Business Return Preparation
We prepare returns for corporations, partnerships and multi-entity groups, including consolidated or combined reporting where applicable, and we handle the inventory schedules that carry the most examination risk.
- Federal income tax returns for the operating entity and affiliates
- Florida corporate income tax filings where the entity is subject to them
- Book-to-tax reconciliation and deferred item tracking
- Estimated payment scheduling and safe-harbor analysis
State Considerations
Florida imposes no personal income tax, and the state's corporate income tax computation starts from federal taxable income with state modifications. Because 280E affects federal taxable income, it flows into the state computation as well. Entities taxed as pass-throughs, ownership residency and multistate activity all change the analysis.
Inventory and Accounting Method Documentation
Inventory method, capitalization policy and any accounting method changes should be documented before filing rather than reconstructed afterward. We prepare the schedules that support the amounts on the return.
Filing Calendar and Extensions
We maintain a filing calendar covering income tax, information returns, payroll filings and any state reporting obligations, and we manage extensions deliberately rather than defensively.
Frequently Asked Questions
- Do cannabis businesses in Florida pay state income tax?
- Florida does not impose a personal income tax. Entities taxed as corporations are generally subject to Florida corporate income tax, computed starting from federal taxable income with state modifications. Your entity type determines the treatment, so confirm with your adviser.
- When should tax preparation work begin?
- Inventory and cost accounting decisions should be reviewed throughout the year. By the time the year closes, the outcome is largely set, so quarterly review is far more valuable than a filing-season scramble.
- Can you work alongside our existing bookkeeper?
- Yes. Many clients keep internal bookkeeping and engage us for methodology, review and filings. We define the division of responsibilities in writing.