BUSINESS 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 […]
Read MoreFLORIDA 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 […]
Read MoreWORK 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 […]
Read MoreNEW 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 […]
Read MoreEMPLOYER 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” […]
Read MoreNEW 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 […]
Read MoreFLORIDA 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 […]
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