New Year, New Laws
Regulatory compliance is one of the less sexy aspects of running a business. We are here to assist you with your annual reporting requirements and compliance with ever-changing laws, so you can get back to doing what you love.
There are some big changes to the law that go into effect starting today. Below is a list of the legislation on our radar for 2024:
• Under the Corporate Transparency Act (CTA), most business owners (with some exceptions), must file an annual Beneficial Ownership Information Report with the U.S. Treasury Department disclosing who owns and controls their business. The CTA is intended to assist the Department in fighting criminals who hide their activities behind otherwise lawful business entities.
• The Internal Revenue Service (IRS) is implementing the American Rescue Act requirement that payments to third-party providers and online marketplaces be reported to the IRS. The IRS will phase in implementation, requiring reporting of payments over $5,000 initially, eventually moving to a $600 threshold.
• The National Labor Relations Board will implement the so-called “Joint Employer Rule” such that any two businesses that are jointly responsible for employee decisions can be held jointly liable for unfair labor practices. If you are a franchisor or franchisee, or you use outsourced labor, outsourced human resources, or a professional employer organization (PEO), your business is likely affected.
• The Florida Minimum Wage will again increase by $1 this September. Currently, Florida’s minimum wage is $12 per hour for regular workers, and $8.98 per hour for tipped employees. On September 30, 2024, the minimum wage will increase to $13 per hour for regular employees and $9.98 for tipped employees.
• Private employers in Florida that have 25 or more employees are required to use E-Verify to verify a new employee’s employment eligibility and to certify their compliance with the law annually. Effective July 1, 2024, the State can fine an employer who does not use E-Verify up to $1,000 per day or suspend its business licenses until the company complies.
• In addition, Florida’s Department of Economic Opportunity (DEO) can now require employers who knowingly employ undocumented workers to repay incentives. Violation of the law can also result in fines, reporting requirements, or suspension of business licenses.
• Finally, the Department of Labor has announced a proposed rule that would let more workers qualify for overtime. If enacted, employers will have to pay overtime to salaried workers who make less than $1,059 a week, or $55,068 a year for full-time employees, up from the current exempt employee threshold of $35,568.
Have questions? Call us at 407-743-3813 to schedule your consultation.