Are there deadlines and penalties?
The deadline for filing a timely return is April 1. After April 1, Florida Statutes provide that penalties be applied at 5% per month or portion of a month that the return is late. A 15% penalty is required for unreported or omitted property and a 25% penalty if no return is filed. What if I buy or sell an existing business during the year – who is responsible for the taxes? The owner is responsible. Tangible taxes should be prorated at the time of closing. Most title companies do not do a search of the tangible assets of a business. You should consult your realtor, attorney or closing agent to avoid problems in this area. What if I don’t file my return? When a tax return is not filed by April 1, this office is required to place an assessment on the property. Typically we will visit the property and list the assets for assessment purposes. This assessment represents an estimate based on the value of businesses with similar equipment and assets. You will also be penalized 25% for failur
The deadline for filing a Business Personal Property return is April 1. After April 1, Mississippi Statues require that penalties be applied at 10% of the assessment value. 14. If I buy or sell an existing business during the year, who is responsible for the taxes? The owner of the equipment on January 1 is responsible for filing a Business Personal Property tax return. The person(s) responsible for paying taxes should be addressed at the time of closing. A search for outstanding or back Business Personal Property taxes should also be made. Taxes always follow the equipment. You should consult your realtor, attorney, or closing agent to avoid problems in this area. HELPFUL HINTS AND SUGGESTIONS ** File the original Rendition tax return received from this office (with the preprinted name and account number), as soon as possible before April 1.. Sign and date your return. ** Work with your accountant or CPA to identify any equipment that may have been physically removed. List those items
