Florida Workers’ Comp and Exemption

If you are a business owner in Florida, you may be required to have Workers’ Compensation Coverage. Coverage requirements depend on your industry, the number of employees, and the business entity you have set up. Who needs Workers’ Compensation Coverage? Read more from FAQs.
In Florida you may be able to file for an exemption from this coverage. The purpose of filing an exemption is for an officer of a corporation or member of a limited liability company to exclude themselves from the workers’ compensation laws. For more information about eligibility and requirements, please refer to the Division of Workers’ Compensation website.
Remember that these exemptions are good for two years and have to be renewed or they expire. If expired you could owe back workers’ comp premiums.
The Florida Legislature passed, and the Governor signed into law, HB 959 amending the requirements for exemption holders. Effective January 1, 2023, exemption applicants are required to certify that the officer electing an exemption has completed an online workers’ compensation coverage and compliance tutorial prior to completing the exemption application. Read more.

Featured Articles for October 2022

Each year, the IRS sends millions of letters and notices to taxpayers for a variety of reasons. The good news is that many of them can quickly be dealt with – without calling or visiting an IRS office.
Understanding marginal and effective tax rates is essential for tax planning purposes, but many taxpayers don’t fully understand the difference.
Cash flow is the lifeblood of every small business, but many business owners underestimate just how vital managing cash flow is to their business’s success.
A volatile stock market, rising inflation, and relatively low interest rates create additional opportunities for wealthy individuals to transfer money to heirs tax-free.
If you’re thinking about lending money to a cash-strapped friend or family member, planning ahead will help you avoid tax complications down the road.

Tax Tips

QuickBooks Tips

Dealing with Payments and Deposits in QuickBooks

Tax Due Dates

October 17
Individuals – If you have an automatic 6-month extension to file your income tax return for 2021, file Form 1040 and pay any tax, interest, and penalties due by 10/17/22. The IRS has announced tax relief for victims of Hurricane Ian in Florida. While the IRS has extended deadline to February 15, 2023, we are endeavoring to get all 2021 Tax Returns finalized by November, where possible, so we may turn our sights on preparing for the next tax year.
October 31
Employers – Social Security, Medicare, and withheld income tax. File form 941 for the third quarter of 2022. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until November 10 to file the return.
Click here to read the rest of the newsletter.

November 11, 2022

Sean Davis CPA PA (Parking lot)
29605 US Hwy 19 N, Suite 260
Clearwater, FL 33761

Friday, November 11th
Noon to 2 pm

November 11th is also Veterans Day.
In Honor of Veterans Day we will be accepting cash donations or other items which can readily be used by veterans organizations.
Watch our newsletters for more information to come.