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Embarking on the journey of comprehending the intricacies of the Florida F-1065 form can seem daunting at first glance. This form serves as a beacon for partnerships operating within the sunny bounds of Florida, requiring a detailed account of their earnings and adjustments for a given fiscal year. At its core, the form meticulously outlines the process for reporting adjustments to partnership income, which can consist of both additions and subtractions from federal income, setting the stage for a clear understanding of the partnership’s taxable income within the state. Furthermore, it acts as a crucial tool for distributing the partnership income adjustment among the partners, ensuring a fair and accurate allocation of income adjustments that ultimately influence their individual tax obligations. Notably, the form ventures beyond mere income reporting; it delves into apportionment information, assisting partnerships in accurately representing their business activity both within and beyond Florida’s borders. By dissecting various components, such as property value, payroll, and sales, the form aids partnerships in calculating their rightful share of tax liability based on business done in the state, compared to their overall operations. With such a comprehensive approach, the Florida F-1065 form stands as a testament to the state’s meticulous framework for taxing partnership income, navigating through the complexities of federal and state tax exemptions, deductions, and strategic apportionment of income adjustments across partners.

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Florida Partnership Information Return

F-1065 R. 01/16

 

 

 

 

 

 

 

 

Rule 12C-1.051

 

 

 

 

 

 

 

Florida Administrative Code

 

 

 

 

 

 

 

 

Effective 01/16

 

 

 

For the taxable year

 

 

 

beginning

 

,

 

and ending

 

,

 

.

_________________________________________________________________________________________________________________

Name of Partnership

 

 

_________________________________________________________________________________________________________________

Street Address

 

 

_________________________________________________________________________________________________________________

City

State

ZIP

-

Federal Employer Identification Number (FEIN)

Principal Business Activity Code

Part I. Florida Adjustment to Partnership Income

A.Additions to federal income:

1.Federal tax-exempt interest

Total interest excluded from federal ordinary income

Less associated expenses not deductible in

 

 

computing federal ordinary income

(

)

 

 

 

 

Net Interest

 

 

 

2.State income taxes deducted in computing federal ordinary income

3.Other additions

Total

A.

B. Subtractions from federal income

B.

C. Subtotal (Line A less Line B)

C.

D. Net adjustment from other partnerships or joint ventures

D.

E. Partnership income adjustment

1. Increase (total of Lines C and D)

E. 1.

2. Decrease (total of Lines C and D)

2.()

Part II.

Distribution of Partnership Income Adjustment

 

 

 

 

 

 

 

Partner’s name and address (Include FEIN)

(a)

(b)

(c)

Column (a) times Column (b) = partner's

 

 

Amount shown

Partner's percentage

 

 

share of Line E.

Note: If there is no adjustment on Line E, show partner’s percentage

on Line E, Part I,

of profits

Enter here and on Florida Form F-1120,

of profits in

Column (b) and leave Columns (a) and (c) blank.

above

 

Schedule I, Line 19 (if decrease, Schedule

 

II, Line 11)

 

 

 

 

 

 

 

 

 

A.

 

 

 

 

 

 

 

 

 

B.

 

 

 

 

 

 

 

 

 

C.

 

 

 

 

 

 

 

 

 

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.

Sign Here

 

Signature of partner or member

(Must be an original signature.)

Date

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preparer’s Tax Identification Number (PTIN)

Paid

Preparer’s

 

Check if self-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature

Date

employed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preparer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Firm’s name (or yours

 

FEIN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Only

 

 

 

 

 

 

 

 

 

 

 

if self-employed)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

and address

 

ZIP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mail To: Florida Department of Revenue, 5050 W. Tennessee St., Tallahassee FL 32399-0135

F-1065

R. 01/16

Page 2

NOTE: Please read instructions (Florida Form F-1065N) before completing the schedules below.

Part III.

Apportionment Information

 

 

 

 

 

 

 

 

 

 

 

 

III-A.

For use by partnerships doing business both within

(a) Within Florida

(b) Total Everywhere

 

 

and without Florida

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.

Average value of property per Schedule III-C (Line 8)

 

 

 

 

 

 

 

 

 

 

 

 

2.

Salaries, wages, commissions, and other compensation paid or accrued

 

 

 

 

 

 

in connection with trade or business for the period covered by this return

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.

Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

III-B.

For use by partnerships providing transportation

(a) Within Florida

(b) Total Everywhere

 

 

services within and without Florida

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.

Transportation services revenue miles (see instructions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

III-C.

