7110602, 12C-1.0222 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 7110602

Notice of Proposed Rule

Department:

DEPARTMENT OF REVENUE

Division:

Corporate, Estate and Intangible Tax

Chapter:

CORPORATE INCOME TAX

Overview

RULE:

12C-1.0222	Returns; Extensions of Time; Payments of Tentative Tax
12C-1.032	Payments of Tentative Tax (Repealed)

PURPOSE:

The Internal Revenue Service recently reduced the extension period for filing a Florida partnership return from six months to five months. (Bulletin IR-2008-084, June 30, 2008). The purpose of the proposed substantial rewording of Rule 12C-1.0222, F.A.C. (Returns; Extensions of Time; Payments of Tentative Tax), is to change the extension period for filing a Florida partnership return to five months. Changes are also necessary to include the requirements for filing corporate income tax returns with the Department electronically and to simplify all provisions on how to obtain an extension of time to file a Florida corporate income tax return or a Florida partnership return. The purpose of the proposed repeal of Rule 12C-1.032, F.A.C. (Payment of Tentative Tax), is to remove provisions regarding the requirement to pay tentative tax that will be included in the proposed substantial rewording of Rule 12C-1.0222, F.A.C.

SUMMARY:

The proposed substantial rewording of Rule 12C-1.0222, F.A.C.: (1) changes the title to “Returns; Extensions of Time; Payments of Tentative Tax,” to reflect the revised provisions of the rule; (2) provides when a return submitted to the Department by electronic means or by a paper return is timely filed; (3) provides that an extension of time will be valid until 15 days after the expiration of the federal extension or until six months after the due date, whichever occurs earlier; (4) provides that a taxpayer who has not obtained a federal extension of time to file a return may obtain an extension of time to file a Florida return by establishing good cause as to why the return cannot be filed by the original due date; (5) requires that taxpayers who request an extension of time to file a return must submit Form F-7004 (Florida Tentative Income/Franchise and Emergency Excise Tax Return and Application for Extension of Time to File Return) with the amount of tentative tax due to the Department; (6) provides the extended return due dates for the Florida corporate income tax return and for the Florida partnership return; and (7) provides when the request for an extension of time to file will be invalidated for failure to pay the tentative tax due.
The proposed repeal of Rule 12C-1.032, F.A.C. (Payment of Tentative Tax), removes provisions regarding when a tentative tax return will be considered timely filed with the Department that are incorporated into the proposed substantial rewording of Rule 12C-1.0222, F.A.C.

RULEMAKING AUTHORITY:

213.06(1), 220.51 FS.

LAW:

220.222, 220.32, 220.801 FS.

PRINT PUBLISH DATE:

5/22/2009 Vol. 35/20

COMMENTS:

From 5/22/2009 To 6/12/2009 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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