Business Taxes: Corporate Income Tax (FL)

Summary

This practice note discusses the key issues you should consider when advising business corporations on the following state tax issues when doing business in Florida. It addresses such important topics as the standard used to establish nexus when out-of-state corporations do business in Florida and what constitutes doing business in Florida. This practice note explains how the corporate income tax is imposed, the distinction between business and non-business income, and how income is sourced. It also provides tips on how to calculate the appropriate apportionment factor and what penalties could be imposed if you fail to comply with these requirements.