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Limited Liability Company (LLC) and S Corporation are two most common types of business structure in Florida. Here are the tax return filing requirements for both types.

1. S Corporation tax return filing requirements

  • Form an S Corporation in the state of Florida.
  • Submit Form 2553 to the Internal Revenue Service (IRS).
  • File an annual report by May 1st. The report has a filing fee of $150.
  • Depending on the company's annual net income, pay franchise taxes to the state of Florida by the last day of the fourth, sixth, ninth, and twelfth months.
  • Shareholders receive a Schedule K-1 from the S corporation.

2. LLC tax return filing requirements

LLC in Florida is not required to file a tax return. Its income passes through to its members, who subsequently pay individual income taxes on their shares. For this reason, there are no tax return filing requirements for LLCs in Florida.

However, LLCs can be treated as other business entities such as Corporation, Partnership, or Sole proprietor for tax purposes. If the LLC files its federal income tax return as one of those entities, it needs to follow the same process of the entity it is chosen to be taxed as.

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