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

F-1120A

R. 01/18

Page 4

Line-by-Line Instructions

(continued from page 3)

(continued)

Line 5. Florida Net Income – Subtract Lines 3 and 4 from the sum of Lines

Incomplete Return – For an incomplete return, the penalty is the greater

1 and 2 and enter the difference on Line 5. (Line 1 plus Line 2 minus Line 3

of $300 or 10 percent of the tax finally determined to be due, not to exceed

minus Line 4.) If this amount is negative, check the box and enter zero (0) on

$10,000. An incomplete return is one that cannot be readily handled, verified,

Line 6.

or reviewed.

Line 6. Corporate Income Tax Due – Enter 5.5 percent of Line 5. If Line 5 is

Fraudulent Return – The penalty for filing a false or fraudulent return is 100

zero (0) or less, enter zero (0) on Line 6. If this amount is $2,500 or greater, you

percent of the deficiency.

cannot file Florida Form F-1120A. See “Contact Us" below for information on

Electronic Filing – The penalty is 5 percent of the tax due for each month the

obtaining Florida Form F-1120.

return is not filed electronically. The penalty cannot exceed $250 in total. If no

Line 7. Payment Credits – Enter the total tentative tax paid with Florida Form

tax is due, the penalty is $10.

F-7004 plus estimated tax payments, if any, made for the taxable year, or

Interest – A floating rate of interest applies to underpayments, late payments,

carryovers from previous years, plus the amount(s) shown on any corporate

and overpayments of corporate income tax. We update the floating interest

income tax credit memo(s) issued by the Department.

rate January 1 and July 1 of each year by using the formula established in

Line 8. Penalty and Interest – If penalties or interest apply, enter the total

s. 220.807, F.S. For information on current and prior period interest rates, visit

amount on this line.

our website.

Penalties

Line 9. Total Amount Due or Overpayment – Subtract the amount shown on

Late-Filed Return – The penalty for a late-filed return is 10 percent each

Line 7 from Line 6, add any amount shown on Line 8, and enter the result on

Line 9. If Line 9 is a negative amount, you have overpaid your Florida

month, or portion of a month, not to exceed 50 percent of the tax due with the

return. If no tax is due and a return is filed late, the penalty is $50 each month

corporate income tax. To have this amount credited toward next year’s tax

or portion of a month, not to exceed $300.

liability, place an “X” in Box 9a. To have this amount refunded, place an “X”

in Box 9b. If you make no entry, the entire amount of overpayment will

Underpayment of Tentative Tax – The penalty for underpayment of tentative

be credited to next year’s estimated tax. If Line 9 is a positive amount, this

tax is 12 percent per year during the extension period on the underpaid

is the amount due. Make your check or money order payable to the Florida

amount. You must calculate the penalty from the original due date of the

Department of Revenue. You must pay in U.S. funds. Note: The election

return.

to apply an overpayment to the next year’s estimated tax is irrevocable.

For more information, see Rule 12C-1.034(8), F.A.C., titled Special Rules

Relating to Estimated Tax.

Remember:

ü Make your check payable to the Florida Department of Revenue, write your FEIN on your check, and sign

your check and return.

ü Use an original form whenever possible to ensure proper recording and processing of your return and

payment. Make any necessary corrections on the face of the return and complete a change of address on

the Department's website at:

ü Do not attach a copy of the federal return, supporting schedules, or worksheets at this time. The

Department may, however, request them at a later date.

ü To find filing due dates for the current year go to the Department’s website at:

Information, forms, and tutorials are available on our

To find a taxpayer service center near you,

website:

go to:

To speak with a Department representative, call

Taxpayer Services at 850-488-6800, Monday through Friday

Subscribe to our tax publications to receive

(excluding holidays).

due date reminders or an email when we post:

For written replies to tax questions, write to:

• Tax Information Publications (TIPs).

• Proposed rules, notices of rule

Taxpayer Services - MS 3-2000

development workshops, and more.

Florida Department of Revenue

Go to:

5050 W Tennessee St

Tallahassee FL 32399-0112

Form F-1120a Draft - Florida Corporate Short Form Income Tax Return Page 4

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