Form F-1120a Draft - Florida Corporate Short Form Income Tax Return (Page 3 of 4) in pdf

F-1120A

R. 01/18

Page 3

Who Must File a Florida Corporate Income/

General Information (continued)

Franchise Tax Return?

(continued from Page 2)

Federal Employer Identification Number (FEIN)

• S corporations that pay federal income tax on Line 22c of federal Form 1120S.

If you do not have an FEIN, obtain one from the IRS. You can:

• Apply online at

• Tax-exempt organizations that have “unrelated trade or business taxable

• Apply by mail with IRS form SS-4. To obtain this form, download or order

income” for federal income tax purposes are subject to Florida corporate

it from or call 800-829-3676.

income tax and must file either Florida Form F-1120 or Florida Form F-1120A.

To Amend a Return

General Information

You must complete a Florida Form F-1120X to amend your Florida corporate

income tax return if:

When is Florida Form F-1120A Due?

• You file an amended Federal return.

Generally, Florida Form F-1120A is due the later of:

• A redetermination of federal income is made (for example, through an

(1) For tax years ending June 30, the due date is on or before the first day

audit adjustment), and

of the fourth month following the close of the tax year. For all other

• The adjustments would affect net income subject to the Florida corporate

taxable year ends, the due date is on or before the first day of the fifth

income/franchise tax.

month following the close of the tax year. For example, Florida Form

Go to our website for Florida Form F-1120X with instructions.

F-1120A is due on or before May 1, 2017 for a taxpayer with a tax year

ending December 31, 2016; or

Who Must Make Estimated Tax Payments?

If you expect the amount of income tax liability for the year to be more

(2) The 15th day following the due date, without extension, for the filing

than $2,500, you must make a declaration of estimated tax for the taxable

of the related federal return for the taxable year. For example, if the

year using Florida Form F-1120ES. Payments may not be annualized. If the

federal return is due on May 15, the related Florida Form F-1120A is

corporation's expected tax liability is more than $2,500, you must file Florida

due on June 1.

Form F-1120. To obtain Florida Form F-1120ES, see “Contact Us” on Page 4.

You must file a return, even if no tax is due.

Line-by-Line Instructions

If the due date falls on a Saturday, Sunday, or state or federal holiday, the return

Line 1. Federal Taxable Income – Generally, corporations should enter

is considered to be filed on time if postmarked on the next business day.

the amount shown on Page 1, Line 30 of the federal Form 1120 or the

For a calendar of filing due dates for Florida corporate income tax returns go to the

corresponding line (taxable income) of the federal income tax return filed.

Department’s website at:

If this amount is negative, check the box. S corporations should enter only

the income subject to federal income tax at the corporate level and those S

Note: A late-filed return will subject a corporation to penalty, whether or not tax

corporations answering no to Question D do not have to file a return unless

is due.

requesting a refund.

Extension of Time to File

Line 2. Net Operating Loss Deduction (NOLD) and State Income Taxes

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

Deducted in Computing Federal Taxable Income – Enter the sum of:

complete Florida Form F-7004, Florida Tentative Income/Franchise Tax Return

(A) Any net operating loss deduction shown on Line 29(a) of the federal

and Application for Extension of Time to File Return. To obtain Florida Form

Form 1120 or on the matching line of other federal income tax

F-7004 see "Contact Us" on page 4.

forms, and

Go to the Department’s website for information on electronic filing and payment

(B) Any tax on, or measured by, income paid or accrued as a liability

of tentative tax.

to any U.S. state or the District of Columbia that is deducted from

gross income in computing federal income for the taxable year.

You must file Florida Form F-7004 to extend your time to file. A copy of your

Exclude taxes based on gross receipts or revenues.

federal extension alone will not extend the time for filing your Florida return.

See Rule 12C-1.0222, Florida Administrative Code (F.A.C.), for information on

If you include state income taxes in Line 2, complete Question G on Page 2.

the requirements that must be met for your request for an extension of time to

Use the following to calculate your Line 2 entry:

be valid.

a. NOLD___________________________________________________

Extensions are valid for six months, with the exception of

extensions for taxpayers with a June 30 tax year end which

b. State income taxes deducted in computing federal taxable income

are valid for seven months. We permit only one extension

________________________________________________________

per tax year.

Payment of Tax

c. Total - Add a and b, then enter this amount on Line 2.

You must pay the tax due, as shown on Line 9 of the return,

Line 3. Florida Net Operating Loss Deduction (NOLD) – Enter the amount

and either file your return or extension of time by the original

(if any) of the Florida net operating loss deduction on Line 3. For Florida

due date. Payment must be in U.S. funds. If your tax payment

corporate income tax, a net operating loss can never be carried back as a

is not on time, penalties and interest will apply.

deduction to a prior taxable year. A net operating loss can only be carried

over to later taxable years and treated in the same manner, to the same

Taxable Year and Accounting Methods

extent, and for the same time periods prescribed in section 172, IRC.

The taxable year and method of accounting must be the same

for Florida income tax as it is for federal income tax. If you

Line 4. Florida Exemption – Section 220.14, F.S., exempts up to $50,000 of

change your taxable year or your method of accounting for

net income. The exemption is the lesser of $50,000 or the Florida portion of

federal income tax, you must also change the taxable year or

adjusted federal income. If the taxable year is less than 12 months, you must

method of accounting for Florida income tax.

prorate the $50,000 exemption. Multiply $50,000 by the number of days in

the short tax year divided by 365. Only one $50,000 exemption is allowed

Rounding Off to Whole-Dollar Amounts

to the members of a controlled group of corporations as defined in section

Whole-dollar amounts may be entered on the return. To round

1563, IRC. If members of a controlled group file separate Florida returns the

off dollar amounts, drop amounts less than 50 cents to the

$50,000 exemption will be divided equally among all filing members unless all

next lowest dollar and increase amounts from 50 cents to 99

members consent to an apportionment plan for an unequal allocation of the

cents to the next highest dollar. If you use this method on the

Florida exemption.

federal return, you must use it on the Florida return.

Form F-1120a Draft - Florida Corporate Short Form Income Tax Return Page 3

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