Accountants In Miami

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AHCA Change of Ownership CHOW http://feeds.feedburner.com/AccountantsInMiami AHCA Change of Ownership CHOW AHCA Change of Ownership CHOW occurs when 51 percent or more of the ownership shares, membership, or controlling interest of a licensee is in any manner transferred or otherwise assigned. If the Federal Employer Identification Number (EIN) changes and not the ownership percentage(s) is this also qualifies as an AHCA Change of Ownership CHOW. Health care facilities in Florida are licensed by the Agency for Healthcare Administration (AHCA). However, these initial licenses are non-transferable. Facilities licensed by the AHCA may not be sold, assigned, or otherwise transferred, voluntarily or involuntarily, without first undergoing a change of ownership approval by the AHCA. Note that a mere change in a management company or board of directors is not a change of ownership. To understand the above, the term “controlling interest,” must be understood. Under the statute, the applicant or licensee holds a controlling interest. A person or entity that serves as an officer is on the board of directors of or has a 5-percent or greater ownership interest in the applicant or licensee also qualifies. Finally, a person or entity that serves as an officer is on the board of directors of or has a 5-percent or greater ownership interest in the management company or other entity, related or unrelated, with which the applicant or licensee contracts to manage the provider holds a controlling interest. The term, however, does not include a voluntary board member. Whether you are buying or selling a health care facility in Florida it is important to understand that there’s more involved than simply signing a buy/sell agreement. The State of Florida has specific requirements for AHCA Change of Ownership applications for health care facilities. How you approach these requirements can have a big impact on opening your doors. In Florida, health care providers and their investors must use caution when preparing an application for initial licensure, renewal, or change of ownership with the Agency for Health Care Administration (AHCA). In preparing an application for submission to AHCA the focus must be on: Who can be an owner or have a controlling interest in the health care entity? Are there any background problems with the principal investors or participants? What information must be disclosed on the application; and What steps must be taken to assure that a well-prepared Proof of Financial Getting Licensed as New Health Care Facility Getting a license from Florida’s Agency for Health Care Administration (AHCA) in most cases requires detailed financial information and criminal background checks for employees, managers, officers of a corporation, and owners, including potential owners whether you reside in-state or not. Criminal Background Checks. If a potential owner or administrator has a criminal background, they should seek counsel to help apply for and obtain an exemption from disqualification. The AHCA’s Background Screening Unit processes background screening results for health care providers in Florida currently licensed by AHCA. Processing includes deciding on eligibility and evaluating applications for exemption. Learn more about criminal background checks and crimes that can bar you from getting a license. Proof of Financial Ability. For certain licensees, AHCA requires what is known as AHCA Proof of Financial Ability to Operate Form 3100-0009 documentation, including spreadsheets and financial statements, to prove the buyer has the financial ability to operate the facility or clinic. Planning to use a CPA or accountant? You should hire one familiar with the AHCA requirements. Do not rely on AHCA employees. The common problem that buyers and sellers have is relying on AHCA employees for advice on license applications. This often results in misinformation and guidance and denied applications. Change of Ownership Licensing Experts Our firm has extensive experience with the licensing process and AHCA Change of Ownership CHOW. We offer the ability to file an appeal or challenge to any effort by AHCA to deny a license to an applicant, something that sets us apart from health care consultants. Dealing with AHCA takes expertise. We know the law, how to get the license, and how to appeal mistakes by AHCA – and AHCA knows that! By working with lawyers and CPAs the AHCA recognizes as experienced with the change of ownership license process for facilities in Florida to submit organized and often footnoted or annotated documentation, clients have an upper hand in providing the details AHCA demands for licensing. Our Miami Accounting Firm helps provide the skilled personnel to put your application on the right track. How do I report an AHCA Change of Ownership CHOW? Answer: When a change of ownership of a licensed home medical equipment provider takes place, an application for change of ownership must be submitted. Section 408.803(5), Florida Statutes, states, “‘Change of ownership’ means: (a) An event in which the licensee sells or otherwise transfers its ownership to a different individual or entity as evidenced by a change in federal employer identification number or taxpayer-identification number; or (b) An event in which 51 percent or more of the ownership, shares, membership, or controlling interest of a licensee is in any manner transferred or otherwise assigned. This paragraph does not apply to a licensee that is publicly traded on a recognized stock exchange. A change solely in the management company or board of directors is not a change of ownership.” The license does not transfer to the new owner; the new owner must apply for a license. To apply, download, and complete the required forms listed under “Licensure Application and Related Forms” on the Agency’s Health Quality Assurance Licensure Forms website. A change of ownership application is due at least 60 days before the effective date of the change of