Fla. Admin. Code Ann. R. 12C-1.021 - Record Keeping Requirements
(1) Every
corporation subject to the Florida Corporate Income Tax Code will be required
to keep such permanent books of account or records as will be sufficient to
establish the tax base. Since the Florida tax base is federal taxable income
(with certain Florida modifications), a record keeping system in compliance
with Internal Revenue Service requirements for establishing the Florida tax
base will be required. Supplemental data to support Florida modifications to
federal taxable income and determination of the Florida apportionment fraction
will also be needed. Such records shall be kept until the time within which the
Department may make an assessment of the tax under section
95.091(3),
F.S.
(2) The required books and
records must be available for inspection by the Department of Revenue as long
as the contents are material. Generally, copies of returns, including records
used in their preparation, should be retained.
(3) Taxpayers should also note that section
220.23, F.S., requires that if
the corporation's related federal return is adjusted by amendment or otherwise
and such adjustment will affect an item or items entering into the computations
of such corporation's net income subject to tax for any taxable year under the
Florida Income Tax Code, the corporation is required to notify the Department
of Revenue of such adjustment. Such notification may be made by filing an
amended return or report within 60 days after such adjustment has been agreed
to or finally determined for federal income tax purposes. In these
circumstances, assessment of a deficiency or allowance of a refund is permitted
without regard to the usual limitations contained in section
95.091(3), F.S.
Thus, the returns and records pertaining to years open to audit by the Internal
Revenue Service should be retained until any resulting Florida adjustments have
been resolved.
Notes
Rulemaking Authority 213.06(1), 220.21, 220.51 FS. Law Implemented 220.21, 220.23, 213.35 FS.
New 8-22-78, Formerly 12C-1.21, Amended 12-21-88.
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