Florida workers’ compensation rates will decrease an average of -6.9% next year. This is the tenth consecutive rate decrease for workers’ comp rates in Florida. The lower rates will be applied to policies as they are issued or renewed starting January 1, 2026. FUBA is providing our valued agency partners with a copy of the […]
HOW TO HANDLE PAYROLL FOR HOLIDAYS THAT FALL ON WORKDAYS If my business is open on a holiday like Thanksgiving or Christmas, do I have to pay my employees extra for working on a holiday? No. Extra pay or holiday pay is not required in Florida. If my business is closed for a holiday, do […]
STATE SALES TAX ON BUSINESS RENT REPEALED Effective October 1, 2025, the state sales tax imposed on the rental of commercial property in Florida is repealed. This means no sales tax can be charged on the rental of commercial office or retail space for rental periods beginning on or after October 1st. For decades, businesses […]
FLORIDA MINIMUM WAGE IS $14.00 STARTING SEPTEMBER 30th Under a 2020 amendment to the Florida Constitution, the Florida minimum wage automatically increases by $1 every September 30th until it reaches $15 an hour in 2026. On September 30, 2025, the Florida minimum wage will increase to $14 an hour. The hourly wage paid to tipped […]
Florida workers’ comp rates will decrease for an average of -6.9% for calendar year 2026 under a proposal made last week by NCCI, the organization responsible for recommending rates to the state. If approved by the Florida Office of Insurance Regulation, the new rates will apply to all Florida workers’ comp policies as they are […]
BE ALERT FOR FICTITIOUS NAME RENEWAL EMAILS If your business has a “doing business as” name (also called a fictitious name) registered with the State of Florida’s Division of Corporations, the name must be renewed every 5 years. The state charges $50 for every 5-year renewal. Please be alert for emails from private companies with […]
NEW FEDERAL LAW ON TIPS AND OVERTIME House Resolution 1 is a new federal law that gives employees who receive tips or overtime pay a temporary tax break on their federal income taxes. The tax break is temporary and does not apply to all tips or all overtime pay. The new law also imposes new […]
PAYROLL TAX RESPONSIBILITIES FOR EMPLOYERS This is a brief summary from the Internal Revenue Service (IRS) of an employer’s basic responsibilities regarding withholding, depositing, and reporting employment taxes.When you Hire a New Employee: For All Employees Each Payday: Every Quarter: Every Year: For more information, please consult IRS Publication 15 (Circular E), also called “Employer’s […]
BE WARY OF EMAILS ABOUT FILING A BOI REPORT – BOI IS NO LONGER REQUIRED The Beneficial Ownership Information report (BOI), which was a new report required for small businesses nationwide, was officially abolished on March 21, 2025 by the United States Treasury Department. The report is now required only for foreign businesses. Even though […]
IT’S OVER! BOI FILING REQUIREMENT OFFICIALLY DEAD On March 21, 2025, the United States Treasury Department announced that the Beneficial Ownership Information (BOI) report filing requirement has been abolished. Small businesses will no longer have to file a BOI report, and this time the decision is final. This is a huge relief for small businesses […]