ownership per sections 400.806(2), Florida Statutes and 59A-25.005(3), Florida Administrative Code, in order to avoid a late fine. It is unlawful to own, operate or maintain a home medical equipment business without a current valid license. This paragraph does not apply to a licensee that is publicly traded on an organized stock exchange. A change solely in the Management Company or Board of Directors is not a change of ownership. How do I file for a change of ownership? The applicant must submit an AHCA Change of Ownership CHOW application at least 60 days before the proposed effective date of change of ownership. Include the following with the application: A copy of the signed and dated asset purchase agreement indicating that a change of ownership is pending. A copy of the company organizational papers or partnership agreement for the buyer. A copy of the signed closing document (bill of sale) showing the date of the transfer of ownership is also required. The closing document is not required initially when you submit the application, since you must apply for a change of ownership before the sale is completed. The closing document is submitted after the date of the transfer of ownership. Please note: The seller’s (transferors) registration must be active on the date the Agency issues the license to the buyer. The seller’s registration cannot be expired, denied, or revoked. AHCA Change of Ownership CHOW CHOW occurs when 51 percent or more of the ownership shares, membership, or controlling interest of a licensee is in any manner transferred or otherwise assigned. Click Here Share on facebook Facebook Share on twitter Twitter Share on linkedin LinkedIn AHCA Change of Ownership CHOW February 5, 2021 No Comments CHOW occurs when 51 percent of the ownership shares, membership, or controlling interest of a licensee is in any manner transferred or otherwise assigned. Read More » Tax Accountants advise how to avoid cyber scams during tax season February 4, 2021 No Comments Tax Accountants look forward to tax season. However, cybersecurity specialists have seen a surge in the number of impersonation attacks focused on stealing Read More » Form 1065 Limited Liability Company Federal Tax Return January 28, 2021 No Comments Form 1065 is a Federal Tax Return filed by an LLC partnership. LLC does not pay tax on its income but passes through any profits or losses to its partners. Read More » Florida Form F-1120 State Corporate Income Tax Return January 27, 2021 No Comments Florida Form F-1120 State Corporate Income Tax Return. All corporations (including 990) doing business, earning income, or existing in Florida must file Read More » U.S. Income Tax Return for an S Corporation Form 1120-S January 26, 2021 No Comments U.S. Income Tax Return for an S Corporation Form 1120-S. Do not file Form 1120-S unless the corporation has filed Form 2553, Election for Sub S status Read More » IRS Form 1120 – Who Must File it? January 21, 2021 No Comments IRS Form 1120 – Who Must File it? All corporations including corps in bankruptcy must file an income tax return whether or not they have taxable income Read More » Home The post AHCA Change of Ownership CHOW appeared first on Accountants in Miami. ACCOUNTANTSINMIAMI.COM CHOW occurs when 51 percent or more of the ownership changes

Tax Accountants advise how to avoid cyber scams during tax season http://feeds.feedburner.com/AccountantsInMiami Tax Accountants advise how to avoid cyber scams during tax season Tax Accountants advise how to avoid cyber scams during tax season Tax Accountants look forward to tax season. Now, however, cybersecurity specialists have seen a surge in the number of impersonation attacks focused on stealing personal information through email, texts, phishing, vishing (voice phishing), and even text. These attackers in the US tend to exploit tax season and Tax Accountants, in particular, to send out ransomware and other malware. To be more specific the phishing attacks impersonate Tax Accountants or the IRS to steal personal information. As a matter of fact, more than 60,000 phishing websites were reported in March. Unfortunately, now that filing for taxes has become an online process, taxpayers have grown accustomed to sending sensitive financial information through email or on IRS web pages. Cyberattackers use this to their advantage by making fake IRS pages so the victim is tricked into filling out personal information. Proofpoint, a cyber-security company, discovered a phishing scam that took users to a fake IRS website. The website asked for login information and hackers would steal user credentials once a form was out. Why is this information valuable? Hackers can use tax data for any number of things. Consider all the information available on a tax sheet. Tax data contains Tax ID numbers, employee records, bank information, and gross earnings. This type of personal information can be used to get access to business accounts, banking information and steal someone’s identity. Remote Access Makes Users more Vulnerable Along with phishing scams, like the ones discussed above, hackers can use man-in-the-middle attacks to intercept data or latch on to your network while you’re filling out information. The IRS warns Tax Accountants to be on alert for suspicious activity. It’s important to keep in mind that the IRS does not contact taxpayers through email, social media, or text messaging to request or discuss any financial information. If you receive an email claiming to come from the IRS and asking for the personal information you should not reply. The IRS website itself advises to not open any attachments or click on any links. They also recommend you send the email as-is to phishing@irs.gov. Cybercriminals are targeting Tax Accountants as well. Hackers deploy phishing emails claiming to come from clients. Some of these attackers might use stolen taxpayer information to file fake tax returns or infect the computer of the Tax Accountants. How can you avoid these scams? The easiest way to avoid tax scams is to know about