Florida corporate tax and the May 1 annual report

The tax

Florida taxes corporate net income at 5.5%, after a $50,000 exemption: $150,000 of Florida net income → ($150,000 − $50,000) × 5.5% = $5,500. Out-of-state corporations doing business in Florida apportion their income to the state and pay on the Florida share. The exemption is shared among members of a controlled group.

Pass-through entities are mostly outside it. LLCs taxed as partnerships or disregarded entities owe no Florida corporate tax, and S-corporations are generally exempt except for built-in gains or excess passive income that is taxed federally at the entity level. Owners pay no Florida personal income tax on their share.

Filing and estimates

Calendar-year corporations file Form F-1120 by May 1: the first day of the fifth month after year-end (June 30 year-ends follow a different rule). A corporation that expects more than $2,500 of Florida tax must make estimated payments during the year. Extensions to file are available with Form F-7004, but tax is still due by the original date.

The $400 late fee

Every Florida LLC and profit corporation, including out-of-state entities registered in Florida, files an annual report on Sunbiz between January 1 and May 1. File at 12:01 a.m. Eastern on May 2 and the state adds a $400 late fee to the $138.75 or $150 filing fee, whether or not you received a reminder. The fee can't be waived for forgetting.

If the report still isn't filed by the third Friday of September, the state administratively dissolves the entity (or revokes a foreign registration) at the close of business on the fourth Friday of September. Reinstatement then costs the missed reports, late fees, and a reinstatement fee.

Worked example: $150,000 of income, and filing a day late

A Florida C-corp with $150,000 of net income owes $5,500. An LLC with identical economics owes $0 corporate tax plus the $138.75 report. Filing that report on May 2 instead of May 1 turns $138.75 into $538.75. Treat mid-April as your internal deadline, reports can be filed from January 1, and put May 1 on the calendar as already late. Compare the full picture in California vs Florida or Texas vs Florida, and model it in the Florida explorer.