HBK would like to remind employers that Florida expanded its new hire and independent contractor reporting requirements. This legislation took effect on October 1, 2021.

What does it mean for Florida employers?
First, the legislation removed the prior 250-employee threshold for new hire reporting. Now all businesses are subject to new hire reporting. Second, the statute imposes a requirement to report independent contractors paid more than $600 in the calendar year. The reporting of independent contractors should occur within 20 days of the contract start date or date of first payment.

Currently, there are no penalties for non-compliance with the reporting requirements. If employers have not yet reported independent contractors, they should report all contractors who have exceeded the $600 threshold in 2022.

More information on reporting new hires or independent contractors in Florida.

The Florida Department of Revenue maintains FAQ reporting requirements on its website.

HBK CPAs & Consultants has been named the 2018 Best Place to Work in Sarasota-Manatee. The award is the result of an annual survey conducted by the Sarasota Herald-Tribune and the Best Companies Group.

The survey ranks companies in Sarasota and Manatee counties based on their workplace policies, practices, demographics and employee opinions. The list includes 27 businesses and will be featured in the November 11 issue of the Sarasota Herald-Tribune, which readers can also access at www.HeraldTribune.com.

A company’s eligibility for consideration includes:

• The business must be a publicly or privately-held company.
• The company must be a for-profit or not-for-profit business or a government entity.
• The business must operate a facility in Sarasota County and/or Manatee County, Florida.
• The company must employee at least 15 full-time or part-time employees working from an office location in Sarasota and/or Manatee Counties in Florida.
• The company must have been operational for at least one year at the time of the survey.

Christopher M. Allegretti, CPA and Managing Principal/CEO of HBK credits the leadership in the Sarasota office with the accomplishment. “Craig Steinhoff has continued the longstanding practice in Sarasota to make team engagement a top priority. He, and all of us here at the firm, see it as one of fundamental tenets for delivering top notch client care.”

Steinhoff, who is also leads the firm’s Non-Profit Services and Client Accounting and Advisory Services industry groups, credits his team members.

“This is a testament to the professionalism and passion of our team. Every member is actively involved in our efforts, from client-facing responsibilities to community services. I could not be more proud of them collectively and individually,” Steinhoff said.

Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

• Electronically file 2017 Form 1096, Form 1098, Form 1099 (except if an earlier deadline applies) and Form W-2G.

• If a calendar-year C corporation, file a 2017 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004), and pay any tax due. If the return isn’t extended, this is also the last day to make 2017 contributions to pension and profit-sharing plans.

• If a calendar-year C corporation, pay the first installment of 2018 estimated income taxes.

• Report income tax withholding and FICA taxes for first quarter 2018 (Form 941), and pay any tax due. (See exception below under “May 10.”)

• Report income tax withholding and FICA taxes for first quarter 2018 (Form 941), if you deposited on time and in full all of the associated taxes due.

• If a calendar-year C corporation, pay the second installment of 2018 estimated income taxes.