RESTAURANT & HOSPITALITY Financial Services - INSIGHTS & LATEST NEWS
Restaurant Accounting Service News and Blog Articles
Read Our Articles
Reopening Post-COVID: Financial Tips for Bars and Restaurants
Effective October 1, 2021, Florida businesses will be required to submit new hire reports for their independent contractors paid $600 or more in a calendar year. The business must submit new hire information within 20 days after their first payment to the independent contractor or the date on which the business and independent contractor entered into the contract, whichever is earlier. For example, a business contracts with a painter on October 10 to paint their offices and the first payment to the painter is on October 24 – information must be submitted within 20 days of October 10.
Governor DeSantis signed into law Senate Bill 1532 which requires any “service recipient” in Florida to submit a report to the State Directory of New Hires for each individual who is not an employee but is nonetheless paid $600 or more per calendar year for services. Previously, reporting of independent contractors by a business was optional.
Reporting independent contractors paid $600 or more in a calendar year is a new Florida requirement and should be monitored by each business when entering into contracts and processing independent contractor payments.