them. Thieves and cybercriminals are constantly creating new phishing scams to fool people. It’s a game of cat and mouse essentially. Keep up with the latest scams and how they’re being used. Often, scammers will take advantage of current events to manipulate victims into clicking on a malicious link. A recent example of this was in early 2020 when victims received emails regarding the coronavirus vaccine or the various stimulus checks sent out by the government. Scammers sent out emails with links that supposedly led to official government sites. Make sure you hover over the link of a website before you click on it. Sometimes you catch a malicious link just by seeing where it leads. Does it take you to the address in the URL or does it direct you to a different website? Always verify the security of the site requesting informationSo long as you are on a secure website that has “https” at the beginning of the URL then the website is protected. Otherwise, even if the website is not controlled or designed by a hacker it can be accessed easily. Update your browser regularly Programmers release security patches for big or popular websites due to security loopholes phishers and hackers leverage and exploit. Don’t ignore updating your browser. These strengthen the website and programs you use. As you can see these IT solutions are not difficult to execute but easy to neglect. Keep in mind that there is no definitive solution to preventing phishing attacks. It is an ongoing battle but if you stay vigilant and take precautions, you’ll avoid falling for these cyber traps. Work With An MSP Users and businesses are working remotely now. Although there are those out there with VPN’s or Managed IT services to protect themselves against certain threats, there are also those who have few or no security protocols on their home network. There are cloud accounting services specifically tailored towards CPA firms. Although cloud accounting is just as vulnerable to cyberattacks as in-house IT, a service provider that follows regulatory compliance stands a better chance at protecting Accountants against attacks. MSP’s also offer IT consulting services to ensure the digital tools and cybersecurity protocols are used effectively. In Conclusion Cyber-attacks grow more sophisticated every day. To combat cyber-attacks effectively, everyone has to do their part to ensure they have good digital hygiene. It’s better for a hacker to underestimate a target than for a target to underestimate a hacker. Using best practices when browsing the web, ensuring credentials are secure, and staying informed are key to fending off cyber threats during tax season. Article by Felipe Castilla at nerdssupport.co Avoid cyber scams during tax season Tax Accountants look forward to tax season. However, cybersecurity specialists have seen a surge in the number of impersonation attacks focused on stealing Click Here Share on facebook Facebook Share on twitter Twitter Share on linkedin LinkedIn Tax Accountants advise how to avoid cyber scams during tax season February 4, 2021 No Comments Tax Accountants look forward to tax season. However, cybersecurity specialists have seen a surge in the number of impersonation attacks focused on stealing Read More » Form 1065 Limited Liability Company Federal Tax Return January 28, 2021 No Comments Form 1065 is a Federal Tax Return filed by an LLC partnership. LLC does not pay tax on its income but passes through any profits or losses to its partners. Read More » Florida Form F-1120 State Corporate Income Tax Return January 27, 2021 No Comments Florida Form F-1120 State Corporate Income Tax Return. All corporations (including 990) doing business, earning income, or existing in Florida must file Read More » U.S. Income Tax Return for an S Corporation Form 1120-S January 26, 2021 No Comments U.S. Income Tax Return for an S Corporation Form 1120-S. Do not file Form 1120-S unless the corporation has filed Form 2553, Election for Sub S status Read More » IRS Form 1120 – Who Must File it? January 21, 2021 No Comments IRS Form 1120 – Who Must File it? All corporations including corps in bankruptcy must file an income tax return whether or not they have taxable income Read More » 2021 Federal Tax filing season begins Feb. 12 January 18, 2021 No Comments 2021 Federal Tax filing season will start on Feb. 12. IRS will begin accepting and processing tax year returns and outlines steps to speed refunds Read More » Home The post Tax Accountants advise how to avoid cyber scams during tax season appeared first on Accountants in Miami. ACCOUNTANTSINMIAMI.COM Tax Accountants advise how to avoid cyber scams during tax season

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Form 1065 Limited Liability Company Federal Tax Return http://feeds.feedburner.com/AccountantsInMiami Form 1065 Limited Liability Company Federal Tax Return Form 1065 is a Federal Tax Return filed by an LLC partnership. LLC does not pay tax on its income but passes through any profits or losses to its partners. IRS Form 1065 is an information return used to report the income, gains, losses, deductions, credits, and other information from the operation of a partnership. A partnership doesn’t pay tax on its income but passes through any profits or losses to its partners. Partners must include partnership items on their tax or information returns prepared by their Tax Accountants. Partnership A partnership is a relationship between two or more persons who join to carry on a trade or business, with each person contributing money, property, labor, or skill and each expecting to share in the profits and losses of the business whether or not a formal partnership agreement is made. The term “partnership” includes a limited partnership, syndicate, group, pool, joint venture, or other unincorporated organization, through or by which any business, financial operation, or venture is carried on, that isn’t, within the meaning of regulations under section 7701, a corporation, trust, estate, or sole proprietorship. A joint undertaking merely