Tax News

CCH (cch.taxgroup.com) reports:

Guidance is provided for Florida corporate income tax purposes regarding recently enacted legislation that requires, effective January 1, 2008, additions to adjusted federal income for amounts in excess of $25,000 deducted under IRC §179 as well as amounts deducted as bonus depreciation under IRC §168. (TAXDAY, 2008/06/19, S.6)
In regard to the 2007 tax year, an amended return may be required for some fiscal year taxpayers. In regard to tax years beginning before January 1, 2008, and assets placed in service after December 31, 2007, an addition to adjusted federal income is required for amounts deducted as bonus depreciation under IRC §168. This addition must be included on Form F-1120, Florida Corporate Income/Franchise and Emergency Excise Tax Return, Schedule I, Line "Other Additions." Taxpayers are also reminded that the same legislation changed the due dates for declarations and payments of estimated corporate income tax effective January 1, 2009. Declarations and payments of estimated tax are required to be made on or before the last day of the fourth, sixth, and ninth months and the last day of the tax year.

Tax Information Publication No. 08C01-02, Florida Department of Revenue, June 17, 2008.