For use in computing average value of property

Within Florida

Total Everywhere

 

 

 

 

 

 

 

a. Beginning of Year

b. End of Year

c. Beginning of Year

d. End of Year

 

 

 

 

 

 

 

 

 

 

 

1.

Inventories of raw material, work in process, finished goods

 

 

 

 

 

 

 

 

 

 

 

 

2.

Buildings and other depreciable assets (at original cost)

 

 

 

 

 

 

 

 

 

 

 

 

3.

Land owned (at original cost)

 

 

 

 

 

 

 

 

 

 

 

 

4.

Other tangible assets (at original cost) and intangible assets

 

 

 

 

 

 

(financial

organizations only). Attach schedule.

 

 

 

 

 

 

 

 

 

 

 

 

5.

Total (Lines 1 through 4).

 

 

 

 

 

 

 

 

 

 

 

 

6.

Average value of property in Florida (Within Florida), add

 

 

 

 

 

 

Line 5, Columns (a) and (b) and divide by 2. For average

 

 

 

 

 

 

value of property everywhere (Total Everywhere), add Line 5,

 

 

 

 

 

 

Columns (c) and (d) and divide by 2.

 

 

 

 

 

 

 

 

 

 

 

 

7.

Rented property - (8 times net annual rent)

 

 

 

 

 

 

 

 

 

 

 

 

8.

Total (Lines 6 and 7). Enter on Part III-A, Line 1, Columns (a)

_____________________________

_____________________________

 

 

and (b)

 

 

 

 

Average Florida

Average Everywhere

 

 

 

 

Part IV.

Apportionment of Partners' Share

 

 

 

 

 

 

 

 

 

 

 

 

 

Partner (Name and Address)

Percent of

Property Data

Payroll Data

Sales Data

Interest In

 

 

 

 

 

 

 

 

Partnership

Within Florida

Everywhere

Within Florida

Everywhere

Within Florida

Everywhere

 

 

 

 

 

 

 

 

 

A.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

B.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

C.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOTE: Transfer data to Schedule III - A, Florida Form F-1120.

Instructions for Preparing Form F-1065 Florida Partnership Information Return

F-1065N

R. 01/19

Rule 12C-1.051, F.A.C.

Effective 01/19

Page 1 of 4

General Instructions

Who Must File Florida Form F-1065?

Every Florida partnership having any partner subject to

the Florida Corporate Income Tax Code must file Florida

Form F-1065. A limited liability company with a corporate partner, if classified as a partnership for federal tax purposes, must also file Florida Form F-1065. A Florida

partnership is a partnership doing business, earning income, or existing in Florida.

Note: A foreign (out-of-state) corporation that is a partner in a Florida partnership or a member of a

Florida joint venture is subject to the Florida Income Tax Code and must file a Florida Corporate Income/

Franchise Tax Return (Florida Form F-1120).

A corporate taxpayer filing Florida Form F-1120 may use Florida Form F-1065 to report the distributive share of its partnership income and apportionment factors from a partnership or joint venture that is not a Florida partnership.

Where to File

Florida Department of Revenue

5050 W Tennessee St

Tallahassee FL 32399-0135

When to File

You must file Florida Form F-1065 on or before the first

day of the fourth month following the close of your taxable year.

If the due date falls on a Saturday, Sunday, or federal or state holiday, the return is considered to be filed on time if

postmarked on the next business day.

Extension of Time to File

To apply for an extension of time for filing Florida Form

F-1065, you must complete Florida Form F-7004, Florida Tentative Income/Franchise Tax Return and Application for Extension of Time to File Return.

You must file Florida Form F-7004 to extend your time to file. A copy of your federal extension alone will not extend the time for filing your Florida return. See Rule 12C-1.0222, Florida Administrative Code (F.A.C.), for

information on the requirements that must be met for your request for an extension of time to be valid.

Extensions are valid for six months. You are only

allowed one extension.

Attachments and Statements

You may use attachments if the lines on Florida Form

F-1065 or on any schedules are not sufficient. They must

contain all the required information and follow the format of the schedules of the return. Do not attach a copy of the federal return.

Signature and Verification

An officer or person authorized to sign for the entity must

sign all returns. An original signature is required. We will not accept a photocopy, facsimile, or stamp. A receiver,

trustee, or assignee must sign any return required to be filed for any organization.

Any person, firm, or corporation who prepares a return for

compensation must also sign the return and provide:

•Federal employer identification number (FEIN).

