating interest rate is updated

from a different FEI number, the following documentation is

January 1 and July 1 of each year by using the formula

required:

established in section 220.807, Florida Statutes. For

information on current and prior period interest rates refer to

• Written authorization, including an original signature of a

the “For Information and Forms” section on Page 2.

corporate officer, from the corporation or entity where the

payment credit is to be transferred from.

Attachments and Statements

• The FEI numbers of the corporations or entities involved.

• The complete corporation names.

Attach one of the following to Florida Form F-1120:

• The applied period (taxable year-end) for the payment

• Copies of Pages 1 through 4 of federal Form 1120.

credits which are to be transferred.

• Copies of Pages 1 and 2 of federal Form 1120A.

• The type of credit and the amount of payment credit to be

• A copy of the actual federal income tax return filed with the

transferred.

Internal Revenue Service (IRS).

Form F-1120es - Estimated Tax - Instructions

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