Florida preparers

[oceanlovin'ea]

I am preparing a F1120 for a s corp, first year filing. One of the questions on page 2 is

Taxpayer election s.220.03(5), F.S. and the choices are general rule, election A, election B.

Can someone fill me in on what this is refering to please? I tried to find the instructions for the F1120 and couldn't find them.

Thanks.

Linda F

[Brian EA]

I am preparing a F1120 for a s corp, first year filing. One of the questions on page 2 is

Taxpayer election s.220.03(5), F.S. and the choices are general rule, election A, election B.

Can someone fill me in on what this is refering to please? I tried to find the instructions for the F1120 and couldn't find them.

Thanks.

Linda F

Hey Linda
My software fills out the F1120 for the Scorp. I do not have to answer any questions . As a matter of fact you do not have to file a F1120 if you are an Scorp. The only reason for doing so is to let Florida know that you are an Scorp. Better yet if you efile there is no problem.
To be honest I could not tell which election to choose

[rosieea]

As Brian said, no F1120 is required for an S Corp. Up until a couple of years ago, S Corps had to file F1120 in its first year, and none thereafter. That requirement was dropped. Regarding the question, it is a depreciation election; check the "general rule" box. Only corporations which began business prior to 1987 need be concerned with the other choices.

[oceanlovin'ea]

Rosiea

It is the first year of this s corp. But I don't need to file the F1120 even for the first year?
That would be great.

What about LLC's that are taxed as partnerships? Do you have to do something for Florida for them?

Thanks for your help. I really couldn't find out on the Florida website any information.

Linda F

[rosieea]

It is the first year of this s corp. But I don't need to file the F1120 even for the first year?
That would be great.

What about LLC's that are taxed as partnerships? Do you have to do something for Florida for them?

Thanks for your help. I really couldn't find out on the Florida website any information.

Linda F

No, you don't have to file the F1120, even though it is the S Corp's 1st year. For LLC's taxed as partnerships, and for partnerships in general, there is no requirement to file the F1065, unless there is a member or partner subject to the FL corporate income tax. That basically means that unless one or more of the partners is a C Corp, no return is required. Note, however, that for all entities registered with the FL Dept of State, there is an Annual Report required. It is nothing more than verifying the information on the form & mailing it in with your check.

[Brian EA]

No, you don't have to file the F1120, even though it is the S Corp's 1st year. For LLC's taxed as partnerships, and for partnerships in general, there is no requirement to file the F1065, unless there is a member or partner subject to the FL corporate income tax. That basically means that unless one or more of the partners is a C Corp, no return is required. Note, however, that for all entities registered with the FL Dept of State, there is an Annual Report required. It is nothing more than verifying the information on the form & mailing it in with your check.

Here is an interesting situation.Last year was the first year for one of my clients filing an Scorp return. A few weeks ago he received a letter from the State asking for a copy of his F1120 return or if he is anScorp the letter identifying his company as an Scorp.
The copy of the return was mailed.

The State would like to be informed that your company is an Scorp and the best way to do that is to file the F1120 for the first year . You do not have to do it again. I would therefore suggest that you do file the F1120 Its easy and if you are efiling it's done and over with.

[rosieea]

Here is an interesting situation.Last year was the first year for one of my clients filing an Scorp return. A few weeks ago he received a letter from the State asking for a copy of his F1120 return or if he is anScorp the letter identifying his company as an Scorp.
The copy of the return was mailed.

The State would like to be informed that your company is an Scorp and the best way to do that is to file the F1120 for the first year . You do not have to do it again. I would therefore suggest that you do file the F1120 Its easy and if you are efiling it's done and over with.

That's interesting. First they say don't bother & now they're saying otherwise? Over the last couple of years I have had several start-up S Corp clients and have not sent an F1120. I've never heard from the FDR & I think I'll continue to save the paper.

[oceanlovin'ea]

Thanks

Rosiea and Brian.

It helps to have someone in the state you are in that knows about the state requirements. I have a few corporate returns I do every year but since they were not new ones, I haven't had to deal with the state in a while.

Then this year a new s corp and 2 new partnerships.

I appreciate your help.

Linda F