•Preparer tax identification number (PTIN).

Rounding Off to Whole-Dollar Amounts

Whole-dollar amounts may be entered on the return and

accompanying schedules. To round off dollar amounts,

drop amounts less than 50 cents to the next lowest dollar

and increase amounts from 50 cents to 99 cents to the

next highest dollar. If you use this method on the federal return, you must use it on the Florida return.

Taxable Year and Accounting Methods

The taxable year and method of accounting must be the same for Florida income tax as it is for federal income tax. If you change your taxable year or your method of accounting for federal income tax, you must also change the taxable year or method of accounting for Florida income tax.

Final Returns

If the partnership ceases to exist, write “FINAL RETURN”

at the top of the form.

General Information Questions

Enter the FEIN. If you do not have an FEIN, obtain one from the Internal Revenue Service (IRS). You can:

•Apply online at irs.gov

•Apply by mail with IRS Form SS-4. To obtain this

form, download or order it from irs.gov or call

800-829-3676.

Enter the Principal Business Activity Code that applies to Florida business activities. If the Principal Business Activity Code is unknown, see the IRS “Codes for

Principal Business Activity” section of federal Form 1065.

General Information

Both the income and the apportionment factors are

considered to “flow through” to the members of a

partnership or joint venture.

Use parts I and II of the Florida Partnership Information Return to determine each partner’s share of the Florida partnership income adjustment.

Parts III and IV are used to determine the adjustment that must be made to each partner’s apportionment factors. For example, a corporate partner’s share of the partnership’s sales within Florida will be added to the

corporation’s sales within Florida. The partner’s share of the partnership’s “everywhere sales” will be added to the corporation’s “everywhere sales.” The corporation’s sales apportionment factor, as reflected on Schedule III of Florida Form F-1120, will be equal to:

(corporation’s Florida sales +

share of partnership’s Florida sales) (corporation’s everywhere sales + share of partnership’s everywhere sales)

Part I. Florida Adjustment to

Partnership Income

Line A. Additions to federal income

1.Federal tax-exempt interest

Enter the amount of interest which is excluded from ordinary income under section (s.) 103(a), Internal Revenue Code (IRC), or any other federal law, less

the associated expenses disallowed in computing ordinary income under s. 265, IRC, or any other law.

2.State income taxes deducted in computing federal ordinary income

Enter the sum of any tax on or measured by income,

which is paid or accrued as a liability to the District of Columbia or any state of the United States and is deductible from gross income in computing federal ordinary income for the taxable year. You should exclude taxes based on gross receipts or revenues.

3.Other additions

Enter any other items you are required to add as an adjustment to calculate adjusted federal income.

Line B. Subtractions from federal income

Enter any items required to be subtracted as an adjustment to calculate adjusted federal income.

For example, s. 220.13(1)(e), F. S., provides for a

subtraction taken equally over a seven year period corresponding to the add back to adjusted federal income for the special bonus depreciation.

Line C. Subtotal

Subtract Line B from Line A.

F-1065N

R. 01/19

Page 2 of 4

Line D. Net adjustment from other partnerships or joint ventures

If, because of Florida changes, the partnership’s share

of income from other partnerships or joint ventures is different from the amount included in federal taxable

income, you must make an appropriate adjustment on Line D. Attach a schedule explaining any adjustment.

Line E. Partnership income adjustment

Calculate the total partnership income adjustment (sum of Lines C and D). Enter net increases to income on Line 1. Enter net decreases to income on Line 2.

Part II. Distribution of Partnership

Income Adjustment

Distributing each partner’s share of the total partnership

income adjustment (Part I, Line E) is accomplished in

Part II.

Each corporate partner must enter its share of the adjustment in Column (c) on its Florida Corporate Income/ Franchise Tax Return (Florida Form F-1120). It should enter increases under “Other Additions” on Schedule I, Florida Form F-1120 and should enter decreases under “Other Subtractions” on Schedule II, Florida Form F-1120.

Part III. Apportionment Information

You must complete this part if either the partnership or any of the partners subject to the Florida Income Tax Code does business outside Florida.

Florida taxpayers doing business outside the state must apportion their business income to Florida based on a three-factor formula. There are exceptions to this three-factor formula for insurance companies, transportation services, citrus processing companies,

taxpayers granted permission to use a single sales factor under s. 220.153, F.S., and taxpayers who were given

prior permission by the Department to apportion income using a different method under s. 220.152, F.S.

