BOI FILING REQUIREMENT IS ON HOLD — FOR NOW.

As of the date this newsletter went to press (January 3, 2025), the requirement for businesses to file a Beneficial Ownership Information (BOI) report is on hold. 

The filing requirement was suspended in early December then reinstated the Monday before Christmas with a new deadline of January 13, 2025, but is now back on hold as of December 26th.  

At this time, businesses are not required to file a BOI report, and the BOI report is voluntary only. As of now, the government’s official BOI filing portal at boiefiling.fincen.gov is accepting only voluntary reports from businesses that choose to file it.

Caution: The information above may be outdated by the time you read this newsletter. The best way to stay current on the BOI’s status is to make sure we have your email address on file. FUBA will send all members an email bulletin when/if the BOI reporting requirement is reinstated. 

If you received our BOI update email from December 13th, you are all set. You can update your email address with us by emailing fuba@fuba.org. 

Even though the filing requirement is on hold, private companies are still sending out email solicitations on the BOI report. These companies charge a fee to file your BOI report. There is no charge to file a BOI report if you file it yourself at boiefiling.fincen.gov.

FUBA members with questions about the BOI can call our offices at 800-262-4483 and ask to speak with Karen.

BUSINESS MILEAGE RATE FOR 2025

The standard mileage rate set by the Internal Revenue Service is increasing to 70¢ per mile for 2025, an increase of 3¢ over the 2024 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 to reimburse their employees for business miles driven on the employee’s car. 

JANUARY 31ST IMPORTANT TAX FILING DEADLINE FOR BUSINESSES

If your business paid employees or independent contractors in 2024, there are several important tax documents that should be filled by January 31st:

Form RT-6 – Florida Reemployment Tax (also called Florida/state unemployment tax or SUTA)
Florida employers must file an RT-6 form with the Florida Department of Revenue every quarter to pay state reemployment tax on wages paid to employees during the prior quarter. The RT-6 form due January 31st is for your company’s payroll for the last quarter of 2024. 

Because state reemployment tax is collected only on the first $7,000 of wages paid to an employee during a calendar year, your business may owe very little or even no tax with this last report for 2024. The RT-6 form must be filed even if there is no tax due. 

Form 940 – Federal Unemployment Tax (FUTA)  
Employers pay both state and federal unemployment tax. Like the reemployment tax in Florida, the federal unemployment tax is charged only on the first $7,000 of wages your business pays an employee during a calendar year.  Because employers get a credit on their FUTA tax for the amount of Florida reemployment tax paid during the year, your business may owe very little federal unemployment tax each year.

The due date for filing Form 940 is January 31st but if you deposited all your FUTA tax when it was due during 2024, you get an extra 10 days to file. 

Form 941 – Federal Payroll Tax
Employers must file a 941 form with the Internal Revenue Service (IRS) every quarter to report employee wages for the prior quarter and to report the amount of federal income tax, social security tax, and Medicare tax they withheld from employee wages. 

Even though the forms have to be filed quarterly, businesses are required to send the actual payroll taxes collected from employees to the IRS more frequently. IRS rules determine the schedule for depositing your payroll taxes – either monthly or semiweekly, depending on how much tax you owed last year. While the last 941 of 2024 is due to the IRS by January 31st, the payroll taxes were due periodically throughout 2024. 

Form W-2 – Wages Paid to Employees  
Each January, employers must prepare a Form W-2 for each employee who received wages from the business during the prior year. The W-2 lists the total wages paid to the employee during the year as well as the amount of income tax, social security tax, and Medicare tax withheld from the employee’s paycheck. 

The W-2 has several pages, all with the same information.  Employers file Copy A of the W-2 with the Social Security Administration and give Copies B and C of the W-2 to the employee by January 31st so they can use it to file their taxes. Keep copy D for your records.

Form 1099-NEC – Amounts Paid to Non-Employees  
Businesses must prepare a Form 1099-NEC for each independent contractor (individuals, not companies) paid at least $600 for work in 2024. [In most circumstances, a business does not issue a 1099 to corporations or limited liability companies (LLCs) that are treated as a C or S corporation for federal tax purposes.] 

Businesses file Copy A of each 1099 with the IRS and give copy B to the independent contractor by January 31st so they can use it to file their taxes. Keep Copy C for your records. 

Electronic filing of W-2s and 1099s is required if your business issues 10 or more W-2s and/or 1099s combined. 

This is a very oversimplified explanation of general tax filings for businesses. For details or for specific questions about your business, please consult your local tax professional or accountant.