Form F-7004a, F-1120a - Florida Corporate Short Form Tentative Income Tax Return And Application For Extension Of Time To File Return - 2000 Page 2
ADVERTISEMENT
1
2F-1120A
R. 01/00
Page 4
only be carried over to subsequent taxable years and treated in the same
A floating rate of interest applies to underpayments and overpayments of
manner, to the same extent, and for the same time periods prescribed in
corporate income tax and emergency excise tax. The floating interest rate is
Section 172, Internal Revenue Code (I.R.C.)
updated January 1 and July 1 of each year by using the formula established
in Section 220.807, Florida Statutes. The floating interest rate applies to late
Line 4 Florida Exemption - Section 220.14, Florida Statutes, provides for an
estimated tax payments due on or after January 1, 2000. For late estimated
exemption of up to $5,000 of net income. The amount of the exemption is the
tax payments due prior to January 1, 2000, interest is 12 percent per year
lesser of $5,000 or the Florida portion of adjusted federal income. Only one
upon the amount of any underpayment. For information on current and prior
$5,000 exemption is allowed to the members of a controlled group of
period interest rates refer to the “Information, Forms and Payment” section
corporations as defined in Section 1563, I.R.C. If members of the controlled
on page 6.
group file separate returns, the $5,000 exemption will be divided equally
among all members required to file a Florida return unless all members
Line 9 Total Amount Due or Overpayment - Subtract amount shown on
consent to an apportionment plan for an unequal allocation of the Florida
Line 7 from line 6, add any amount shown on Line 8, and enter the result on
Exemption. In the case of a taxable year of less than 12 months, the $5,000
Line 9.
exemption must be prorated based on the number of days in the short taxable
If Line 9 is a negative amount, you have overpaid your Florida corporate
year to 365.
income tax. To have this amount credited toward next year’s tax liability,
place an “X” in box 9a. To have this amount refunded, place an “X” in box
Line 5 Florida Net Income - Subtract lines 3 and 4 from the sum of lines 1
9b. Line 9b must be completed in order to receive a refund. If no entry is
and 2 and enter the difference on line 5. (line 1 + line 2 - line 3 - line 4). If
made, the entire amount of overpayment will be credited to next year’s
this amount is negative, check the box, and enter zero (0) on line 6.
estimated tax. If line 9 is a positive amount, this is the amount due. Make
your check or money order payable to the Florida Department of Revenue.
Line 6 Corporate Income Tax Due - Enter 5.5 percent of line 5. If line 5 is
U.S. Funds are required.
zero (0) or less, enter zero (0) on line 6. If this amount is $2,500 or greater,
you cannot file form F-1120A. See Information, Forms and Payments on
General Information for F-1120A
page 6 for information on obtaining Form F-1120.
Line 7 Payment Credits - Enter the total of the tentative tax paid with Form
When to File
F-7004 or F-7004A (Florida Tentative Income Tax Return and Application for
Extension of Time to File Return) plus estimated tax payments, if any, made
•
Generally, Form F-1120A is due on or before the 1
st
day of the 4
th
month
for the taxable year, or carryovers from previous years, plus the amount of
th
following the close of the taxable year or the 15
day following the due
any corporate income tax credit correction letter issued by the Department.
date, without extension, for the filing of the related federal return for the
taxable year, whichever is later.
Line 8 Penalty and Interest - If payment with this return includes interest
•
A return will be considered timely filed if it bears a U.S. postmark date on
accrued or penalty incurred, the sum should be entered on this line.
or before the applicable due date. If a return is due on a Saturday,
Penalties
Sunday, or legal holiday, it will be considered timely if filed the next
(a) The penalty for failure or refusal to file within the prescribed time is 10
succeeding day which is not a Saturday, Sunday, or legal holiday.
percent per month, or fraction thereof, not to exceed 50 percent of the tax due
Payment of Tax
with the return.
(b) The penalty for failure to file a return when no tax is due is $50 per month,
The balance of tax due must be paid in full with the return. Failure to pay
or fraction thereof, not to exceed $300.
the tax on time will subject the taxpayer to assessment of penalties and
(c) The penalty for filing a false or fraudulent return is 100 percent of the
interest. Payment must be made in U.S. funds
deficiency.
Who Must Make Estimated Tax Payments ?
(d) The penalty for an incomplete return is the greater of $300 or 10 percent
of the tax finally determined to be due, not to exceed $10,000. An incomplete
Taxpayers subject to taxation under the provisions of Chapter 220 and/or
return is one that cannot be readily handled, verified, or reviewed.
Chapter 221, F. S., must make a declaration of estimated tax for the taxable
(e) The penalty for underpayment of tentative tax is 12 percent per year
year if the combined amount of its income tax and emergency excise tax
during the extension period on the underpaid amount from the original due
liability for the year is expected to be more than $2,500. Payments may not
date of the return.
be annualized. If the corporation is subject to excise tax and/or the expected
tax liability is more than $2,500, you cannot file Form F-1120A, you must file
Interest
F-7004A
Revenue Service, or (c) an attorney or C.P.A. qualified to practice
R. 01/00
Florida Income/Franchise
before the IRS under P.L. 89-332.
Six Month Extension of Time Request
Emergency Excise Tax Due
1. Tentative amount of Florida tax for the taxable year
1.
Intangible Tax Notice — See instructions for question H on page 2.
2. LESS: Estimated tax payments for the taxable year
2.
A. Has Form 7004 or 8736 been filed with the Internal
3. Balance due —100% of the tax tentatively determined
3.
Revenue Service for the taxable year?
due must be paid with this extension request
Yes
No
Transfer the amount in Line 3 to Tentative Tax Due on reverse side.
Information For Filing Form F-7004A
B. If applicable, state in detail the reason the
When to file — File this application on or before the original due date
of the taxpayer's corporate income tax or partnership return.
extension is needed:
Penalties for failure to pay tax — If a payment of tax is required with
this application, failure to make such payment will void any extensions
of time and subject the taxpayer to penalties and interest for failure to
C. Type of federal return filed:
file a timely return(s) and pay all taxes due. There is also a penalty
Contact person for questions:
for failure to file when no tax is due.
Signature — Form F-7004A must be signed by a person authorized by
the taxpayer to do so, and who is either (a) an officer or partner of the
Phone number: (______)____________________
taxpayer, (b) a person currently enrolled to practice before the Internal
ADVERTISEMENT
0 votes
Related Articles
Related forms
Form F-7004 - Florida Tentative Income / Franchise And/or Emergency Excise Tax Return And Application For Extension Of Time To File Return - 2005
Financial
Form F-7004 - Florida Tentative Income / Franchise Tax Return And Application For Extension Of Time To File Return
Financial
Form F-7004 - Florida Tentative Income / Franchise Tax Return And Application For Extension Of Time To File Return
Financial
Form F-7004 - Florida Tentative Income / Franchise Tax Return And Application For Extension Of Time To File Return
Financial
Form F-7004 - Florida Tentative Income / Franchise Tax Return And Application For Extension Of Time To File Return
Financial
Form 760e - Virginia Tentative Tax Return And Application For Extension Of Time To File Individual Or Fiduciary Income Tax Return (forms 760, 760py, 763 And 770) - 1999
Financial
Form Bfc-1 - Tentative Return And Application For Extension Of Time To File The New Jersey Banking And Financial Corporation Tax Return
Financial
Related Categories
Parent category: Financial