to share expenses isn’t a partnership. Mere co-ownership of property that is maintained and leased or rented isn’t a partnership. However, if the co-owners provide services to the tenants, a partnership exists. A business owned and operated by spouses. Generally, if you and your spouse jointly own and operate an unincorporated business and share in the profits and losses, you are partners in a partnership and you must file Form 1065. Exception—Qualified joint venture. If you and your spouse materially participate as the only members of a jointly owned and operated business, and you file a joint return for the tax year, you can make an election to be treated as a qualified joint venture instead of a partnership. By making the election, you will not be required to file Form 1065 for any year the election is in effect and will instead report the income and deductions directly on your joint return. A qualified joint venture conducts a trade or business where the only members of the joint venture are a married couple who file a joint return; both spouses materially participate in the trade or business, as mere joint ownership of property isn’t enough; both spouses elect not to be treated like a partnership, and the business is co-owned by both spouses and isn’t held in the name of a state law entity such as a partnership or limited liability company. To make this election, you must divide all items of income, gain, loss, deduction, and credit between you and your spouse in accordance with your respective interests in the venture. Each of you must file a separate Schedule C or F (Form 1040 or 1040-SR). On each line of your separate Schedule C or F (Form 1040 or 1040-SR), you must enter your share of the applicable income, deduction, or loss. Each of you must also file a separate Schedule SE (Form 1040 or 1040-SR) to pay self-employment tax, as applicable. If you and your spouse make the election for your rental real estate business, you each must report your share of income and deductions on Schedule E (Form 1040 or 1040-SR). Rental real estate income isn’t generally included in net earnings from self-employment subject to self-employment tax and generally, is subject to the passive loss limitation rules. Electing qualified joint venture status doesn’t alter the application of the self-employment tax or the passive loss limitation rules. To make the qualified joint venture election for 2019, jointly file the 2019 Form 1040 or 1040-SR with the required schedules. This generally doesn’t increase the total tax on the return, but it does give each spouse credit for social security earnings on which retirement benefits are based, provided neither spouse exceeds the social security tax limitation. Once made, the election cannot be revoked without IRS consent. If you and your spouse filed a Form 1065 for the year before the election, you don’t need to amend that return or file a final Form 1065 for the year the election takes effect. For more information on qualified joint ventures, go to IRS.gov/QJV. Foreign Partnership A foreign partnership is a partnership that isn’t created or organized in the United States or under the law of the United States or of any state. See Notice 2010-41 for information on when a domestic partnership will be classified as foreign. If a domestic section 721(c) partnership is formed on or after January 18, 2017, and the gain deferral method is applied, then a U.S. transferor must treat the section 721(c) partnership as a foreign partnership and file a Form 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships, with respect to the partnership. See Form 8865 and its instructions. See also Regulations section 1.721(c)-6T(b)(4). General Partner A general partner is a partner who is personally liable for partnership debts. General Partnership A general partnership is composed only of general partners. Limited Partner A limited partner is a partner in a partnership formed under a state limited partnership law, whose personal liability for partnership debts is limited to the amount of money or other property that the partner contributed or is required to contribute to the partnership. Some members of other entities, such as domestic or foreign business trusts or limited liability companies that are classified as partnerships, may be treated as limited partners for certain purposes. Limited Partnership A limited partnership is formed under a state limited partnership law and composed of at least one general partner and one or more limited partners. Limited Liability Partnership A limited liability partnership (LLP) is formed under a state limited liability partnership law. Generally, a partner in an LLP isn’t personally liable for the debts of the LLP or any other partner, nor is a partner liable for the acts or omissions of any other partner solely because of being a partner. Limited Liability Company A limited liability company (LLC) is an entity formed under state law by filing articles of organization as an LLC. Unlike a partnership, none of the members of an LLC are personally liable for its debts. An LLC may be classified for federal income tax purposes as a partnership, a corporation, or an entity disregarded as an entity separate from its owner by applying the rules in Regulations section 301.7701-3. See Form 8832, Entity Classification Election, for more details. Who Must File Domestic Partnerships Except as provided below, every domestic partnership must file Form 1065, unless it neither receives income nor incurs any expenditures treated as deductions or credits for federal income tax purposes. Note. To be certified as a qualified opportunity fund (QOF), the partnership must file Form 1065 and attach Form 8996, Qualified Opportunity Fund, even if the partnership had no income or expenses to report. See Schedule B question 26 and the Instructions for Form 8996. Entities formed as LLCs that are classified as partnerships for federal income tax purposes have the same filing requirements as domestic partnerships. A religious or apostolic organization