The three-factor formula measures Florida’s share of adjusted federal income by ratios of the taxpayer’s property, payroll, and sales in Florida, to total property, payroll, and sales found or occurring everywhere.

For more information about apportioning income see s. 220.15, F.S., and Rule 12C-1.015, F.A.C.

III-A, Line 1 (and Part III-C). Average value of property The property factor is a fraction. The numerator of

this fraction is the average value of real and tangible personal property owned or rented and used during the taxable year in Florida. The denominator is the average value of such property owned or rented and used

everywhere during the taxable year. The property factor for corporations included within the definition of financial organizations must also include intangible personal

property, except goodwill.

Property owned is valued at original cost, without regard to accumulated depreciation. Property rented is valued at eight times the net annual rental rate. You must reduce the net annual rental rate by the annual rental rate received from sub-rentals.

In Part III-C, Lines 1 through 4, enter the beginning- of-year and end-of-year balances for property owned and used within Florida, as well as property owned and used everywhere. Place the total value of the columns on Line 5. Calculate the average values as provided on Lines 6 and 7. Enter the Florida average in Part III-A,

Line 1, Column (a). Enter the average everywhere in Part III-A, Line 1, Column (b).

III-A, Line 2. Salaries, wages, commissions, and other compensation

The payroll factor is a fraction. The numerator of this fraction is the total amount paid to employees in Florida during the taxable year for compensation. The denominator is the total compensation paid to employees

everywhere during the taxable year. Enter the numerator in Part III-A, Line 2, Column (a) and enter the denominator in Part III-A, Line 2, Column (b).

For purposes of this factor, compensation is paid within Florida if:

(a)The employee’s service is performed entirely within

Florida, or

(b)The employee’s service is performed both within and without Florida, but the service performed outside Florida is incidental to the employee’s service, or

(c)Some of the employee’s service is performed in

Florida and either the base of operations or the place from which the service is directed or controlled is in Florida, or the base of operations or place from which the service is controlled is not in any state in which some part of the service is performed and the employee’s residence is in Florida.

The partnership must attach a statement listing all

compensation paid or accrued for the taxable year other than that as shown on federal Form 1125-A or page 1 of

the federal Form 1065.

F-1065N

R. 01/19

Page 3 of 4

III-A, Line 3. Sales

The sales factor is a fraction. The numerator of this fraction is the total sales of the taxpayer in Florida during the taxable year. The denominator is the total sales of

the taxpayer everywhere during the taxable year. Enter the numerator in Part III-A, Line 3, Column (a) and the denominator in Part III-A, Line 3, Column (b).

Florida defines the term “sales” as gross receipts without regard to returns or allowances. The term “sales” is not

limited to tangible personal property, and includes:

(a)Rental or royalty income if such income is significant in the taxpayer’s business.

(b)Interest received on deferred payments of sales of real or tangible personal property.

(c)Sales of services.

(d)Income from the sale, licensing, or other use of intangible personal property such as patents and copyrights.

(e)For financial organizations, income from intangible personal property.

Sales will be attributable to Florida using these criteria:

(a)Sales of tangible personal property will be “Florida sales” if the property is delivered or shipped to a purchaser within Florida.

(b)Rentals will be “Florida sales” if the real or tangible personal property is in Florida.

(c)Interest received on deferred payments of sales of

real or tangible personal property will be included in

“Florida sales” if the sale of the property is in Florida.

(d)Sales of service organizations are within Florida if the services are performed in Florida.

For a financial organization, “Florida sales” will also

include:

(a)Fees, commissions, or other compensation for financial services rendered within Florida.

(b)Gross profits from trading in stocks, bonds, or other securities managed within Florida.

(c)Interest, other than interest from loans secured by mortgages, deeds of trust, or other liens on real or tangible personal property found outside Florida.

(d)Dividends received within Florida.

(e)Interest charged to customers at places of business maintained within Florida for carrying debit balances of margin accounts, without deduction of any costs incurred in carrying such accounts.

(f)Interest, fees, commissions, and other charges or gains from loans secured by mortgages, deeds of trust, or other liens on real or tangible personal property found in Florida or from installment sale agreements originally completed by a taxpayer or his agent to sell real or tangible personal property located in Florida.

(g)Any other gross income, including other interest resulting from the operation as a financial organization within Florida.

III-B. Special Industry Apportionment Fraction

Special methods of apportioning income by taxpayers providing insurance or transportation services are provided. For example, the income attributable to transportation services is apportioned to Florida by

multiplying the adjusted federal income by a fraction.

