11451: FL - 1120S Package

Subchapter S corporations and exempt organizations, which previously were required in order to file an initial year Florida corporate income tax return (F-1120 or F-1120A) to claim Florida non-taxable status, will no longer be required to file this return. This change is effective for returns with a due date or extended due date on or after May 1, 2002.

Subchapter S corporations that have income subject to tax under Section 1374 or Section 1375 of the Internal Revenue Code are still required to file a Florida corporate income tax return and pay Florida tax. An organization that is exempt from federal income tax by reason of Section 501(a) of the Internal Revenue Code and has unrelated trade or business income under the Internal Revenue Code is still required to file a Florida corporate income tax return and pay Florida tax.

S corporations are required to file F1120 only if they paid a tax on Federal 1120S line 22c. The program will generate F1120 automatically if there is a tax on line 22c on the federal return. Otherwise, if an S corporation needs to file Form F-1120, use FL screen 1 (F1120 - General Information) and select 1 or 2 from the drop list at the bottom of the screen, Suppress or Force printing of the FL corporate return, to force either FL Form F1120 or F1120A. The amount of taxable income must also be entered on line 1 of Florida Screen 2.

Homeowner and condominium associations that file federal form 1120H pursuant to Section 528 of the Internal Revenue Code are not required to file a Florida corporate income tax return. Homeowner and condominium associations that file federal form 1120 are required to file a Florida corporate income tax return regardless of whether any tax is due.

Reference: Section 220.22, Florida Statutes (2002); Section 43 of CS/SB 426, Chapter 2002-218, Laws of Florida