This summer, Florida passed new legislation requiring all Florida corporate income tax filers to provide certain additional information via the Florida Department of Revenue (FDOR) website. The new online information disclosure relates to how certain areas of the federal Tax Cuts and Jobs Act impact a company’s Florida income tax. Note that the state has limited this additional online reporting to only those companies required to file a Florida corporate income/franchise tax return. Therefore other entity types (such as partnerships or LLCs) won’t be impacted by this new disclosure requirement.
The state has placed a very tight deadline for reporting this information:
- For corporations who have already submitted their 2018 Florida corporate income/franchise tax return, you have until September 3, 2019 to make this online submission.
- For corporations that have not already filed their 2018 Florida corporate income/franchise tax return, you must make this online reporting within 10 days after your Florida corporate income tax return is filed (or within 10 days after the extended due date, if sooner).
What makes this online reporting even more burdensome for companies is that the Florida Department of Revenue has just launched the reporting website and made it available for corporations to fulfill this reporting requirement.
The FDOR will notify (by mail) all Florida corporate taxpayers that this information reporting is due. Companies can ill-afford to ignore this new online reporting since late filing carries a minimum of $1,000 penalty or 1% of tax, whichever is greater.
CRI is ready to assist you in meeting this new information reporting requirement from Florida. Please contact your local CRI professional should you receive any correspondence from the FDOR, or if you have any questions.