The numerator is the “revenue miles” within Florida and the denominator is the “revenue miles” everywhere. For

transportation other than by pipeline, a revenue mile is the

F-1065N

R. 01/19

Page 4 of 4

transportation of one passenger or one net ton of freight the distance of one mile for a consideration.

Part IV. Apportionment of Partners’ Share

Each partner’s share of the apportionment factors is determined by multiplying the amount in Part III-A, on

Lines 1, 2, and 3 by the percentage interest of each

partner. Amounts determined should be added to each partner’s apportionment factors included on its Florida

Form F-1120.

Partnerships subject to a special industry apportionment fraction (for example, those engaged mainly in transportation services) should adjust this schedule to

report each partner’s share of the special apportionment fraction (for example, revenue miles for transportation companies).

Contact Us

Information, forms, and tutorials are available on the Department's website at floridarevenue.com

To speak with a Department representative, call Taxpayer Services at 850-488-6800, Monday through

Friday (excluding holidays).

To find a taxpayer service center near you, visit floridarevenue.com/taxes/servicecenters

For written replies to tax questions, write to:

Taxpayer Services - MS 3-2000

Florida Department of Revenue

5050 W Tennessee St

Tallahassee FL 32399-0112

Subscribe to our tax publications to receive due date reminders or an email when we post:

•Tax Information Publications (TIPs).

•Proposed rules, notices of rule development workshops, and more. Visit floridarevenue.com/dor/subscribe

References

The following documents were mentioned in this form and are incorporated by reference in the rules indicated below.

The forms are available online at floridarevenue.com/forms.

Form F-1065

Florida Partnership Information Return

Rule 12C-1.051, F.A.C.

Form F-1120

Florida Corporate Income/Franchise Tax Return

Rule 12C-1.051, F.A.C.

Form F-7004

Florida Tentative Income/Franchise Tax Return

Rule 12C-1.051, F.A.C.

 

and Application for Extension of Time to File Return

 
Get PDF Form

Document Overview

Fact Name Detail
Governing Laws and Regulations The form is governed by Rule 12C-1.051 of the Florida Administrative Code, effective January 2016.
Who Must File Florida partnerships with any partner subject to Florida Corporate Income Tax Code, including limited liability companies classified as partnerships with a corporate partner, must file Form F-1065.
Filing Deadline The form is due by the first day of the fifth month following the close of the taxable year. When the due date falls on a weekend or holiday, filings are timely if postmarked by the next business day.
Extension of Time to File To request an extension, complete and file Florida Form F-7004. This extends the filing deadline by five months. A federal extension alone does not extend the Florida filing due date.
Requirement for Original Signatures All returns must be signed with an original signature of an authorized individual. Photocopies, facsimiles, or stamps are not accepted.

Instructions on How to Fill Out Florida F 1065

Once you've gathered all necessary documentation and information regarding the partnership's financial activities for the tax year, filling out the Florida F-1065 form becomes the next crucial step. This procedure ensures that all relevant income and adjustments are accurately reported to the Florida Department of Revenue, laying out a transparent record of the partnership's financial movements within the state. Careful attention to detail during this process will help to ensure that the financial data is accurately captured, reflecting the partnership's compliance with state tax obligations.

  1. Begin by identifying the tax year for the return, noting the specific dates for the tax year's beginning and end at the top of the form.
  2. Provide the full legal name of the partnership along with its street address, including city, state, and ZIP code.
  3. Enter the partnership's Federal Employer Identification Number (FEIN) and the Principal Business Activity Code that best describes the partnership's primary business operation.
  4. Part I: Calculate the Florida Adjustment to Partnership Income.
    1. Add any federal tax-exempt interest and state income taxes deducted to compute federal ordinary income, along with any other additions, on the appropriate lines.
    2. Subtract any federal income deductions reported on the relevant line and calculate the subtotal by subtracting these from the additions.
    3. If applicable, note any net adjustments from other partnerships or joint ventures.
    4. Summarize the partnership income adjustment by totaling increases and decreases accordingly.
  5. Part II: Distribute the Partnership Income Adjustment among partners, indicating each partner's name, address, FEIN, percentage share of profits, and their respective amount of income adjustment.
  6. Sign the form confirming that to the best of your knowledge, the information provided is accurate and complete. This must be signed by a partner or member of the partnership with an original signature.
  7. If a paid preparer was used, ensure that they also sign the return and include their preparer's tax identification number (PTIN), name, and address.
  8. Proceed to complete Parts III and IV if the partnership conducts business outside Florida or if any of its partners are subject to the Florida Corporate Income Tax Code. These sections deal with the apportionment of partnership's income and partners' shares based on property, payroll, and sales data relevant to their business operations inside and outside Florida.
  9. Mail the completed Florida F-1065 form to the Florida Department of Revenue at the address provided on the form instructions: 5050 W. Tennessee St., Tallahassee, FL 32399-0135.

After submitting the Florida F-1065 form, it is essential to maintain copies of the filed form and all supporting documentation for the partnership's records. This ensures that the partnership can readily access these documents for reference or if requested by the Florida Department of Revenue for verification purposes. By following these steps meticulously, you can help ensure that the partnership's Florida state tax obligations are fulfilled accurately and efficiently.

Listed Questions and Answers

What is the Florida F-1065 Form?

The Florida F-1065 Form is an Information Return for partnerships operating in Florida. It's used to report the income, adjustments, and distributive share of income among partners. The form helps in determining the taxable income and necessary adjustments to reflect the partnership's correct state tax obligation.

Who needs to file the Florida F-1065?

Every partnership that operates in Florida and has any partner subject to the Florida Corporate Income Tax must file the F-1065 form. This includes limited liability companies classified as partnerships for federal tax purposes and having a corporate partner.

When is the Florida F-1065 Form due?

This form must be filed by the first day of the fifth month following the close of the taxable year. For example, if your partnership operates on a calendar year, the due date would be May 1st of the following year. If the due date falls on a weekend or holiday, the form is considered timely if filed on the next business day.

How does one apply for an extension for filing the F-1065?

To apply for an extension, partnerships must complete the Florida F-7004 form – Florida Tentative Income/Franchise Tax Return and Application for Extension of Time to File Return. Note that having a federal extension does not automatically extend the state filing deadline. The extension is valid for five months.

Are there specific requirements for attachments to the F-1065 Form?

Yes, if additional space is needed, attachments can be used provided they contain all required information and follow the format of the return's schedules. However, do not attach a copy of the federal return.

What rounding method should be used on the F-1065?

When completing the F-1062 Form, you may round off dollar amounts to the nearest whole dollar. If an amount is less than 50 cents, you can round down, and if it's 50 cents or more, round up to the next dollar. This method must match what was used on the federal return.

What happens if the partnership dissolves before the end of the tax year?

If the partnership ceases operations or dissolves, it must file a "FINAL RETURN" by writing this at the top of the F-1065 form for that final tax year.

How does one properly sign and verify the F-1065 Form?

The F-1065 must be signed by an officer or authorized member of the partnership with an original signature. A preparer who is paid for completing the form must also sign it and provide their Preparer Tax Identification Number (PTIN) and Federal Employer Identification Number (FEIN), if applicable.

Common mistakes

  1. Not including the Principal Business Activity Code that matches their Florida business activities. Accurate classification helps in processing the return appropriately.

  2. Incorrect calculations in Part I, particularly in the additions and subtractions from federal income, leading to inaccuracies in the Florida Adjustment to Partnership Income.

  3. Omitting or wrongly calculating net interest after deducting associated expenses not allowable in computing federal ordinary income, which affects the total adjustments in Part I.

  4. Failing to accurately report state income taxes deducted in computing federal ordinary income, which are added back to calculate Florida income.

  5. Misunderstanding the instructions for Part II, particularly in distributing each partner’s share of the total partnership income adjustment, can lead to inaccuracies in reported amounts for partners.

  6. Errors in the apportionment information sections (Part III-A and III-C), especially in calculating the average value of property and the accurate allocation of sales, property, and payroll factors between Florida and total everywhere.

  7. Incorrectly valuing rented property by not applying the eight times net annual rental rate formula or incorrectly adjusting for sub-rentals, leading to errors in the property apportionment calculation.

  8. Forgetting to sign and date the form or obtaining the correct original signature, which is mandatory for processing the form.

  9. Not rounding off dollar amounts to whole dollars or doing so inconsistently between the federal and Florida returns, leading to minor discrepancies that can cause processing delays or questions.

Documents used along the form

Accurately compiling the Florida Form F-1065, which is the Partnership Information Return, requires careful coordination with additional forms and documents to ensure comprehensive reporting and compliance with tax laws. Below is a detailed overview of other essential documents often used in conjunction with Form F-1065.