exempt from income tax under section 501(d) must file Form 1065 to report its taxable income, which must be allocated to its members as a dividend, whether distributed or not. Such an organization must figure its taxable income on an attached statement to Form 1065 in the same manner as a corporation. The organization may use Form 1120, U.S. Corporation Income Tax Return, for this purpose. Enter the organization’s taxable income, if any, on line 6a of Schedule K and each member’s distributive share in box 6a of Schedule K-1. Net operating losses aren’t deductible by the members but may be carried back or forward by the organization under the rules of section 172. The religious or apostolic organization must also make its annual information return available for public inspection. For this purpose, “annual information return” includes an exact copy of Form 1065 and all accompanying schedules and attached statements, except Schedules K-1. For more details, see Regulations section 301.6104(d)-1. A qualifying syndicate, pool, joint venture, or similar organization may elect under section 761(a) not to be treated as a partnership for federal income tax purposes and will not be required to file Form 1065 except for the year of election. For details, see section 761(a) and Regulations section 1.761-2. Real estate mortgage investment conduits (REMICs) must file Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return. Certain publicly traded partnerships treated as corporations under section 7704 must file Form 1120. Foreign Partnerships Generally, a foreign partnership that has gross income effectively connected with the conduct of a trade or business within the United States or has gross income derived from sources in the United States must file Form 1065, even if its principal place of business is outside the United States or all its members are foreign persons. A foreign partnership required to file a return must generally report all of its foreign and U.S. source income. A foreign partnership with U.S. source income isn’t required to file Form 1065 if it qualifies for either of the following two exceptions. Exception for foreign partnerships with U.S. partners. A return isn’t required if: The partnership had no effectively connected income (ECI) during its tax year; The partnership had a U.S. source income of $20,000 or less during its tax year; Less than 1% of any partnership item of income, gain, loss, deduction, or credit was allocable in the aggregate to direct U.S. partners at any time during its tax year; and The partnership isn’t a withholding foreign partnership as defined in Regulations section 1.1441-5(c)(2)(i). Exception for foreign partnerships with no U.S. partners. A return isn’t required if: The partnership had no ECI during its tax year, The partnership had no U.S. partners at any time during its tax year, All required Forms 1042 and 1042-S were filed by the partnership or another withholding agent as required by Regulations section 1.1461-1(b) and (c), The tax liability of each partner for amounts reportable under Regulations section 1.1461-1(b) and (c) has been fully satisfied by the withholding of tax at the source, and The partnership isn’t a withholding foreign partnership as defined in Regulations section 1.1441-5(c)(2)(i). A foreign partnership filing Form 1065 solely to make an election (such as an election to amortize organization expenses) need only provide its name, address, and employer identification number (EIN) on page 1 of the form and attach a statement citing “Regulatsions section 1.6031(a)-1(b)(5)” and identifying the election being made. A foreign partnership filing Form 1065 solely to make an election must obtain an EIN if it doesn’t already have one. Termination of the Partnership A partnership terminates when all its operations are discontinued and no part of any business, financial operation, or venture is continued by any of its partners in a partnership. The partnership’s tax year ends on the date of termination which is the date the partnership winds up its affairs. Special rules apply in the case of a merger, consolidation, or division of a partnership. See Regulations sections 1.708-1(c) and (d) for detail. Electronic Filing Certain partnerships with more than 100 partners are required to file Form 1065, Schedules K-1, and related forms and schedules electronically. For tax years beginning on or after July 2, 2019, a religious or apostolic organization exempt from income tax under section 501(d) must file Form 1065 electronically. Other partnerships generally have the option to file electronically. See Rev. Proc. 2012-17, at IRS.gov/pub/irs-irbs/irb12-10.pdf PDF, for the requirements for furnishing substitute Schedule K-1 in electronic format. The option to file electronically doesn’t apply to certain returns, including: Bankruptcy returns, and Returns with pre-computed penalty and interest. Form 1065 Form 1065 is a Federal Tax Return filed by an LLC partnership. LLC does not pay tax on its income but passes through any profits or losses to its partners. Click Here Share on facebook Facebook Share on twitter Twitter Share on linkedin LinkedIn Form 1065 Limited Liability Company Federal Tax Return January 28, 2021 No Comments Form 1065 is a Federal Tax Return filed by an LLC partnership. LLC does not pay tax on its income but passes through any profits or losses to its partners. Read More » Florida Form F-1120 State Corporate Income Tax Return January 27, 2021 No Comments Florida Form F-1120 State Corporate Income Tax Return. All corporations (including 990) doing business, earning income, or existing in Florida must file Read More » U.S. Income Tax Return for an S Corporation Form 1120-S January 26, 2021 No Comments U.S. Income Tax Return for an S Corporation Form 1120-S. Do not file Form 1120-S unless the corporation has filed Form 2553, Election for Sub S status Read More » IRS Form 1120 – Who Must File it? January 21, 2021 No Comments IRS Form 1120 – Who Must File it? All corporations including corps in bankruptcy must file an income tax return whether or not they have taxable income Read More » 2021 Federal Tax filing season begins Feb. 12 January 18, 2021 No Comments 2021 Federal Tax filing season will start on Feb. 12. IRS will begin accepting and processing tax year returns and outlines steps to speed refunds Read More » Work Opportunity Tax Credit December 31, 2020 No Comments Work Opportunity Tax Credit is a tax credit to employers when they hire individuals in Target Groups like Veterans, Ex-Felons, Summer Youth Programs. Read More » Home The post Form 1065 Limited Liability Company Federal Tax Return appeared first on Accountants in Miami. ACCOUNTANTSINMIAMI.COM Form 1065 Limited Liability Company Federal Tax Return

