On January 13, 2022, the Florida Department of Revenue (DOR) issued Tax Information Publication No. 22C01-02 detailing the procedures for corporate taxpayers to receive a refund of corporate taxes paid for tax years starting on or after April 1, 2019 and ending on or before March 31, 2020. The automatic refunds are based on a law enacted in 2018 in response to the Federal Tax Cuts and Jobs Act of 2017 (“TCJA”). Because of the broadening of the federal tax base under the TCJA, the Florida Legislature determined that if corporate income taxes exceed the projected fiscal budget for that year, taxpayers would receive a refund of a portion of their taxes paid.
For the second year in a row, the Florida corporate income taxes collected exceeded the fiscal budgeted amount. To obtain a refund, taxpayers must file their corporate income/franchise tax returns on or before February 1, 2022. Only returns filed by this date will be considered for the refund. Calendar year Florida filers should have filed their 2020 returns by November 1, 2021. Fiscal year filers with a March 31, 2021 deadline would have filed returns by February 1, 2022, and as long as no further extensions were granted or amended returns filed, there is nothing further that need be done.
If you need assistance in making your filing by February 1, 2022, Ryan’s income tax compliance team is here to assist you.
TECHNICAL INFORMATION CONTACTS:
Mark L. Nachbar
Principal
Ryan
630.515.0477
mark.nachbar@ryan.com
Mary Bernard
Manager
Ryan
401.272.3363
mary.bernard@ryan.com
The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.
- Topics
- Mark L. Nachbar
- Income Tax
- Florida