October 2024
IMPORTANT! NEW FILING REQUIREMENT FOR SMALL BUSINESSES
Most small businesses are not aware of a new requirement to file an “ownership” disclosure form with the federal government by the end of this year. This new filing requirement is part of the Corporate Transparency Act, a federal law approved by the US Congress in 2021.
Small businesses formed in 2023 or earlier must file a Beneficial Ownership Information (BOI) report by December 31, 2024 with the Financial Crimes Enforcement Network (FinCEN), which is a bureau of the U.S. Department of the Treasury. Businesses formed in 2024 have 90 days after their creation to file the ownership report. In the BOI report, the company must identify its “Beneficial Owners” – the people who own and/or control the company.
The name, address, and date of birth for each person who owns at least 25% of the company or who exercises “substantial control” of the company must be reported, plus a copy of their driver’s license or passport. Reports must be filed online at boiefiling.fincen.gov.
There are only a few exceptions to this new filing requirement; most small businesses will not qualify for an exception.
This new reporting requirement is a huge burden on small businesses, yet most people have never heard of it. You may receive spam emails from companies offering to file this
report for you. Please be careful about clicking on these emails – they are not from the government. They are from private companies.
While there is an effort in Congress to delay the reporting because so many small businesses have not been made aware of it, nothing official has happened. As of the date of this newsletter, the reporting deadline of December 31, 2024 still stands.
For more information, visit fincen.gov/boi. FUBA will be providing additional information in the November newsletter. FUBA members with questions can call our offices at 800-262-4483 and ask for Karen.
IRS TAX FILING DEADLINES EXTENDED DUE TO HURRICANE HELENE
The IRS has extended filing deadlines for individuals and businesses affected by Hurricane Helene. Individuals and businesses in the affected counties now have until May 1, 2025 to file tax returns whose original filing deadlines were from August 1, 2024 and before May 1, 2025.
Businesses and individuals in the following counties qualify for this extension: Alachua, Bay, Bradford, Calhoun, Charlotte, Citrus, Collier, Columbia, Dixie, Escambia, Franklin, Gadsden, Gilchrist, Gulf, Hamilton, Hernando, Hillsborough, Holmes, Jackson, Jefferson, Lafayette, Lee, Leon, Levy, Liberty, Madison, Manatee, Marion, Monroe, Okaloosa, Pasco, Pinellas, Santa Rosa, Sarasota, Sumter, Suwannee, Taylor, Union, Wakulla, Walton, and Washington.
STATE TAX FILING DEADLINES EXTENDED IN FLORIDA
The deadline for reporting and paying sales tax and reemployment tax has been extended to November 22nd for businesses in Charlotte, Citrus, Dixie, Franklin, Hernando, Hillsborough, Jefferson, Lafayette, Lee, Levy, Madison, Manatee, Pasco, Pinellas, Sarasota, Taylor, and Wakulla counties.
Electronic payment requirements are extended to November 21, 2024 and must be initiated no later than 5:00 pm ET on that day.
Corporate income tax returns originally due between September 23, 2024 and May 16, 2025 are now due May 16, 2025.
Please note, the due date extension applies only to businesses in the counties listed above. Businesses in all other Florida counties must comply with the normal deadlines. For more information, please contact the Florida Department of Revenue at GTAhurricanehelp@floridarevenue.com or 800-488-6800.
INSURANCE POLICIES IN FLORIDA PROTECTED FROM CANCELLATION
Due to Hurricane Helene, insurance policies in Florida are protected from cancellation from September 26th through November 26th in the following counties: Alachua, Charlotte, Citrus, Columbia, Dixie, Franklin, Gadsden, Gilchrist, Gulf, Hamilton, Hernando, Hillsborough, Jefferson, Lafayette, Lee, Leon, Levy, Liberty, Madison, Manatee, Pasco, Pinellas, Sarasota, Suwannee, Taylor, and Wakulla.
Insurance policies in these 26 counties must be kept active by the insurance company, even if the policyholder is not current on premium payments, unless the insured requests cancellation of the policy. The protection applies to most types of insurance like workers’ comp, general liability, health insurance, property insurance, and auto insurance. Policyholders have until November 26th to make any past due and current premium payments before cancellations resume.
DISASTER LOANS AVAILABLE
Low-interest federal disaster loans are now available from the United States Small Business Administration to Florida businesses impacted by Hurricane Helene.
Businesses can borrow up to $2 million to repair or replace damaged real estate, machinery, equipment, inventory, or other business assets. Loans are also available to help with the cost of improvements that will prevent future storm damage. Economic Injury Disaster Loans are also available to help small businesses pay ordinary operating expenses. Interest rates can be as low as 4% with terms up to 30 years. Loan amounts and terms are set by the Small Business Administration.
For more information or to file an application, visit SBA.gov/disaster, call the SBA’s Customer Service Center at 800-659-2955, or email the SBA at disastercustomerservice@sba.gov.
EMERGENCY BRIDGE LOANS AVAILABLE FOR FLORIDA BUSINESSES
Florida businesses impacted by Hurricane Helene can apply for assistance from the Florida Small Business Emergency Bridge Loan program. This program from the state of Florida provides short-term, no-interest loans of up to $50,000. Call 833-832-4494 or visit FloridaJobs.org/EBL to learn more or to apply.