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April 11, 2024
Question

K1 State Depreciation

  • April 11, 2024
  • 1 reply
  • 0 views

Is Florida a "Non Conforming State"?

"TCJA Misc 2% Non Conforming State"

1 reply

April 16, 2024

No, Florida has no state income tax requirement so this would not apply.

  • Florida is a tax-friendly state that does not impose an income tax on individuals, and has a 6% sales tax. Corporations that do business in Florida are subject to a 5.5% income tax. LLCs, sole proprietorships, and S corporations are, however, exempt from paying state income tax.
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