Beginning Monday, March 20, 2017, 12:00 a.m., Eastern Time (ET) and ending Sunday, March 26, 2017, 11:59 p.m. (ET), qualified target industry businesses subject to the Florida corporate income tax may apply online for an allocation of Florida research and development tax credit for expenses incurred in the 2016 calendar year.
In order to apply for this credit, a business must obtain a letter from the Department of Economic Opportunity (DEO) certifying that it is a qualified target industry business.
Find out more about this tax credit and the requirements in
Tax Information Publication (TIP) 17C01-01.
Apply for R&D tax credit.
The minimum reemployment tax rate for 2017 will remain at .0010 (0.1%) or $7.00 per employee; it is the same rate as 2016. The rate is based on annual wages of up to $7,000 per employee. The maximum rate of .0540 (5.4%) will also remain the same as 2016. A Reemployment Tax Rate Notice (Form RT-20) will be mailed to all employers in mid-December. The RT-20 contains the tax rate applicable to the employer.
Florida law requires estimated tax payments if the business paid $200,000 or more in state sales tax, excluding local option taxes and surtaxes, during the preceding state fiscal year (July 1 – June 30). Estimated tax must be paid each reporting period beginning with the December 2016 return, due January 1, 2017. Business owners must choose one of three methods for computing estimated tax due each reporting period, but may change methods from one reporting period to the next. If you are currently calculating estimated tax based on the average tax paid during the 2015 calendar year, you must recalculate your estimated tax payment due beginning with your December 2016 return. Businesses who fail to pay estimated tax are subject to a loss of collection allowance and a 10% penalty on any underpayment of estimated tax, and must pay interest due on the underpaid amount. For more information,
see the DR-15N, Instructions for DR-15 Sales and Use Tax Returns.
Florida corporate income tax filers affected by Hurricane Hermine in Citrus, Dixie, Hernando, Hillsborough, Leon, Levy, Manatee, Pasco, Pinellas, Taylor and Wakulla counties are granted additional time to file and pay their tax. Florida returns and payments due on or after August 31, 2016, and on or before the IRS extended due date of January 17, 2017, must be filed and paid by February 1, 2017. For more information, read the IRS notice.
Florida corporate income tax filers affected by Hurricane Matthew in Bradford, Brevard, Broward, Clay, Duval, Flagler, Indian River, Lake, Martin, Nassau, Orange, Osceola, Palm Beach, Putnam, Seminole, St. Johns, St. Lucie and Volusia counties are granted additional time to file and pay their tax. Florida returns and payments due on or after October 3, 2016, and on or before the IRS extended due date of March 15, 2017, must be filed and paid by March 30, 2017. For more information, read the IRS notice.
All taxpayers who receive IRS relief for these hurricanes are eligible for relief in Florida. For other tax filing delays, contact the Florida Department of Revenue at 1-800-352-3671.
If you file and pay taxes online, you can submit your electronic return before
the filing deadline and schedule the payment. Payment scheduling helps ensure
timely filing and payment and helps you avoid Internet connection or access
problems that may occur on the due date. Read more.
Do you owe unpaid or underpaid taxes? If the Department has not already
contacted you about these liabilities, you can pay them under our voluntary
disclosure program. In many cases, we will waive the penalties. Read