Solved: Do Florida S-Corps have to file State Taxes or just Federal Taxes?
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Do Florida S-Corps have to file State Taxes or just Federal Taxes?

 
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Alumni
Alumni

Do Florida S-Corps have to file State Taxes or just Federal Taxes?

With two exceptions, an S Corporation is not required to file a return in Florida. It is not required to file unless -

  1. it was previously a C Corporation. If so, it needs to file a return the first year it becomes an S-Corporation to establish that it has changed to an S-Corporation and is no longer required to file returns (after that, so-long as it stays an S-Corporation, no returns are due), or
  2. it has taxable income (which is rare in an S-Corporation). (An S-Corporation has "ordinary" income that it distributes to the shareholder who may then have "taxable" income.)  Taxable income would need to either come from excess net passive income, LIFO recapture or from Form 1120-S's Schedule D from Built-in Gains ("BIG" tax).


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Alumni
Alumni

Do Florida S-Corps have to file State Taxes or just Federal Taxes?

With two exceptions, an S Corporation is not required to file a return in Florida. It is not required to file unless -

  1. it was previously a C Corporation. If so, it needs to file a return the first year it becomes an S-Corporation to establish that it has changed to an S-Corporation and is no longer required to file returns (after that, so-long as it stays an S-Corporation, no returns are due), or
  2. it has taxable income (which is rare in an S-Corporation). (An S-Corporation has "ordinary" income that it distributes to the shareholder who may then have "taxable" income.)  Taxable income would need to either come from excess net passive income, LIFO recapture or from Form 1120-S's Schedule D from Built-in Gains ("BIG" tax).


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