Ref-04884 F-2220

Description:

Underpayment of Estimated Tax on Florida Corporate Income/Franchise Tax (R. 01/15)

Related Rules

• 12C-1.051 Forms

Related Notices

• 18152306.Section 14 of Chapter 2016-220, L.O.F., modified the way “adjusted federal income” is defined and calculated for Florida Corporate Income Tax purposes. The purpose of changes to Rule 12C-1.013, F.A.C., is to provide guidance to taxpayers on how adjusted federal income should now be calculated, particularly with respect to adjustments related to certain depreciation. The changes also remove obsolete provisions related to earlier tax years. Sections 16 through 19 of Chapter 2016-220, L.O.F., amended provisions in Chapter 220, F.S., to conform the timing of filing returns, making payments, and filing declarations to analogous timing provisions at the federal level. The purpose of the proposed amendments to Rules 12C-1.0222 and 12C-1.034, F.A.C. is to bring the rules into compliance with the statutory changes. The purpose of the proposed amendments to Rule 12C-1.051, F.A.C., is to adopt, by reference, changes to forms used by the Department in the administration of the corporate income tax.