Raulerson Castillo & Company - CPA's and Consultants

09/22/2025

Don't overpay your commercial rent for the month of October!

Effective October 1, 2025, Florida repealed its state sales tax (and associated discretionary/local surtaxes) on commercial rentals / leases of real property.

• “Commercial real property” includes things like office, retail, industrial, warehouse space, self-storage, etc.
• The repeal is based on the period of occupancy (when the space is used), not just when rent is paid. If the occupancy or lease period starts October 1, 2025 or later, it is no longer taxable.
• However, if you receive rent or fees for occupancy periods through September 2025, those payments are still taxable, even if paid after October 1. So, late payments for periods before the repeal cut off date still carry tax liability.

03/04/2025

But on Sunday, Treasury said "it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect."

Treasury will issue proposed rulemaking that will "narrow the scope of the rule to foreign reporting companies only," the news release said.

Big win for small businesses!

A news release says Treasury won’t enforce fines or penalties against U.S. citizens or domestic reporting companies or their beneficial owners. Treasury will also issue proposed rulemaking to limit beneficial ownership information reporting to foreign reporting companies only.

10/14/2024

1 Year Zero Interest FloridaCommerce Emergency Bridge Loan

Counties eligible under Hurricane Helene and Hurricane Milton: Alachua, Baker, Bradford, Brevard, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Flagler, Gilchrist, Glades, Hamilton, Hardee, Hendry, Hernando, Highlands, Hillsborough, Lafayette, Lake, Lee, Levy, Madison, Manatee, Marion, Monroe, Nassau, Okeechobee, Orange, Osceola, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, Sumter, Suwannee, Taylor, Union and Volusia.

>Your business must have been economically injured or physically damaged by or Hurricane Helene or Hurricane Milton.
>Businesses with less than 100 employees, including sole proprietors, are eligible.
>Credit Score of 600 or above.

Loan terms:
Eligible small businesses up to $50,000 through the program, $100,000 are available for agriculture and aquaculture small businesses, and loans of up to $150,000 are available for citrus and cattle operations.
Term: One year
Loans may only be made to individuals who own at least 51% of an Eligible Business.
The Borrower(s) and Eligible Business must serve as guarantors for the loan.
Only one loan may be made per Eligible Applicant.

Ineligible Businesses include short term rentals, those engaged in illegal activities, loan packaging, speculation, multi-sales distribution, gambling, investment or lending or where the owner is on parole.

10/07/2024

Important part of Hurricane Milton preparations is to ensure you have backed up your Business Quickbooks/Sage/Accounting Data. Physical backups work, however the BEST is an online/cloud backup. Remember to save any passwords you used to create it, any online storage system you have access to works. Please reach out to the office you need a portal setup on to store your backup file. Already using QB Online. You are good to go!

Link to QB instructions.

Learn how to back up your accounting data in QuickBooks Desktop.Want to make a backup of your company file? Create a backup company file. Think of it as a save

01/15/2024

2024 Florida Calendar of Electronic Payments Deadlines

01/09/2024

E-filing now required for Form 1099’s and W-2’s

Starting tax year 2023 (forms filed in 2024), if you have 10 or more information returns, you must file your 1099 and W-2's electronically.

Filers must aggregate almost all return types covered by the regulation to determine whether a filer meets the 10-return threshold. What information returns included in the count? Business tax return, payroll tax returns, excise tax returns, the actual 1099’s and W-2’s that you are filing and so many more.

Potential penalties for not complying with e-filing mandate? $310 per Form W-2/1099!

Due to the potential penalties and so easy to go over the 10 threshold, we highly recommend that you e-file your 1099 & W-2 filings in 2024 for the 2023 tax year.

More information/References:
https://www.irs.gov/forms-pubs/new-electronic-filing-requirements-for-forms-w-2
https://www.irs.gov/filing/e-file-forms-1099-with-iris
https://www.irs.gov/payments/information-return-penalties

If you need to engage Raulerson Castillo & Company to prepare and e-file your forms please reach out to office for further assistance as soon as possible. Deadline to e-file is January 31, 2024

An information return penalty may apply if you don't file information returns or provide payee statements on time. We mail you Notice 972CG if you owe a penalty and charge monthly interest until you pay the amount in full.

09/30/2022

Victims of Hurricane Ian that began September 23 in Florida now have until February 15, 2023, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

FL-2022-19, September 29, 2022 — Victims of Hurricane Ian that began September 23 in Florida now have until February 15, 2023, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

09/29/2022

We hope you are well, safe, and dry.

The Raulerson Castillo offices will remain closed through the remainder of this week and will reopen on Monday as we are able, pending restoration if power and internet.

09/29/2022

Significant federal resources will be available to Floridians impacted by . More information on 's disaster program can be found on www.disasterassistance.gov and 's disaster loan program on https://disasterloanassistance.sba.gov

09/29/2021

Notice to Employers/Employees
Minimum Wage in Florida.

Effective September 30, 2021, the Florida minimum wage will be $10.00 per hour, with a minimum wage of at least $6.98 per hour for tipped employees, in addition to tips, through September 29, 2022.

On November 3, 2020, Florida voters approved a state constitutional amendment to gradually increase the state's minimum wage each year until reaching $15.00 per hour on September 30, 2026. On September 30, 2021, Florida’s minimum wage will increase to $10.00 per hour. Each year, thereafter, Florida’s Minimum Wage will increase by $1.00 until the Minimum Wage reaches $15.00 per hour on September 30, 2026.

05/21/2021

2021 Disaster Preparedness Sales Tax Holiday
May 28 Through June 6, 2021

The 2021 Disaster Preparedness Sales Tax Holiday begins on Friday, May 28, 2021, and ends on Sunday, June 6, 2021. During this sales tax holiday period, qualifying items related to disaster preparedness are exempt from sales tax.

The sales tax holiday does not apply to:

• the rental or repair of any of the qualifying items listed below
• sales in a theme park, entertainment complex, public lodging establishment, or airport

https://floridarevenue.com/taxes/tips/Documents/TIP_21A01-04.pdf