Florida Form F-1120 State Corporate Income Tax Return http://feeds.feedburner.com/AccountantsInMiami Florida Form F-1120 State Corporate Income Tax Return Florida Form F-1120 State Corporate Income Tax Return. All corporations (including 990) doing business, earning income, or existing in Florida must file. See your Tax Accountant for the best results. The Florida corporate income/franchise tax is imposed on all corporations for the privilege of conducting business, deriving income, or existing within Florida. Corporations, including entities that are taxed federally as corporations, are subject to the tax. A corporation’s federal income, as adjusted by Florida additions, subtractions, and adjustments, is apportioned to Florida based on the corporation’s activities in Florida compared to its activities everywhere. In most cases, this comparison includes the corporation’s property, payroll, and sales. Who Must File? All corporations (including tax-exempt organizations) doing business, earning income, or existing in Florida. Every bank and savings association doing business, earning income, or existing in Florida. All associations or artificial entities doing business, earning income, or existing in Florida. Foreign (out-of-state) corporations that are partners or members in a Florida partnership or joint venture. A “Florida partnership” is a partnership doing business, earning income, or existing in Florida. A limited liability company (LLC) classified as a corporation for Florida and federal income tax purposes is subject to the Florida Income Tax Code and must file a Florida corporate income/franchise tax return. An LLC classified as a partnership for Florida and federal income tax purposes must file a Florida Partnership Information Return (Form F-1065 PDF Icon) if one or more of its owners is a corporation. Besides, the corporate owner of an LLC classified as a partnership for Florida and federal income tax purposes must file a Florida corporate income/franchise tax return. A single-member LLC disregarded for federal and Florida income tax purposes is not required to file a separate Florida corporate income tax return. The income must be reported on the owner’s return if the single-member LLC is owned, directly or indirectly, by a corporation. The corporation must file a Florida corporate income/franchise tax return, reporting its income and the income of the single-member LLC, even if the only activity of the corporation is ownership of the single-member LLC. Homeowner and condominium associations that file the U.S. Corporation Income Tax Return (Federal Form 1120) must file Florida Corporate Income/Franchise Tax Return (Form F-1120 PDF Icon) or the Florida Corporate Short Form Income Tax Return (Form F-1120A) regardless of whether any tax may be due. If you file the U.S. Income Tax Return for Homeowners Associations (Federal Form 1120-H), you are not required to file a Florida return. Political organizations that file Federal Form 1120-POL. S corporations that pay federal income tax on Line 22c of federal Form 1120S. Tax-exempt organizations that have “unrelated trade or business income” for federal income tax purposes are subject to Florida corporate income tax and must file either Form F-1120 PDF Icon or Form F-1120A. Tax Base and Rate Florida corporate income/franchise tax is computed using federal taxable income, modified by certain Florida adjustments, additions, and subtractions, to determine adjusted federal income. A corporation doing business outside Florida may apportion its total income. Adjusted federal income is usually apportioned to Florida using a three-factor formula. The formula is a weighted average, designating 25% each to factors for property and payroll, and 50% to sales. You should add non-business income allocated to Florida to the Florida portion of adjusted federal income. You should then subtract an exemption ($50,000 as of December 31, 2015) to arrive at Florida’s net income. Finally, you should compute tax by multiplying Florida net income by the appropriate tax rate based on the following: Taxable Year Beginning Before 1/1/2019 1/1/2019 – 12/31/2021 On or after 1/1/2022 Taxable Rate 5.5% 4.458% 5.5% Tax Incentives There are several credits available against the corporate income tax. These include credits for paying salaries in Florida, credits for paying other taxes or assessments, and credits for making certain types of investments in Florida. See the Corporate Income Tax Incentives webpage for a comprehensive list. The Florida Corporate Income/Franchise Tax Return (Form F-1120 PDF Icon) and the instructions (Form F-1120N PDF Icon) also provide a list and explanation of available credits each year. Due Date Corporate income tax is reported using a Florida Corporate Income/Franchise Tax Return (Florida Form F-1120 PDF Icon). Corporations must file Florida Form F-1120 each year, even if no tax is due. The due date is based on the corporation’s tax year. Generally, Florida Form F-1120 is due the later of: a. For tax years ending June 30, the due date is on or before the 1st day of the 4th month following the close of the tax year; or For all other tax year endings, the due date is on or before the 1st day of the 5th month following the close of the tax year (e.g., Florida Form F-1120 is due on May 1, 2017, for a taxpayer with