State & Local Tax Impacts of COVID-19 for Florida – 2021

Thoughtware Alert Published: May 03, 2021 | Updated: Aug 20, 2021
SALT GOV COVID TW - 1

Information current as of July 31, 2021.

COVID-19 has changed life across the globe. Many taxing jurisdictions are taking mitigating actions to create social distance and aid taxpayers. The following is a running list of actions by jurisdiction, which generally result in additional time to file and/or pay. Further, many jurisdictions have closed their offices to in-person use by taxpayers and suspended their audit and administrative functions. This alert doesn’t cover similar waivers from local-level taxing authorities. These developments continue to quickly evolve; check with your BKD Trusted Advisor or visit our COVID-19 Resource Center for current information as needed.

Information Specific to Florida

Florida announced that due to Gov. Ron DeSantis’ Executive Order 21-80, the deadline for paying first-quarter 2021 state unemployment insurance taxes is extended to June 1, 2021. Note, however, that the first-quarter 2021 contribution and wage report (Form RT-6, Florida Department of Revenue Employer’s Quarterly Report) is still due by April 30, 2021. 

  • Florida Department of Revenue, Website Notice; April 15, 2021.

Florida legislation updates the IRC conformity tie-in date to January 1, 2021, but decouples from some federal COVID-19 tax relief. Florida does not adopt the increase in the business interest expense deduction limit under IRC §163(j), so for 2019 and 2020, taxpayers must add back the amount that exceeds the 30 percent limit and can carry forward any excess. Florida also does not adopt the 100 percent business meal expense deduction, and taxpayers must add back the amount that exceeds the 50 percent limit. Florida also does not permit bonus depreciation; therefore, it disallows any bonus depreciation on qualified improvement property.  Lastly, Florida does not adopt the federal extension of the sunset date for the deduction from December 31, 2020, to December 31, 2025, so taxpayers must add back any federal deduction for qualified film, television, and live theater production expenses.  

  • Florida H.B. 7059, Laws 2021, effective June 29, 2021. 

For more information, reach out to your BKD Trusted Advisor or use the Contact Us form below.

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