Florida Regulations 12C-1.023: Federal Returns
Current as of: 2024 | Check for updates
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(1) If a Federal amended return is filed or other redetermination of Federal income is made (for example, through an audit adjustment), and the adjustment would affect any item or items affecting net income subject to the Florida corporate income/franchise tax or the emergency excise tax, the taxpayer must notify the Department.
(2)(a) The notification required by Florida Statutes § 220.23, and subsection (1) of this rule must be in the form of a Florida amended return form (F-1120X) or a corporate income/franchise and emergency excise tax return marked “”Amended”” across the top of the return.
(b) A copy of the amended Federal return or other adjustment (for example, an RAR) must be attached to the amended return.
(3) No amended return is required when the only change to the federal return is to give effect to a carryback of a net operating loss or capital loss.
(4) No amended return is required for a tax year for which the only effect of a change is to increase or reduce a net operating loss. However, if the reduction or addition to a net operating loss effects a change in the deduction for a net operating loss carryover for a subsequent taxable year for which a return has already been filed, an amended return will be required for the subsequent tax year(s) in which there is a tax effect.
(5)(a) The required amended return must be filed not later than 60 days after such adjustment has been agreed to or finally determined for Federal tax purposes, or after any Federal income tax deficiency or refund, abatement, or credit resulting therefrom has been assessed, paid, or collected, whichever shall occur first.
(b) There are no provisions to extend the due date for the required amended return.
(c) Amounts paid solely for the purpose of satisfying a jurisdictional requirement for contesting an assessment in court will not be deemed to have been “”paid”” for purposes of this subsection.
(d) When some Federal audit adjustments are agreed to and some are contested, the taxpayer must file an amended return reflecting the changes for which there is agreement within 60 days from that agreement or from when the additional tax is paid. Additional amended returns for the items in dispute will be required if the taxpayer subsequently agrees to the changes or the assessment of those items becomes final.
(6) If the amended return concedes the accuracy of a Federal change or correction, any deficiency in Florida corporate income, franchise, or emergency excise tax is deemed assessed on the date of filing the amended return. No penalty will be assessed if the amended return is filed not later than 60 days after the date notification is required by section 220.23(2)(a)3., F.S., and subsection (5) of this rule. However, interest will be due on any deficiency from the original due date of the return through the date of payment.
(7) If a required amended return is filed later than 60 days after the date specified in paragraph (5)(a) of this rule, the taxpayer will be subject to the failure to file penalty, pursuant to Florida Statutes § 220.801, regardless of whether additional tax is due. Interest will be due on any deficiency from the original date of the return through the date of payment.
(8) A claim for refund may be filed within 2 years after the date an amended return was due, regardless of whether the amended return was filed timely. However, the amount recoverable pursuant to this claim is limited to the amount of any overpayment resulting from recomputation for the taxable year after giving effect only to the item or items reflected in the adjustment required to be reported.
(9) In any case where an amended return is required, then notwithstanding the limitations contained in Florida Statutes § 95.091(3):
(a) A notice of deficiency may be issued at any time within 5 years after the date the amended return is filed; or
(b) If the taxpayer fails to file an amended return, a notice of deficiency may be issued at any time.
(c) In either case, the amount of any proposed assessment shall be limited to the amount of any deficiency resulting from the recomputation of the taxpayer’s income for the taxable year after giving effect only to the item or items reflected in the adjustment.
Rulemaking Authority 213.06(1), 220.51 FS. Law Implemented 220.23, 220.801, 220.809 FS. History-New 5-17-94.
(b) A copy of the amended Federal return or other adjustment (for example, an RAR) must be attached to the amended return.
(3) No amended return is required when the only change to the federal return is to give effect to a carryback of a net operating loss or capital loss.
(4) No amended return is required for a tax year for which the only effect of a change is to increase or reduce a net operating loss. However, if the reduction or addition to a net operating loss effects a change in the deduction for a net operating loss carryover for a subsequent taxable year for which a return has already been filed, an amended return will be required for the subsequent tax year(s) in which there is a tax effect.
(5)(a) The required amended return must be filed not later than 60 days after such adjustment has been agreed to or finally determined for Federal tax purposes, or after any Federal income tax deficiency or refund, abatement, or credit resulting therefrom has been assessed, paid, or collected, whichever shall occur first.
(b) There are no provisions to extend the due date for the required amended return.
(c) Amounts paid solely for the purpose of satisfying a jurisdictional requirement for contesting an assessment in court will not be deemed to have been “”paid”” for purposes of this subsection.
(d) When some Federal audit adjustments are agreed to and some are contested, the taxpayer must file an amended return reflecting the changes for which there is agreement within 60 days from that agreement or from when the additional tax is paid. Additional amended returns for the items in dispute will be required if the taxpayer subsequently agrees to the changes or the assessment of those items becomes final.
(6) If the amended return concedes the accuracy of a Federal change or correction, any deficiency in Florida corporate income, franchise, or emergency excise tax is deemed assessed on the date of filing the amended return. No penalty will be assessed if the amended return is filed not later than 60 days after the date notification is required by section 220.23(2)(a)3., F.S., and subsection (5) of this rule. However, interest will be due on any deficiency from the original due date of the return through the date of payment.
(7) If a required amended return is filed later than 60 days after the date specified in paragraph (5)(a) of this rule, the taxpayer will be subject to the failure to file penalty, pursuant to Florida Statutes § 220.801, regardless of whether additional tax is due. Interest will be due on any deficiency from the original date of the return through the date of payment.
(8) A claim for refund may be filed within 2 years after the date an amended return was due, regardless of whether the amended return was filed timely. However, the amount recoverable pursuant to this claim is limited to the amount of any overpayment resulting from recomputation for the taxable year after giving effect only to the item or items reflected in the adjustment required to be reported.
(9) In any case where an amended return is required, then notwithstanding the limitations contained in Florida Statutes § 95.091(3):
(a) A notice of deficiency may be issued at any time within 5 years after the date the amended return is filed; or
(b) If the taxpayer fails to file an amended return, a notice of deficiency may be issued at any time.
(c) In either case, the amount of any proposed assessment shall be limited to the amount of any deficiency resulting from the recomputation of the taxpayer’s income for the taxable year after giving effect only to the item or items reflected in the adjustment.
Rulemaking Authority 213.06(1), 220.51 FS. Law Implemented 220.23, 220.801, 220.809 FS. History-New 5-17-94.