a taxable year-end date of December 31, 2016). The 15th day following the due date, without extension, for the filing of the related federal return for the taxable year. If you file your return or pay tax late, a penalty of 10% of any unpaid tax for every 30 days or fraction thereof, not to exceed a total penalty of 50% of unpaid tax, is charged. If no tax is due, the penalty for a late-filed return is $50 per month or fraction thereof, not to exceed $300. A floating rate of interest applies to underpayments and late payments of tax. Interest rates can be found on the Department’s Tax and Interest Rates webpage. Find due dates for the current year. The Florida Partnership Information Return (Form F-1065 PDF Icon) is due on or before the 1st day of the 4th month following the close of the tax year. Estimated Tax If the corporation owes more than $2,500 in Florida corporate income tax annually, estimated tax payments must be made on a Declaration/Installment of Florida Estimated Income/Franchise Tax (Florida Form F-1120ES PDF Icon). Form F-1120ES may be filed electronically. Generally, for tax years beginning before January 1, 2017, and for tax years ending June 30, the declaration or payment of estimated tax is due on or before the last day of the 4th month, the last day of the 6th month, the last day of the 9th month and the last day of the tax year. For tax years beginning on or after January 1, 2017, that end other than June 30, the declaration or payment of estimated tax is due on or before the last day of the 5th month, the last day of the 6th month, the last day of the 9th month, and the last day of the tax year. If you underpay the estimated tax, a penalty of 12% per year is charged. For more information, see Underpayment of Estimated Tax (Florida Form F-2220 PDF Icon) and its instructions. A floating rate of interest applies to underpayments and late payments of tax. Interest rates can be found on the Department’s Tax and Interest Rates webpage. Extensions of Time To receive an extension of time to file your return, you must file a Florida Tentative Income/Franchise Tax Return and Application for Extension of Time to File Return (Form F-7004 PDF Icon) with your tax payment by the original due date of the Florida return. Form F-7004 may be filed electronically. Extensions are valid for 6 months, except for June 30 tax year-end extensions that are 7 months. An extension does not extend the due date for the payment. For partnerships, the extension allows 6 months from the due date of the return to file. If you underpay tentative tax, a penalty of 12% per year during the extension period is charged on the underpaid amount. The penalty is calculated from the original due date of the return. A floating rate of interest applies to underpayments and late payments of tax. Interest rates can be found on the Department’s Tax and Interest Rates webpage. Florida Form F-1120 Florida Form F-1120 State Corporate Income Tax Return. All corporations (including 990) doing business, earning income, or existing in Florida must file Click Here Share on facebook Facebook Share on twitter Twitter Share on linkedin LinkedIn Florida Form F-1120 State Corporate Income Tax Return January 27, 2021 No Comments Florida Form F-1120 State Corporate Income Tax Return. All corporations (including 990) doing business, earning income, or existing in Florida must file Read More » U.S. Income Tax Return for an S Corporation Form 1120-S January 26, 2021 No Comments U.S. Income Tax Return for an S Corporation Form 1120-S. Do not file Form 1120-S unless the corporation has filed Form 2553, Election for Sub S status Read More » IRS Form 1120 – Who Must File it? January 21, 2021 No Comments IRS Form 1120 – Who Must File it? All corporations including corps in bankruptcy must file an income tax return whether or not they have taxable income Read More » 2021 Federal Tax filing season begins Feb. 12 January 18, 2021 No Comments 2021 Federal Tax filing season will start on Feb. 12. IRS will begin accepting and processing tax year returns and outlines steps to speed refunds Read More » Work Opportunity Tax Credit December 31, 2020 No Comments Work Opportunity Tax Credit is a tax credit to employers when they hire individuals in Target Groups like Veterans, Ex-Felons, Summer Youth Programs. Read More » The IRS Audit Process December 28, 2020 No Comments The IRS Audit Process is managed either by mail or through an in-person interview to review your records. The interview may be at an IRS office Read More » Home The post Florida Form F-1120 State Corporate Income Tax Return appeared first on Accountants in Miami. ACCOUNTANTSINMIAMI.COM Florida Form F-1120 State Corporate Income Tax Return

U.S. Income Tax Return for an S Corporation Form 1120-S http://feeds.feedburner.com/AccountantsInMiami U.S. Income Tax Return for an S Corporation Form 1120-S U.S. Income Tax Return for an S Corporation Form 1120-S. Do not file Form 1120-S unless the corporation has filed Form 2553, Election for Sub S status. Your CPA Firm can assist you with the How To Make the Sub S Status Election? For details about the election, see Form 2553, Election by a Small Business Corporation, and the Instructions for Form 2553. What Is Form the 1120S: U.S. Income Tax Return? Form the 1120S: U.S. Income Tax Return for an S Corporation is a tax document that is used to report the income, losses, and dividends of S corporation shareholders. Essentially, Form the 1120S is an S corporation’s tax return. The Schedule K-1 is a form that can be attached to Form 1120S or Form 1065. The Schedule K-1 form identifies the percentage of company shares owned by each shareholder for the tax year and must be prepared for every shareholder. Who Must File A corporation or other entity must file Form 1120-S if (a) it elected to be an S corporation by filing Form 2553, (b) the IRS accepted the election, and (c) the election remains in effect. After filing Form 2553, you should have received confirmation that Form 2553 was accepted. If you didn’t receive notification