What are the rules for collecting and remitting the Tourist Development Tax?
Tourist Development Tax returns are due on the 1st of the month following the end of the collection period and delinquent if postmarked after the 20th. When the 20th falls on a Saturday, Sunday or county/state/federal holiday, the postmark deadline shall be the next business day.
If a return is delinquent, the collection allowance may not be taken and penalty and interest will be due. The penalty is 10% of the tax due with a minimum penalty of $50.00. Interest accrues daily at a variable rate established by the Florida Department of Revenue. If noncompliance continues, collection action is taken as outlined in the Florida Statutes.
Managers / owners are also required to keep all records associated with rental revenue, in accordance with generally accepted accounting principles, for a period of three years. These records must be made available for audit upon 60 days’ notice from the Walton County Clerk of Court.