Issues Newsletter

REMINDER: W-2s and 1099s MUST BE FILED ELECTRONICALLY IN 2024 Each January, businesses are required to file certain tax forms for each of their employees and for each independent contractor the business paid at least $600 to during the year. One copy of the form is given to the employee/independent contractor, and one copy is filed […]

TAX ON COMMERCIAL RENT WILL DECREASE IN DECEMBER 2023 In Florida, sales tax is charged on the rental of commercial property. Businesses that rent office space, retail space, or warehouses are required to pay sales tax on the amount of their lease. The amount of tax charged is the state sales tax rate of 5.5% […]

NEW EMPLOYMENT ELIGIBILITY I-9 FORM REQUIRED BY NOVEMBER 1ST All employers in the United States are required by federal law to fill out an I-9 Form on newly hired employees to verify that the employee is legally eligible to work in the United States.  The employee must attest to their employment eligibility by completing Section […]

FLORIDA MINIMUM WAGE WILL BE $12.00 AN HOUR STARTING SEPTEMBER 30TH Under an amendment to the Florida Constitution that was approved by voters in 2020, the Florida minimum wage increases by a dollar each September 30th until the minimum wage reaches $15 an hour in 2026. Effective September 30, 2023, the Florida minimum wage is […]

WORK LIMITATIONS FOR TEENS DURING THE SCHOOL YEAR If your business has employees under the age of 18 who will keep working for you during the school year, you need to know the rules on how much they can work once school starts.  Work restrictions for 14 and 15-year-olds during the school year: Work restrictions […]

REMINDER: FLORIDA BUSINESSES WITH 25 OR MORE EMPLOYEES MUST NOW USE E-VERIFY FOR NEW HIRES Starting July 1st, Florida businesses with 25 or more employees are required to verify that new employees are eligible to work in the United States by using the federal E-verify system at e-verify.gov.  New employees hired on or after July […]

NEW IMMIGRATION REQUIREMENTS FOR FLORIDA EMPLOYERS Effective July 1, 2023, a new law recently approved by the Florida Legislature requires Florida businesses with 25 or more employees to use the E-verify system to verify that all new employees are eligible to work in the United States.  E-verify is a US government database that allows employers […]

EMPLOYER PAYROLL TAX RESPONSIBILITIES This is a brief summary from the Internal Revenue Service (IRS) of an employer’s basic responsibilities regarding withholding, depositing, and reporting employment taxes. For New Employees: For All Employees Each Payday: Every Quarter: Every Year: For more information, please consult the IRS Publication 15 (Circular E), also called “Employer’s Tax Guide” […]

NEW IRS RULES WILL REQUIRE SMALL BUSINESSES TO FILE TAX FORMS ELECTRONICALLY IN 2024 The Internal Revenue Service (IRS) has released new regulations that will dramatically expand the number of businesses that are required to file electronically next year. Currently, all businesses are required to file certain tax forms every year for each of their […]

FLORIDA REEMPLOYMENT TAX RATES FOR 2023 NOW AVAILABLE Most Florida employers are required to pay Florida reemployment tax (it used to be called unemployment tax) to the State of Florida every quarter. This tax is assessed on the wages you pay your employees and is paid each quarter to the Florida Department of Revenue using […]

FLORIDA BUSINESSES: FILING PORTAL FOR 2023 ANNUAL REPORTS IS OPEN Florida corporations and limited liability companies (LLCs) must file an online update every year with the State of Florida to keep the company in active status. This update is called an Annual Report and is filed with the Florida Division of Corporations, the official corporate […]

NEW LAW REQUIRES SMALL BUSINESSES TO REMIT SALES TAX ELECTRONICALLY Effective January 1, 2023, if your business collected $5,000 or more in Florida sales tax last year, you will have to start filing your sales tax returns and remitting the collected sales tax electronically on the Florida Department of Revenue’s website. You will no longer […]