Florida House Bill 7127, approved by Governor DeSantis on June 28, 2019, requires corporate taxpayers to report certain information to the Department of Revenue for tax years beginning in calendar years 2018 and 2019. The Department created a new, secure online application to submit this information, which is due the earlier of (1) 10 days after the state corporate extended due date or (2) 10 days after the state corporate return is filed. Importantly, corporations that fail to timely comply with the reporting requirements are subject to a penalty equal to the greater of $1,000 or one percent of the tax determined to be due for the most recent taxable year reported on a return filed with the Department.
A grace period was provided until September 3, 2019 for any information reports that were required to be submitted before that date (e.g., when the taxpayer’s 2018 corporate returns were filed prior to August 23, 2019). On September 6, 2019, the Executive Director of the Florida Department of Revenue signed Emergency Order No. 19-002, extending the September 3rd due date for filing the new information reports until October 27, 2019. The Department will consider submissions of the information reports made on or before October 27, 2019, timely and will automatically waive any penalty that would otherwise apply. Please contact Jeremy Dukes at 954-847-3971 or Henry Parcinski at 954-847-3943 with questions.