Reporting and Tax Filing Requirements for Corporations in Florida

If you have registered your business as a corporation in Florida, there are certain reporting requirements you must meet, in addition to filing your annual corporate income tax return for federal and state purposes.

Each year you must file an annual report with the Florida Department of State Division of Corporations. This is necessary in order to maintain active status for your corporation with the Florida Department of State. The annual report is due by May 1 each year. All annual reports must be filed online. To start, you will need to enter the document number assigned to your corporation. This number is indicated on the electronic notice or postcard you receive from the Division of Corporations.

The information needed in the annual report includes your federal employer identification number, your e-mail address, and the address of your principal place of business, which must be a physical address and not a post office box. You must report your registered agent's name and the names of up to six principals, including officers, directors, and managers. The annual report must be electronically signed by one of the principals.

There is a fee for filing the annual report. For a profit corporation the fee is $150.00 and for a not for profit corporation, $61.25. If you file the annual report after the May 1 due date, there is a $400 late fee. But nonprofit corporations are not subject to the late fee. You can pay the fee by credit card, pre-established Sunbiz e-file account, or by check or money order.

According to the Florida Department of State Division of Corporations, annual minutes of a corporation are not required to be filed with any agency of the Florida government. They have posted a consumer alert that "Compliance Services" is sending notices to businesses requesting annual minutes and a fee of $125. These notices are not from the Florida Department of State Division of Corporations.

The Division of Corporations also warns that a private company called Arvitas, LLC is sending e-mails offering to file annual reports for a fee. This company does not offer any additional service than what is available on the Division of Corporations' official sunbiz.org site.

Each year you must file Form F-1120, Florida Corporate Income/Franchise and Emergency Excise Tax Return. The Florida corporate income tax rate is 5.5% on net income, after a $5,000 exemption. The return is due the first day of the fourth month after the close of your corporation's taxable year.

If your corporation owes more than $2,500 annually in Florida corporate income tax, you have to make estimated tax payments and file Form F-1120ES. And if your corporation paid $20,000 or more in corporate income tax during the prior fiscal year, you have to file and pay your Florida corporate income tax return electronically.

If your corporation meets certain criteria, you can file the short form F-1120A corporate income tax return online. Your corporation must have Florida net income of $45,000 or less and you must conduct 100% of your business in Florida. You must not have any additions or subtractions from your federal taxable income other than a net operating loss deduction or state income taxes. You must not claim any tax credits and must not be required to pay Federal Alternative Minimum Tax. You must not have any liability for Florida Emergency Excise Tax. And your corporation must not be included in a consolidated corporate income tax return.

Sources:

Annual Report Overview (Part I) and Step-By-Step Filing Instructions (Part II), Florida Department of State Division of Corporations

Electronic File and Pay Information, Florida Department of Revenue

Florida Corporate Short Form Income Tax Return, Florida Department of Revenue

Florida's Corporate Income Tax, Florida Department of Revenue

Form F-1120, Florida Corporate Income/Franchise and Emergency Excise Tax Return, Florida Department of Revenue

Form F-1120ES, Declaration /Installment of Florida Estimated Income/Franchise and Emergency Excise Tax, Florida Department of Revenue

Online Annual Report Filing, Florida Department of State Division of Corporations