February 2025
BOI FILING STILL ON HOLD AS OF FEBRUARY 3RD
As of the date this newsletter was written, the requirement for businesses to file a Beneficial Ownership Information (BOI) report remains on hold.
In December, the filing requirement was suspended and then briefly reinstated; it has remained on hold since December 26, 2024.
At this time, businesses are not required to file a BOI report, and the BOI filing portal at boiefiling.fincen.gov is only accepting voluntary reports from businesses choosing to file it.
We will send all active FUBA members an email bulletin if the BOI reporting requirement is reinstated.
Even though the filing requirement is on hold, private companies continue to send email solicitations about filing the BOI report. Please understand that these companies will charge you 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 report can reply to this email call our offices at 800-262-4483 and ask to speak with Karen. If you want to make sure we have your email address on file for future BOI updates, please email fuba@fuba.org and include your business name and FUBA member number if you know it.
IRS TAX FILING EXTENSION
Due to Hurricanes Helene and Milton, the IRS is giving taxpayers in Florida an extra two weeks to file their 2024 federal income tax returns. The new deadline is May 1, 2025 and applies to individuals and businesses located in Florida. Businesses also use this rate to reimburse their employees for business miles driven on the employee’s car.
DO EMPLOYEES HAVE TO BE PAID WHEN A BUSINESS IS CLOSED DUE TO WEATHER?
The recent snow in north Florida forced many businesses to close for one or more days, and businesses are wondering if they have to pay employees for the day(s) the business was closed. The short answer is some employees do have to be paid, and some do not – it depends on the employee’s status.
Hourly employees who are paid only for the hours they work do not need to be paid when the business is closed.
Some salaried employees do not have to be paid, but some salaried employees do have to be paid even if the business is closed. It depends on whether or not the employee is eligible for overtime pay.
It is a common misconception that salaried employees do not have to be paid overtime, but only salaried employees meeting specific criteria are exempt from overtime.
To be exempt from overtime pay, a salaried employee (a) must be paid at least $684 per week and (b) must have specific management-level job duties.
The trade-off is that salaried employees exempt from overtime must be paid for a full week if they work any part of that workweek. For example, if your business is normally open five days a week but was closed for four days due to the snow and only open one day, an exempt employee who works that one day must be paid for the full week.
Salaried exempt employees do not have to be paid if the business is closed the entire workweek and no work is performed for the entire week.
When a business is closed for bad weather, employers can generally require both exempt and nonexempt employees to use their employer-paid leave/PTO (if offered).
If a nonexempt employee has exhausted his or her PTO, absences or early departures due to the employer’s business closures generally do not have to be paid.
If an exempt employee has exhausted his or her PTO, an employer must still provide exempt employees guaranteed salaries for closures of less than a full workweek in these situations.
FLORIDA PORTAL FOR CORPORATE ANNUAL REPORT FILING NOW OPEN
Every Florida corporation and limited liability company (LLC) must file an online Annual Report by May 1st each year with the Florida Division of Corporations to keep the company in active status.
Please note: The Annual Report is not the same as the new BOI filing. They are two separate filings. Filing one has nothing to do with the other.
The Annual Report verifies your company’s information with the state, and the filing is a good time to make any changes needed, like a new mailing address or adding a new officer. Companies have to file an Annual Report every year even if there are no changes to their information.
The deadline to file your company’s 2025 Annual Report is May 1st, but the state’s filing portal at Sunbiz.org is open now so businesses can file early.
Annual Reports can only be filed online at Sunbiz.org. Make sure the page says “An official State of Florida website” at the top – this is how you know it is the official government web page. Under “Filing Services,” click on the “Annual Report” link. You will need your company’s document number issued by the Division of Corporations. You can look up your document number on Sunbiz.org by clicking on “Search Records” and searching your company’s name.
The only reminder the state sends is an email from FL_DOS_Corporations@dos.state.fl.us. This email will give you a link to the state’s official corporate registry at Sunbiz.org.
Please note: Be cautious about emails about your company’s Annual Report that are not from the State of Florida.
Every January, private companies start sending solicitations about Annual Reports to businesses. These emails usually come from companies with names like “Business Filings Depot” or “Corporate Filings USA” and can look like they are from the government. Before clicking on links in these emails, understand that these companies charge money to file your company’s Annual Report, up to $100 more than the actual filing fee. If you pay one of these companies to file your Annual Report, it can be much more expensive than filing it yourself on Sunbiz.org.