The Florida F 1065 form is the Florida Partnership Information Return that partnerships must file to report their income and apportionment factors. This form is essential for partnerships that have any partner subject to the Florida Corporate Income Tax Code. Completing this form accurately ensures compliance with state tax regulations.
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The Florida F 1065 form, formally known as the Florida Partnership Information Return, plays a crucial role for partnerships operating within the state. This document is essential for every Florida partnership that has at least one partner subject to the Florida Corporate Income Tax Code. The form captures vital information, including the partnership's name, address, and federal employer identification number (FEIN), as well as the principal business activity code. It consists of several parts that detail adjustments to federal income, distributions of partnership income adjustments, and apportionment information. In particular, Part I outlines the necessary additions and subtractions to federal income, ensuring that the partnership accurately reflects its financial standing in relation to state requirements. Meanwhile, Part II provides a framework for distributing income adjustments among partners, while Parts III and IV focus on the apportionment of income based on property, payroll, and sales data both within and outside of Florida. Understanding how to complete this form is critical for compliance and accurate reporting, as it not only influences tax obligations but also impacts the financial health of the partnership and its partners.
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)
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
employed
Preparer
Firm’s name (or yours
FEIN
Only
if self-employed)
and address
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
services within and without Florida
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
Inventories of raw material, work in process, finished goods
Buildings and other depreciable assets (at original cost)
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
Everywhere
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
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.
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.
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.
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
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.
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
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
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
Form F-1120
Florida Corporate Income/Franchise Tax Return
Form F-7004
Florida Tentative Income/Franchise Tax Return
and Application for Extension of Time to File Return
Filling out the Florida F 1065 form is essential for partnerships operating within the state. This form requires careful attention to detail to ensure accurate reporting of income and adjustments. After completing the form, it will need to be submitted to the Florida Department of Revenue by the specified deadline to avoid penalties.
What is the Florida F 1065 form?
The Florida F 1065 form is known as the Florida Partnership Information Return. It is required for partnerships operating in Florida, including limited liability companies classified as partnerships for federal tax purposes. This form is used to report income, deductions, and other relevant financial information related to the partnership's operations within the state. It is essential for ensuring compliance with Florida's Corporate Income Tax Code.
Who needs to file the Florida F 1065 form?
Any partnership doing business in Florida must file the Florida F 1065 form if it has any partners subject to the Florida Corporate Income Tax Code. This includes partnerships with corporate partners and foreign (out-of-state) corporations that are part of a Florida partnership. If the partnership ceases to exist, a final return must be indicated on the form.
When is the Florida F 1065 form due?
The Florida F 1065 form must be filed on or before the first day of the fifth month following the end of the partnership's taxable year. If this due date falls on a weekend or holiday, the return is considered timely if postmarked on the next business day. Extensions can be requested using Florida Form F-7004, which grants an additional five months for filing.
What information is required on the Florida F 1065 form?
The form requires various details, including the name and address of the partnership, its Federal Employer Identification Number (FEIN), and the principal business activity code. Additionally, it includes sections for reporting adjustments to federal income, distributions of partnership income adjustments to partners, and apportionment information if the partnership operates both within and outside Florida.
How do partners report their share of income from the Florida F 1065 form?
Partners report their share of the partnership income adjustment by using Part II of the Florida F 1065 form. Each partner's share must be calculated based on their percentage of ownership in the partnership. Corporate partners will then use this information to report their share on their Florida Corporate Income/Franchise Tax Return (Florida Form F-1120).
Can attachments be included with the Florida F 1065 form?
Yes, attachments can be included if the lines on the Florida F 1065 form or its schedules are insufficient to provide all required information. These attachments must follow the format of the schedules and contain all necessary details. However, a copy of the federal return should not be attached to the Florida form.
Filling out the Florida F-1065 form can be a complex task, and mistakes can lead to delays or penalties. One common error occurs when partnerships fail to provide the correct Federal Employer Identification Number (FEIN). This number is crucial for identifying the partnership and ensuring that the return is processed correctly. Without it, the form may be rejected, requiring resubmission.
Another frequent mistake involves incorrectly calculating the additions and subtractions to federal income. Partnerships must carefully review each line item in Part I to ensure that all relevant income adjustments are accurately reported. Missing or incorrect entries can lead to discrepancies in the partnership's reported income, which may trigger audits or additional scrutiny from the Florida Department of Revenue.
Many partnerships also overlook the importance of original signatures on the form. The declaration must be signed by an authorized partner or member. A photocopy or facsimile signature will not be accepted, which could result in the return being deemed invalid. Ensuring that the proper person signs the form can save time and prevent complications.
Additionally, partnerships sometimes neglect to attach necessary schedules or statements. If the lines on the F-1065 form are insufficient, attachments must be included to provide all required information. Failure to do so can lead to incomplete submissions, potentially resulting in penalties.
Another common pitfall is the failure to file the form by the deadline. The F-1065 must be submitted on or before the first day of the fifth month following the close of the taxable year. Partnerships that miss this deadline may incur late fees or interest on any taxes owed.
Inaccuracies in the apportionment information can also create issues. Partnerships must complete Part III if they conduct business outside Florida. Miscalculating the average value of property, payroll, or sales can lead to incorrect apportionment factors, affecting the overall tax liability.
Moreover, partnerships sometimes misinterpret the instructions regarding final returns. If a partnership ceases to exist, it is vital to write "FINAL RETURN" at the top of the form. Failing to do this can lead to confusion and miscommunication with tax authorities.
Lastly, some partnerships mistakenly assume that a federal extension automatically extends the deadline for the Florida F-1065. This is not the case; a separate extension request must be filed using Florida Form F-7004. Overlooking this requirement can result in late filing penalties.
By being aware of these common mistakes, partnerships can better navigate the complexities of the Florida F-1065 form, ensuring accurate and timely submissions.
When filing the Florida F-1065 form, there are several other forms and documents that may be required to ensure compliance with state tax regulations. Each of these documents serves a specific purpose and helps provide a comprehensive view of the partnership's financial situation. Below is a list of commonly used forms and documents associated with the Florida F-1065.
Understanding these forms and their purposes is vital for partnerships operating in Florida. Properly completing and submitting the required documentation can help avoid penalties and ensure compliance with state tax laws. It is always advisable to consult with a tax professional to navigate the complexities of partnership taxation effectively.
Understanding the Florida F 1065 form is essential for partnerships operating in the state. However, several misconceptions can lead to confusion and potential errors in filing. Here are ten common misconceptions about the Florida F 1065 form, along with clarifications to help navigate this important document.
By addressing these misconceptions, partnerships can better prepare for filing the Florida F 1065 form accurately and on time. Understanding the nuances of this form can help avoid unnecessary penalties and ensure compliance with state tax regulations.
The Florida F 1065 form is essential for all Florida partnerships with partners subject to the Florida Corporate Income Tax Code.
Complete the form accurately, ensuring that all required information, including the Federal Employer Identification Number (FEIN), is provided.
File the F 1065 form by the first day of the fifth month following the end of your taxable year to avoid penalties.
Extensions for filing can be requested using Florida Form F-7004; simply filing a federal extension will not suffice.
When reporting income adjustments, ensure that all additions and subtractions from federal income are clearly documented.
Each partner’s share of the partnership income adjustment must be accurately calculated and reported in Part II of the form.
Part III is crucial for partnerships doing business outside Florida, as it helps determine the apportionment of income based on property, payroll, and sales.
Remember to provide original signatures on the form; photocopies or facsimiles are not acceptable.