  • Florida Form F-7004: This form is the Tentative Income/Franchise Tax Return and Application for Extension of Time to File Return. It is crucial for partnerships that need additional time to gather information and prepare their Form F-1065 accurately.
  • Florida Form F-1120: The Florida Corporate Income/Franchise Tax Return is used by corporate partners within a partnership to report their share of income or loss from the partnership activities. It is essential for documenting how the partnership adjustments reflect on corporate income tax obligations.
  • Schedule K-1 (Form 1065): This schedule is necessary for reporting each partner's share of the partnership's income, deductions, credits, etc., on their individual tax returns. It helps to ensure that all income from the partnership is accounted for and taxed appropriately.
  • Schedule III-C: Used for computing average value of property for partnerships doing business both in and outside of Florida. It assists in accurately apportioning and reporting property values within the partnership's tax return.
  • IRS Form 1065: The U.S. Return of Partnership Income is essential for reporting the income, gains, losses, deductions, credits, etc., of a partnership to the Internal Revenue Service. It serves as the basis for state income tax reporting, including Florida's F-1065.
  • IRS Form SS-4: This is the Application for Employer Identification Number (EIN). It is important for any partnership that must file Florida Form F-1065, as an FEIN is required for filing the form.
  • Florida Form DR-1: The Florida Business Tax Application must be completed by partnerships to register for a Florida sales and use tax certificate, which might be necessary depending on the partnership's activities.

Each document plays a critical role in ensuring the accountability and correctness of a partnership's financial reporting. It's important for partnerships to understand the purpose of each document and how they interlink to provide a clear financial picture for tax purposes. Being meticulous in preparing and reviewing these documents can help avoid errors and ensure that all income is reported correctly, ultimately reducing the likelihood of audits or penalties.

Similar forms

The Florida F-1065 form is similar to the federal Form 1065, U.S. Return of Partnership Income. Both forms are used by partnerships to report their income, deductions, gains, losses, etc., to the relevant tax authorities. Specifically, the Florida F-1065 and the federal Form 1065 require partnerships to provide information on their financial condition and operations during the fiscal year. They detail the income adjustments that partnerships need to make to account for tax-exempt interest and state income taxes deducted in computing federal ordinary income, among other adjustments. Moreover, both forms include sections for distributing shares of income or loss to partners and require a declaration of the preparer. While serving similar purposes, the significant difference lies in their jurisdiction, with one form being used for state tax purposes in Florida and the other for federal tax reporting.

Another document the Florida F-1065 closely resembles is Florida Form F-1120, Florida Corporate Income/Franchise Tax Return. This similarity is primarily because both forms involve adjustments to income and deductions specific to tax calculations in Florida. Florida Form F-1065 provides a mechanism for partnerships to calculate and report adjustments to their partnership income, which affects the income reported on Florida Form F-1120 by corporate partners. Specifically, adjustments made on the F-1065 can impact the "Other Additions" and "Other Subtractions" reported on the corporate partner’s F-1120, as corporate partners must report their share of partnership adjustments. The integration between these forms ensures that income attributable to Florida operations is accurately reported and taxed, highlighting Florida's unique approach to taxing partnership and corporate income.

Lastly, the Florida F-1065 form shares similarities with Florida Form F-7004, Florida Tentative Income/Franchise Tax Return and Application for Extension of Time to File Return, in the context of filing extensions. Both the Florida F-1065 and the F-7004 forms are essential for entities looking to extend their filing deadlines with the Florida Department of Revenue. Although serving different functions—one being an income return form for partnerships and the other an application for extension—their connection lies in the procedural aspect of tax filing in Florida. Partnerships needing more time to prepare their F-1065 return must file Form F-7004 to legally extend their filing deadline. This interrelation highlights an administrative procedure within Florida’s tax system, facilitating better compliance and management of filing deadlines.

Dos and Don'ts

When filling out the Florida F-1065 form, it's important to ensure accuracy and compliance with state requirements. Here are some recommended do's and don'ts:

Do's:

  • Ensure that all the information matches the records on your Federal return, especially your Federal Employer Identification Number (FEIN) and the Principal Business Activity Code.
  • Itemize and explain any additions or subtractions to your federal income to accurately adjust for Florida-specific tax laws in Part I.
  • Accurately complete the apportionment information in Parts III and IV if your partnership does business both within and outside of Florida, to correctly calculate your tax obligation.
  • Round off your dollar amounts to the nearest whole dollar, making sure to follow the same rounding method used on your federal return.

