Let me start this post by giving a HUGE shoutout to Irina Pinchenkova. She is our accountant and she has been great at helping us navigate the MOUNTAINS of paperwork required to open and maintain a business in Central Florida. Her contact information is below:
Irina Pinchenkova EA Pa 3001 Aloma Ave, Suite 210 Winter Park, FL 32792 United States 407-334-0551
Now grab the biggest cup of caffeine you have and take a seat. We have compiled a list of documents you will need to keep track of. All year long you will be filing some sort of paperwork.
We are not experts on this field, which is why we have had an accountant guide us every step of the way. In this post, I simply want to share with you our own "cheat sheet". This is the list we keep for our business. We reference it constantly but Irina makes sure we file everything properly.
Items that need to be filed Annually:
Annual Report
Instructions: https://dos.myflorida.com/sunbiz/manage-business/efile/annual-report/instructions/
Due Date: Due each year by May 1st
Cost: Currently $138.75
Late Penalty: $400
Additional Resources: Steingold, D. M. (2016, February 22). Florida LLC Annual Filing Requirements. Retrieved December 4, 2019, from https://www.nolo.com/legal-encyclopedia/annual-report-tax-filing-requirements-florida-llcs.html.
Covid-19 Caused a change in the Annual Report Due Date for 2020
Pursuant to Executive Order No. 20-52 and Department of State Emergency Order 2020-01 signed March 27, 2020, the time requirements for business entities to file annual reports are suspended and tolled until June 30, 2020. Any profit corporation, limited liability company, limited partnership or limited liability limited partnership annual report filing will have until 12:01 am Eastern Time on July 1, 2020, before a $400 late fee is assessed. Nonprofit corporations are not subject to the late fee.
Online Annual Report filing services remain operational at this time. To file your report, click on Annual Report <https://dos.myflorida.com/sunbiz/manage-business/efile/annual-report/> under Filing Services at Sunbiz.org <http://www.sunbiz.org/>.
Sunbiz.org <http://www.sunbiz.org/> remains the only official website of the Department of State, Division of Corporations. You will know you are in the right place when you see the official Sunbiz.org logo and header identifying the website as an official State of Florida website.
Business Tax Receipt
Resources: Laurence, B. K. (2012, June 12). How Corporations Are Taxed. Retrieved December 4, 2019, from https://www.nolo.com/legal-encyclopedia/how-corporations-are-taxed-30157.html
County Tax
Must be renewed BEFORE September 30th. It can be renewed as early as July 1st.
Cost: Currently $25.00
Instructions for Seminole County (Locksmith Escape Games is located in Sanford, Fl).
Click "Payments"
On the drop down menu, select business tax receipt
Add Business Name
Enter Payment Information
City Business Tax Receipt
BUSINESS LICENSING
Phone: 407.688.5057
Email: joann.johnson@sanfordfl.gov
Address: 300 N. Park Avenue
Hours: 7:00AM - 5:30PM Monday - Thursday
Joann was very helpful! She guided us in the initial process.
Must be renewed BEFORE September 30th each year
Cost: Currently $150.00
Once we created an initial account, renewing the City of Sanford Business Tax Receipt annually was easy. We simply have to:
Log In at https://www.citizenserve.com/
Select "Renew" Under Business Tax Receipt (Licenses).
Pay
Annual Forms
Need to be submitted by January 31st each year:
Form 940
Form W2
Form 1099
Need to be submitted by March 15 each year:
Form 1120S
We know it's a lot! It's going to be OK. Take as many breaks as you need, then jump right into it when you're ready. Don't let yourself believe that the rest of us simply know what we are doing and do everything perfectly all at once. It has taken us many tries and late fees to get to where we are today. We did this cheat sheet because we kept getting confused and overwhelmed with the process. You'll be OK. And remember, this is your journey. You get to change course if you need to, but don't let fear dictate that decision. Be. Happy.
In the next post we will list items that need to be filed quarterly and monthly. Good Luck!
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