Home Knowledge US US Company Registration Florida Company Compliance Renewal and Maintenance Guidelines
(1) |
Federal Payroll Taxes If the business entities have employees and pay wages in U.S., they must report income and payroll taxes withheld from their employees to Internal Revenue Service (IRS) periodically and deposit these taxes in full to an authorized bank or financial institution pursuant to Federal Tax Deposit Requirements. The business entities are also responsible for filing and paying Social and Medicare Taxes (employer share amount) and Federal Unemployment Taxes. The deposit schedule for the payroll taxes depend upon the amount of the business entity’s payroll tax liability. Employers may be subject to criminal and civil sanctions for wilfully failing to pay employment taxes. |
(2) |
State Payroll Taxes If Corporation or LLC have employees and pays wages in Florida, they must register as employer with Florida Department of Revenue. Employers in Florida are required to pay Reemployment Tax (formerly Unemployment Tax). Florida State does not have requirement for withholding tax. |
(3) |
Foreign Person’s U.S. Source Income According to Internal Revenue Code, the payments that certain foreign persons received from U.S. sources, are subject to tax withholding. And withholding agent or payer must report the amount withheld to IRS, if any. The sources include dividends, interest, rents, annuities, etc. Kaizen can help you prepare Form 1042, 1042-S, W-8BEN or other forms required by government agencies.
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(1) |
FBAR Form The FBAR form is required to be filed each year if the total balance of foreign financial accounts owned by your Florida company exceeds USD10,000 during the year. The Foreign Bank Account Report (FBAR, FinCEN Form 114) will need to be filed with the Department of Treasury on or before 15 April following the calendar year you are reporting. Anyone who are obligated to file the report but failed to do so may be subject to a fine of USD10,000 per violation. If it is determined that you purposely avoided filing, the fine can be USD100,000 or 50% of the balance of the account at the time of the violation, whichever is greater. |
(2) |
FATCA Form 8938 The FATCA Form 8938 is required to be filed each year if the total value of foreign financial assets owned by your Florida company exceeds USD50,000 during the tax year. It will need to be attached to your annual return and due on the date of that return, including any applicable extensions. Anyone who are obligated to file the form but failed to do so may be subject to a fine of USD10,000 per violation and an additional $10,000 for each 30 days of non-filing after IRS notice of a failure to disclose, for a potential maximum penalty of $60,000; criminal penalties may also apply. |
(1) |
Financial Reports Florida is required to keep adequate and correct business documents, such as financial statements, bank statements, and invoices. In addition, it should be noted that Florida companies may still have other reporting requirements, such as filing of Federal Income Tax Return and this could not be done without properly kept accounting records and financial statements. In this regard, we suggest that you should keep all your accounting records and update the books of accounts on a regular basis. |
(2) |
Audit of Annual Financial Reports In Florida, all entities, both corporations and LLCs, other those than listed in a stock exchange, are not required to appoint an auditor, and is also not required to arrange to have their annual financial statements audited. Public companies are required to submit the audit reports to the U.S. Securities and Exchange Commission annually per the list rules of the relevant stock exchange. It should be noted however, private companies may also want to have their financial reports audited annually or periodically for some other reasons, such as submitting the audited financial report to lending party or to investors. |
Item |
Description |
Service Fees (USD) |
|
1 |
Annual renewal including registered agent, registered office, annual report filing fees (Note 1) |
Yearly |
900 |
2 |
Business license/permits renewal (Note 2) |
Yearly |
TBA |
3 |
Federal and Florida state income tax returns filing (Note 3) |
Each filing |
800/up |
4 |
Payroll tax filing and relevant services (Note 4) |
TBA |
TBA |
5 |
Foreign banks and financial accounts filing (FBAR) (Note 5) |
Each filing |
200/up |
6 |
Financial statements and special audit (Note 6) |
Yearly |
2,000/up |
7 |
Accounting and bookkeeping (Note 7) |
Yearly |
300/up |
(1) |
Kaizen service fee for the annual renewal includes provision of the registered office, registered agent, preparation and filing the annual report, but not including business license endorsements renewal service, if any. |
(2) |
This is the official filing fee for renewal of business licence when your company holds one for reason of carrying out business in Florida. Kaizen does not charge service fee for handling the renewal of business license/permits for your Florida company. The final amount depends on the number of locations of business operation your company may have in Florida. |
(3) |
Our service fee for preparation and filing of the Federal and State Corporate Income Tax Return depends on business model and complexity and transactions of financial statements of your Florida company. Once we have the opportunity to review the books of accounts of your Florida company, we will then prepare and provide an accurate quotation for your consideration. |
(4) |
Our fee for payroll tax filing and relevant services is charged based on numbers of employees and frequency of salary payments. |
(5) |
Our fee for handling of filing of FBAR depends on the number and type of financial accounts to be reported. If no more than three accounts, the filing fee is USD 200. For each additional account, we charge USD50. |
(6) |
Our service fee for audit of annual financial statements is determined taking into consideration the business model of company, the complexity of the financial positions and the types and amounts of assets etc. Once we have the opportunity to review the books of accounts and financial statements of your company, we will then prepare and provide an accurate quotation for your consideration. In addition to audit of financial statements, we can also provide special audit and review services. |
(7) |
Our service fee for accounting and bookkeeping is determined taking into consideration the number of transactions. Other than updating books of accounts on a monthly basis, we can also update the books of accounts of your Florida company on a quarter or annual basis. We can also prepare financial statements in a language other than English. |
Disclaimer All information in this article is only for the purpose of information sharing, instead of professional suggestion. Kaizen will not assume any responsibility for loss or damage. |