Issues Newsletter

IRS INCREASES STANDARD MILEAGE RATE TO 76 CENTS PER MILE EFFECTIVE JULY 1ST  Due to the rising cost of gas, the Internal Revenue Service is increasing the standard mileage rate by 3.5 cents for the second half of 2026. Effective July 1, 2026, the standard mileage rate is 76 cents per mile for all business miles. […]

CASH TRANSACTIONS WITH THE PENNY SHORTAGE: ROUNDING TO THE NEAREST NICKEL With the United States Treasury ending production of the penny in November 2025, the Florida Legislature recently approved a new law that allows businesses to round in-person cash transactions to the nearest nickel. In-person cash transactions may now be rounded to the nearest nickel […]

LEGISLATIVE UPDATE During the 2026 Florida legislative session, these new laws were approved by the Florida Legislature and signed into law by the Governor:Taxes:Sales tax exemption for back-to-school shopping. From July 20th through August 20th, sales of the following items are tax-free: Sales tax exemption for home hardening products. Homeowners who purchase impact-resistant doors, garage […]

DOES YOUR BUSINESS HIRE TEENS FOR THE SUMMER?  If your business will hire employees under the age of 18 this summer, here are the ten things you need to know: During the summer, 14- and 15-year-olds: During the summer, 16- and 17-year-olds: FUBA members with questions about hiring an employee under 18 can contact the […]

ONE LAST REMINDER: FILE YOUR COMPANY’S 2026 ANNUAL REPORT BY MAY 1ST There are only a few weeks left before the May 1st deadline for Florida companies to file their corporate Annual Report with the State of Florida. If you miss the May 1st deadline, the state will add a mandatory penalty of $400 in […]

BE WARY OF EMAILS TELLING YOU TO FILE A BOI REPORT — BOI IS NO LONGER REQUIRED The Beneficial Ownership Information report (BOI) was a short-lived mandatory report required for small businesses nationwide in late 2024 and early 2025. It was officially abolished in March 2025 by the United States Treasury Department and is now […]

BE WARY OF EMAILS ABOUT YOUR COMPANY’S FLORIDA ANNUAL REPORT Because you have a business in Florida, you probably have been getting dozens of emails each day about filing your company’s Annual Report for 2026. These emails are solicitations from private companies. They are not official notifications from the government. Why am I getting these […]

BUSINESS MILEAGE RATE FOR 2026 The standard mileage rate set by the Internal Revenue Service is increasing to 72.5¢ per mile for 2026, an increase of 2.5¢ from the 2025 rate. The business mileage rate is used by taxpayers claiming a mileage deduction for a vehicle they own or lease. Businesses also use this rate […]