Florida’s tax rates are mostly consistent across the board, but there are a couple of exceptions that are useful for one to keep in mind while filing taxes. Florida has a state-level tax rate of 6%, but when it comes to commercial rentals, the tax rate is .5% less. This makes the state-level tax rate on commercial rentals 5.5%. Florida sales tax compliance also imposes a 4% tax on amusement machines and a 6.95% tax on electricity.
Florida Sales Tax
There are four different types of filing frequencies for tax returns in Florida: monthly, quarterly, semi-annually, and annually. Make sure to mark your calendar for the 19th of each month because that is the last day you can file your tax returns in Florida. If the 19th falls on a weekend or on a business holiday, then the deadline is changed to the first applicable business day before the 19th. This is different than how most states deal with their return due dates. Usually, states will push the due date back to after the weekend or holiday. Keep that in mind, so you do not end up missing the due date because you thought you had a little bit of extra time. Please note that all payments must be made before 5pm EST of the due date to be considered on time.
Sales tax recovery reviews, sometimes known as sales tax reverse audits are a great way to generate cash flow at any time, but the disruption Covid-19 has caused worldwide has forced many businesses to reevaluate. Will reopening generate the volume of sales businesses had pre-Covid-19? Will our economy tip into a recession? Will businesses be forced to trim costs or even payroll to remain profitable? Businesses are facing these and many other pressing questions over the coming months. One thing is certain, businesses have found ways to adapt and do more with less over the past 10+ weeks. Maybe it is time to reconsider recovering overpaid sales taxes.
Many of you are familiar with sales tax recovery reviews. Quite a few of you have enjoyed success in prior sales tax recovery reviews. We view sales tax recovery reviews as something akin to a doctor’s checkup. Maybe they don’t need to occur on an annual basis (who are we kidding, we all know we’ve missed one from time-to-time), but every few years it is imperative to go in for that checkup to make sure everything is still functioning properly and to address any concerns we have. That’s the same opportunity sales tax recovery reviews offer your business as it relates to sales tax.
There are a variety of reasons it makes sense for companies to look for assistance with sales tax compliance outsourcing. Fast growth which makes keeping up with ongoing compliance requirements a challenge, turnover in key positions or an unfavorable audit experience resulting in significant liabilities are a few of the possible reasons we have heard from our clients. Regardless of the reason, many companies are making the decision to look for outside assistance with their sales tax compliance. Below are the seven benefits cited most frequently by our sales tax compliance outsourcing clients when asked about their experience: