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Florida Corporate Income Tax Update: Adoption of the 2025 Internal Revenue Code and Key Modifications

FLORIDA TAX NEWS Florida Corporate Income Tax Update: Adoption of the 2025 Internal Revenue Code and Key Modifications Florida has retroactively adopted the 2025 Internal Revenue Code for corporate income tax purposes while retaining significant state-specific modifications. Businesses should review bonus depreciation addbacks, credit limitations, and new definitional changes effective in 2026. Overview of Florida […]

Florida Adopts the 2025 Internal Revenue Code for Corporate Income Tax

NEWS & INSIGHTS Florida Adopts the 2025 Internal Revenue Code for Corporate Income Tax Florida’s corporate income tax regime once again updates its conformity to federal law, adopting the Internal Revenue Code as amended and in effect on January 1, 2025. The Florida Department of Revenue’s release of TIP 25C01-01 clarifies how federal taxable income […]

FL SALT Implications of the OBBBA: What Florida Businesses Need to Know

NEWS & INSIGHTS FL SALT Implications of the OBBBA: What Florida Businesses Need to Know The One Big Beautiful Bill Act (OBBBA) introduces major federal tax changes, including updates to the SALT deduction cap—but Florida’s corporate income tax system doesn’t automatically conform. This article breaks down how Florida’s static IRC conformity affects the timing and […]

Apple Challenges Florida Income Tax Assessment

NEWS & INSIGHTS Apple Challenges Florida Income Tax Assessment Overview Apple Inc. has filed a lawsuit against the Florida Department of Revenue (DOR) contesting an assessment of corporate income taxes totaling over $26 million for tax years 2020 through 2022. The core issue revolves around how Apple’s revenue from digital services and licensing is apportioned […]

Sourcing Services: How Does Florida’s COP Chaos Compare to Other States?

NEWS & INSIGHTS Sourcing Services in Florida: How Does Florida Compare to Other States? The Cost-of-Performance Rule The taxation of service revenue has long been a complex issue for states imposing corporate income tax. Traditionally, states followed the cost-of-performance (COP) rule, which sources revenue from services based on where the greatest proportion of the income-producing […]

Florida Corporate Income Tax Case Filed in Leon County Challenges Florida’s Position on its Cost of Performance Rule

NEWS & INSIGHTS Corporate Income Tax Case Filed in Leon County Challenges Florida’s Position On Cost of Performance Rule OptumRx, Inc. (“OptumRx”), a California-based corporation domiciled in Minnesota and duly authorized to conduct business in Florida, has filed a Complaint against the Florida Department of Revenue (“Department”) challenging a corporate income tax assessment. Filed in […]

Florida’s Capital Investment Tax Credit

NEWS & INSIGHTS Florida Capital Investment Tax Credit (CITC) Florida Technical Assistance Advisement 24C1-003: Florida’s Capital Investment Tax Credit In November 2024, the Florida Department of Revenue (DOR) issued Technical Assistance Advisement (TAA) 24C1-003. This advisement provides critical guidance for calculating income generated by a qualified capital investment project under Florida’s Capital Investment Tax Credit […]

Motor Vehicle Sales Tax Rates by State – 2024

NEWS & INSIGHTS Motor Vehicle Sales Tax Rates by State – 2024 Motor vehicle dealers – are you ready for your 2025 sales tax audit from the Florida Department of Revenue? Auto dealers are some of the most heavily targeted businesses in the state for sales and use tax audits. The Department of Revenue will […]

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