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Lev
Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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I have a florida corporation (inc), i want to change it for

Customer Question

I have a florida corporation (inc), i want to change it for a small corporation in order to avoid file state taxes. how can i do it for myself?
Submitted: 3 years ago.
Category: Tax
Expert:  Lev replied 3 years ago.

Lev :

Hi and welcome to our site!
Corporations that conduct business, or earn or receive income in Florida, must file a Florida corporate income tax return. They must file a return, even if no tax is due.

A corporation that has zero tax due or owes less than $2,500 in tax may file a simple form Form F-1120A.

S corporations usually do not have to file a Florida corporate income tax return unless they pay federal income tax on Line 22c of federal Form 1120S.
So - if you choose your corporation to be treated as S corporations - generally - a Florida corporate income tax return would not be required.

Lev :

In order to become an S corporation, the corporation must submit Form 2553 Election by a Small Business Corporation signed by all the shareholders.
In general - it must be filed within 75 days of your corporation formation, or 75 days before the beginning of the tax year the election is to take effect. Thus if you want the election to be in effect from Jan 1, 2014 - the form must be filed now.

Lev :

Let me know if you need any help.

Expert:  Lev replied 3 years ago.
Just in case you were not able to use the chat - I am switching to Q&A mode and posting the answer below.
Please feel free to communicate if you need any clarification or have other tax related issues.

Corporations that conduct business, or earn or receive income in Florida, must file a Florida corporate income tax return. They must file a return, even if no tax is due.


A corporation that has zero tax due or owes less than $2,500 in tax may file a simple form Form F-1120A.


S corporations usually do not have to file a Florida corporate income tax return unless they pay federal income tax on Line 22c of federal Form 1120S.
So - if you choose your corporation to be treated as S corporations - generally - a Florida corporate income tax return would not be required.

In order to become an S corporation, the corporation must submit Form 2553 Election by a Small Business Corporation signed by all the shareholders.
In general - it must be filed within 75 days of your corporation formation, or 75 days before the beginning of the tax year the election is to take effect. Thus if you want the election to be in effect from Jan 1, 2014 - the form must be filed now.

Please see for reference
http://www.nolo.com/legal-encyclopedia/florida-state-business-income-tax.html
http://dor.myflorida.com/dor/taxes/corporate.html

http://dor.myflorida.com/dor/forms/2013/gt800017.pdf