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A corporation generally has to file returns and pay taxes to the federal government, to its state of incorporation, and to those states and localities in which it transacts business.
Florida is a tax-friendly state that does not impose an income tax on individuals, and has a 6% sales tax. Corporations that do business in Florida are subject to a 5.5% income tax. LLCs, sole proprietorships, and S corporations are, however, exempt from paying state income tax.
Who Must File? All corporations (including tax-exempt organizations) doing business, earning income, or existing in Florida. Every bank and savings association doing business, earning income, or existing in Florida. All associations or artificial entities doing business, earning income, or existing in Florida.
The corporate franchise tax is paid by most businesses in the state for the privilege of doing business in California, while the corporate income tax is paid by businesses which do not have sufficient presence or activity in the state for franchise tax purposes. The bank tax is paid by banks and financial institutions.
Compute the tax by multiplying Florida net income by the appropriate tax rate (i.e., generally 5.5% but reduced to 3.535% for tax years beginning between January 1, 2021 to December 31, 2021). Corporate income tax is reported using a Florida Corporate Income/Franchise Tax Return Form F-1120 or Form F-1120A.
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Corporations pay franchise tax if they meet any of the following: Incorporated or organized in California. Qualified or registered to do business in California. Doing business in California, whether or not incorporated, organized, qualified, or registered under California law.
You can file and pay your Florida corporate income tax return (Florida Form F-1120) electronically through the Internal Revenue Services (IRS) Modernized e-File (MeF) Federal/State Electronic Filing Program using electronic transmitters approved by the IRS and the Florida Department of Revenue.
S corporations are not subject to the tax, except for taxable years when they are liable for the federal tax under the Internal Revenue Code. An S corporation must file a Florida Corporate Income/Franchise and Emergency Excise Tax Return (Form F-1120, incorporated by reference in rule 12C-1.051, F.A.C.)

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