Use Form 1120F to report the income, gains, losses, deductions, credits, and to figure the US income tax liability of a foreign corporation. Annual report and franchise tax.Florida requires corporations to file an annual report before May 1. Non-statutory stock options do not receive such favorable tax treatment. Because Florida doesn't tax personal income at the state level, you do not have to complete a Florida state income tax return as an individual. Section V discusses major pending litigation which may affect Florida's tax revenues in the future. Log on to FRS Online (frs.fl. Gov) to complete and submit your federal tax withholding change. If the Florida corporation elects to be taxed as a corporation, it'll need to pay the state corporate income tax. Parkersburg, WV 261062188.