Important Updates

What's New - January 2021

  • Estimated Tax Payments are due by January 15th for the tax year 2020 
  • The Florida Minimum Wage will increase January 1, 2021 from $8.56/hour to $8.65 per hour.  The hourly wage for tipped employees will be $5.63.  On September 30, 2021, with the passing of Amendment 2, Florida's minimum wage will increase to $10.00 and then by $1 each subsequent Sept. 30th until it reaches $15 in 2026.
  • Beginning in 2021, the form 1099 changed.  Now, there is both a 1099NEC and 1099MISC. Make sure you find out which forms you need to file before January 31, 2021.  Now is a great time to make sure you have a w9 on file for all your contractors.
  •  With the signing of the new law that happened on December 27, 2020, there have been major changes to the PPP Forgiveness Rules that benefit business owners. Below is a brief summary of the new changes --- as banks and other lending institutions make adjustments and we are informed, we will let you know.

  1. All expenses related to PPP Funds NO LONGER need to be removed from the P&L and can be fully deductible.
  2. PPP funds will also NOT be considered taxable income.
  3. IF you already received forgiveness and you had an EIDL grant that reduced the amount of the forgiveness, this will be adjusted as EIDL advances will NO LONGER reduce your amount of PPP forgiveness.
  4. These rules apply to PPP loans from BEFORE the new act and to new PPP loans after the act, without regard to the date forgiven.
  5. There will now be ANOTHER new loan application to be designed 24 days after this was signed into law for loan amounts under $150,000.  The new rules apply to pre-existing loans (even if already forgiven) and new loans.  

Thanks to Andy Cingolani of Cingolani Content Solutions (a full-service online marketing firm) for support in keeping the information and communications on our website updated. Visit or call 407-491-5285 for a consultation.