MORE WORKERS WILL QUALIFY FOR OVERTIME PAY STARTING JULY 1ST Starting July 1, 2024 employees whose salary is less than $844 a week ($43,888 on an annual basis) must be paid overtime if they work more than 40 hours in a workweek. Prior to July 1st, only workers with a salary less than $684 a […]
Read MoreLOANS AVAILABLE FOR BUSINESSES IMPACTED BY SEVERE WEATHER IN MAY Businesses that were affected by the tornados and severe weather in north Florida in May can apply for assistance from the Florida Small Business Emergency Bridge Loan program. This program provides short-term, no-interest loans of up to $50,000. Small businesses in need of assistance in […]
Read MoreBUSINESS RENT TAX IN FLORIDA IS DECREASING JUNE 1ST In Florida, state sales tax is charged on commercial property leases. Businesses that rent office space, retail space, or warehouses are required to pay sales tax on the amount of their lease. The current sales tax rate for commercial leases is 4.5% plus any local county […]
Read MoreLAST REMINDER: FILING DEADLINE FOR YOUR COMPANY’S 2024ANNUAL REPORT IS 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 […]
Read MoreFLORIDA REEMPLOYMENT TAX RATES FOR 2024 NOW AVAILABLE With a few exceptions, Florida employers are required to pay a state reemployment tax (also called unemployment tax) on the wages paid to its employees. Reemployment tax is paid quarterly to the Florida Department of Revenue by filing a form RT-6 (Employers Quarterly Report). Your business should […]
Read MoreLOANS AVAILABLE FOR FLORIDA BUSINESSES IMPACTED BY SEVERE WEATHER IN BAY AND JACKSON COUNTIES Businesses in Bay and Jackson counties, including sole proprietors, impacted by the severe weather at the beginning of January can apply for assistance from the Florida Small Business Emergency Bridge Loan program. This program provides short-term, no-interest loans of up to […]
Read MoreBUSINESS MILEAGE RATE FOR 2024 The standard mileage rate set by the Internal Revenue Service is 67 cents per mile for 2024, an increase of 1.5 cents from the 2023 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 […]
Read MoreREMINDER: 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 […]
Read MoreTAX 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% […]
Read MoreNEW 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 […]
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