of acceptance or non-acceptance of the election within 2 months of filing Form 2553 (5 months if you checked box Q1 to ask for a letter ruling), take follow-up action by calling 1-800-829-4933. Don’t file Form 1120-S for any tax year before the year the election takes effect. Relief for late elections. If you haven’t filed Form 2553 or didn’t file Form 2553 on time, you may be entitled to relief for a late-filed election to be an S corporation. See the Instructions for Form 2553 for details. Termination of Election Once the election is made, it stays in effect until it is terminated. If the election is terminated, the corporation (or a successor corporation) can make another election on Form 2553 only with IRS consent for any tax year before the fifth tax year after the first tax year in which the termination took effect. See Regulations section 1.1362-5 for details. An election terminates automatically in any of the following cases. The corporation is no longer a small business corporation as defined in section 1361(b). This kind of termination of an election is effective as of the day the corporation no longer meets the definition of a small business corporation. Attach to Form 1120-S for the final year of the S corporation a statement notifying the IRS of the termination and the date it occurred. The corporation, for each of 3 consecutive tax years (a) has accumulated earnings and profits, and (b) derives more than 25% of its gross receipts from passive investment income as defined in section 1362(d)(3)(C). The election terminates on the first day of the first tax year beginning after the third consecutive tax year. The corporation must pay a tax for each year it has excess net passive income. See the line 22a instructions for details on how to figure the tax. The election is revoked. An election can be revoked only with the consent of shareholders who, at the time the revocation is made, hold more than 50% of the number of issued and outstanding shares of stock (including nonvoting stock). The revocation can specify an effective revocation date that is on or after the day the revocation is filed. If no date is specified, the revocation is effective at the start of the tax year if the revocation is made on or before the 15th day of the 3rd month of that tax year. If no date is specified and the revocation is made after the 15th day of the 3rd month of the tax year, the revocation is effective at the start of the next tax year. To revoke the election, the corporation must file a statement with the appropriate service center listed under Where To File in the Instructions for Form 2553. In the statement, the corporation must notify the IRS that it is revoking its election to be an S corporation. The statement must be signed by each shareholder who consents to the revocation and contains the information required by Regulations section 1.1362-6(a)(3). A revocation can be rescinded before it takes effect. See Regulations section 1.1362-6(a)(4) for details. For rules on allocating income and deductions between an S corporation’s short year and a C corporation’s short year and other special rules that apply when an election is terminated, see section 1362(e) and Regulations section 1.1362-3. If an election was terminated under (1) or (2) above, and the corporation believes the termination was inadvertent, the corporation can ask for permission from the IRS to continue to be treated as an S corporation. See Regulations section 1.1362-4 for the specific requirements that must be met to qualify for inadvertent termination relief. Electronic Filing Corporations can generally electronically file (e-file) Form 1120-S, related forms, schedules, statements, and attachments; Form 7004 (automatic extension of time to file); and Forms 940, 941, and 944 (employment tax returns). Form 1099 and other information returns can also be electronically filed. The option to e-file doesn’t, however, apply to certain returns. Certain corporations with total assets of $10 million or more that file at least 250 returns a year are required to e-file Form 1120-S. See Regulations section 301.6037-2. However, these corporations can ask for a waiver of the electronic filing requirements. See Notice 2010-13, 2010-4 I.R.B. 327. Form 1120-S U.S. Income Tax Return for an S Corporation Form 1120-S. Do not file Form 1120-S unless the corporation has filed Form 2553, Election for Sub S status Click Here Share on facebook Facebook Share on twitter Twitter Share on linkedin LinkedIn U.S. Income Tax Return for an S Corporation Form 1120-S January 26, 2021 No Comments U.S. Income Tax Return for an S Corporation Form 1120-S. Do not file Form 1120-S unless the corporation has filed Form 2553, Election for Sub S status Read More » IRS Form 1120 – Who Must File it? January 21, 2021 No Comments IRS Form 1120 – Who Must File it? All corporations including corps in bankruptcy must file an income tax return whether or not they have taxable income Read More » 2021 Federal Tax filing season begins Feb. 12 January 18, 2021 No Comments 2021 Federal Tax filing season will start on Feb. 12. IRS will begin accepting and processing tax year returns and outlines steps to speed refunds Read More » Work Opportunity Tax Credit December 31, 2020 No Comments Work Opportunity Tax Credit is a tax credit to employers when they hire individuals in Target Groups like Veterans, Ex-Felons, Summer Youth Programs. Read More » The IRS Audit Process December 28, 2020 No Comments The IRS Audit Process is managed either by mail or through an in-person interview to review your records. The interview may be at an IRS office Read More » Tax Preparation Compliance and Audit Risk December 21, 2020 No Comments Tax Preparation Compliance and Audit Risk. IRS aims to balance the burden on the taxpayer with the potential benefit of the compliance effort. Read More » Home The post U.S. Income Tax Return for an S Corporation Form 1120-S appeared first on Accountants in Miami. ACCOUNTANTSINMIAMI.COM U.S. Income Tax Return for an S Corporation Form 1120-S