What is the Florida Intangibles Tax?
By Raymond S. Kulzick, CPA, DBA As published in the Pinecrest Tribune. January 18, 1999. What is the Florida Intangibles Tax? Many individuals and businesses have recently received forms and instructions for filing the Florida Intangible Personal Property tax. This is a “mysterious” tax on many types of intangible personal property (such as mutual funds, stocks, and accounts receivable). It is assessed on both businesses and individuals. Receipt of forms does not necessarily mean that you owe the tax or have to file. Likewise, not receiving the forms is not an excuse to not file, should you owe it. In recent years, Florida has been very aggressive in pursuing individuals and businesses who have not filed, but “appear” to owe tax. Florida obtains lists of individuals from the IRS, stockbrokers, and other sources. The Department of Revenue also cross-checks against lists of Corporations and other entities registered with the Florida Secretary of State. There have been a number of favorab