Don'ts:

  • Forget to sign and date the form. An original signature from an authorized partner or member is mandatory for the form to be processed.
  • Omit attaching any required schedules or documentation that supports your entries on the form, such as details on out-of-state income or specific deductions and credits.
  • Delay filing beyond the due date. The F-1065 is due on or before the first day of the fifth month following the close of the taxable year. Account for weekends and holidays by ensuring it's postmarked the next business day if the due date falls on a non-business day.
  • Ignore the specific instructions for rounding off dollar amounts or for any other entry method. Consistency with your federal return is crucial for accuracy and to avoid processing delays.

Misconceptions

Understanding the Florida F-1065 form, the Partnership Information Return, often leads to confusion. Here are ten common misconceptions clarified to aid in its accurate completion:

  • Misconception 1: The Florida F-1065 form is required for all partnerships regardless of income or activity in Florida.

    In reality, the requirement to file this form applies to partnerships with any partner subject to Florida Corporate Income Tax, implying some level of business or income-earning activities within Florida.

  • Misconception 2: Limited Liability Companies (LLCs) never need to file the F-1065 form.

    Contrary to this belief, LLCs classified as partnerships for federal tax purposes, with a corporate partner, must file the F-1065 if they conduct business or earn income in Florida.

  • Misconception 3: Partnerships can file the form anytime during the year.

    The form is due on the first day of the fifth month following the close of the taxable year, with extensions granted only through filing specific requests.

  • Misconception 4: The F-1065 is a comprehensive form that includes detailed financial reports.

    While the form does require detailed information about income adjustments and apportionment, a copy of the federal return should not be attached, unlike what some might assume.

  • Misconception 5: All partnerships must complete Parts III and IV regarding apportionment information.

    These sections are only necessary for partnerships doing business both within and outside Florida, affecting how income is allocated for tax purposes.

  • Misconception 6: Electronic signatures are acceptable for the F-1065 form.

    An original signature from an authorized individual is required, highlighting the importance of manual submission.

  • Misconception 7: Filing the federal extension for your tax return automatically extends the deadline for the F-1065.

    Florida requires a separate extension request to be filed using Florida Form F-7004 for the extension to be valid.

  • Misconception 8: The apportionment calculation is optional.

    For entities conducting business outside Florida, accurately calculating and reporting apportionment data on Parts III and IV is crucial for determining the taxable income allocated to Florida.

  • Misconception 9: Partnerships do not need to disclose out-of-state business activities.

    The form requires details of both in-state and out-of-state business activities to accurately assess tax obligations.

  • Misconception 10: Any adjustments to federal income are irrelevant for the F-1065.

    Adjustments must be reported to ensure the accurate reflection of income for state tax purposes, particularly in Part I which deals with these adjustments extensively.

Dispelling these misconceptions about the Florida F-1065 form is essential for correct filing and compliance with state tax obligations. Partnerships operating in Florida should carefully review these points to ensure they meet all requirements.

Key takeaways

Filing the Florida F-1065 form is crucial for partnerships operating within the state. Here are four key takeaways that can help ensure the process is smooth and accurate:

  • Who Must File: The requirement to file Florida Form F-1065 applies to all Florida partnerships and limited liability companies classified as partnerships for federal tax purposes, especially if they have any partner subject to the Florida Corporate Income Tax Code. This includes both partnerships operating and earning income in Florida, as well as those existing within the state.
  • Due Date and Extensions: The form should be filed by the first day of the fifth month following the close of the taxable year. If this date falls on a weekend or holiday, the deadline extends to the next business day. To obtain an extension, the partnership must complete Florida Form F-7004, which offers an additional five months to file. Relying solely on a federal extension will not suffice.
  • Important Adjustments: When completing Part I of the F-1065, partnerships need to make specific adjustments to their income, including additions for federal tax-exempt interest and state income taxes deducted on the federal return. These adjustments are crucial for accurately reporting partnership income according to Florida's tax laws.
  • Apportionment of Income: If the partnership operates both within and outside Florida, the form requires information on how income is apportioned, based on assets, payroll, and sales. The three-factor formula (property, payroll, and sales factors) helps determine the Florida portion of income. This is critical for partnerships with corporate partners, as it affects their Florida Corporate Income/Franchise Tax Return (Form F-1120).

By keeping these key points in mind, partnerships can better navigate the filing requirements and ensure compliance with Florida's tax laws. Remember, completing the F-1065 accurately is not just about meeting legal obligations—it also helps partnerships manage their financial responsibilities effectively in Florida.

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