Real Estate Agent · Indialantic, FL · Member since 2014 · 182 posts · 80 votes
Hello. We have a single member LLc that elected to be taxed as an S Corp in 2016. While reading through the Florida Corporate tax information I find places it says we do need to file a Florida Corporate Tax Return, while other places it says we do not. Can someone please clarify?
The sub S passes them to your personal taxes just like an LLC. I don't recall having to file a state return, there is no state tax with an S Corp, but it may be for the tangible taxes, if any.
The sub S passes them to your personal taxes just like an LLC. I don't recall having to file a state return, there is no state tax with an S Corp, but it may be for the tangible taxes, if any.
Generally speaking an LLC electing S status does not have an income tax liability or a filing requirement in FL. The only time it would have to file in FL would be if it (the S corp itself) owed Federal income tax at the entity level. This typically relates to entities with built in gains that were formerly C corps. Your tax advisor should be able to tell you fairly easily if it applies to you. It typically does not apply to 99.99% of entities.