The Florida Department of Revenue extended the filing deadlines for certain Florida corporate income tax (“CIT”) payments and returns.
The following due dates have been extended:
For entities with a fiscal year ending December 31, 2019:
- The May 1, 2020, due date for Florida CIT returns is extended to August 3, 2020.
- The May 1, 2020, due date for Florida CIT payments is extended to June 1, 2020.
- The due date to submit a request for extension of time to file the return and make any tentative payment is extended to June 1, 2020.
For entities with a fiscal year ending January 31, 2020:
- The June 1, 2020, due date for Florida CIT returns is extended to August 3, 2020.
- The June 1, 2020, due date for Florida CIT payments or to submit a request for extension of time to file remains June 1, 2020.
For entities with a fiscal year ending February 29, 2020:
- The July 1, 2020, due date for Florida CIT returns is extended to August 3, 2020.
- The July 1, 2020, due date for Florida CIT payments or to submit a request for extension of time to file remains July 1, 2020.
Although the IRS extended the due dates for federal payments, that does not change the current due dates for Florida CIT estimated payments due between April 1, 2020 and July 15, 2020.
Please note that this is evolving news. There may be more developments, and we will keep you updated as they are released. Should you have any questions, please do not hesitate to contact your tax professional team members.
There are distinct advantages to starting your tax return preparation process now if you have not already done so, including the acceleration of any current-year refunds you may be due. Furthermore, recently enacted federal legislation has created significant tax planning opportunities to amend prior year returns for additional refunds as well as reduce current year taxes. Most of these tax planning opportunities require significant analysis and many require separate studies. We strongly encourage you to start now.
Cherry Bekaert remains committed to providing you a superior client experience. We continue to work hard and creatively to meet your tax return needs and encourage you to submit your tax information to us as early as you can.
