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S-Corp Laws in Florida

Like many states throughout the country, Florida will recognize any valid S-Corp election that corporations make with the Internal Revenue Service. An S-Corp is purely a federal income tax designation that allows shareholders of a corporation to pay the income tax on corporate earnings in proportion to their percentage of ownership rather than have the business file a separate tax return and pay the tax itself. For Florida and federal tax purposes, this allows the corporation to avoid double taxation since shareholders normally pay income tax on dividends they receive, which is paid out of after-tax earnings of the corporation.

Eligibility for S Corp Election

S-Corp elections are usually made by legal corporations since limited liability companies and partnerships already avoid double taxation without the election. Therefore, before an election can be made on IRS Form 2553, a legal corporation must be formed, which in Florida requires filing of articles of organization. However, not all corporations will qualify since the tax code accepts S-Corp elections from small businesses that have no more than 100 shareholders that are only comprised of individuals who aren’t nonresident aliens, estates and certain trusts. In addition, the corporation can have one class of stock only, meaning every share of stock has the same legal, voting and ownership rights attached to it.

Florida Corporate Income Tax

With two exceptions, businesses that have made an S-Corp election don’t pay income tax on earnings. Instead, each shareholder will receive a Schedule K-1 that reports their proportionate share of business income and deductions to report on their personal 1040s.. For corporations that conduct business in Florida and would typically owe state income taxes had no S-Corp election been made, don’t have to file a Florida corporate tax return or pay tax. The main benefit of running your business in Florida, however, is that the state doesn’t impose income taxes on individuals. Therefore, when S-Corp shareholders who are residents of Florida receive their K-1s, they don’t have to pay income taxes to Florida like they would in many other states that do impose state income tax on individuals.

S Corps Don’t Pay Tax

There are only two categories of S-Corp income for which corporate taxes will be paid directly to the IRS and to the Florida Department of Revenue by the corporation. If your corporation has built-in gains, such as capital gains, or passive income like dividends and interest that relate to prior tax year when the S-Corp election wasn’t effective, the corporation must directly pay the tax on these types of earnings. For federal tax purposes, the taxable amount of this income will be reported on Form 1120S. And since Florida requires S-Corps to file a corporate tax return on Form F-1120 only when the related federal return reports taxable income, a state corporate income tax return and payment will be necessary. Under Florida tax laws, S-Corps will pay tax at the rate of 5.5 percent on the taxable income, less the applicable state exemption.

Annual Report Filings in Florida

For all business and legal purposes, an S-Corp election doesn’t change the corporation you created.. As a result, all corporations that are formed in Florida or have legal authority to operate a business in the state must file annual reports with the Florida Secretary of State no later than May 1 each year, regardless of whether an S-Corp election was made or not. At the time of each filing, the appropriate payment applicable to for-profit corporations must also be made.

Reference:
Florida’s Corporate Income Tax