Florida businesses face several significant regulatory changes in 2025, including new federal reporting requirements, wage increases, and local tax obligations. Understanding and complying with legal requirements for Florida businesses is essential for doing business in the state.

Beneficial Ownership Information Reporting

Depending on pending legislation, many U.S. businesses may be required to file Beneficial Ownership Information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN). This requirement stems from the Corporate Transparency Act and would affect most corporations, LLCs, and similar entities registered to do business in Florida.

The BOI report includes comprehensive information about both the reporting company and its beneficial owners. As of December 26, 2024, Beneficial Ownership Information reporting is currently not required due to a federal injunction that blocks FinCEN enforcing the Corporate Transparency Act. This means businesses are not required to file BOI reports and are not subject to penalties for not doing so. This is the status while the injunction remains in place only; however, businesses can still choose to file voluntarily.

Key BOI Requirements:

Detailed company information
Beneficial owner data
Company applicant details for new entities
Regular updates for changes

“The BOI report includes comprehensive information about both the reporting company and its beneficial owners.”

Minimum Wage Increase

Florida’s minimum wage increases to $15 per hour on September 30, 2025, rising from the current (at the time of writing this article) $14. This change follows the state constitutional amendment passed in 2020, establishing annual increases until reaching $15 per hour in 2026. The Florida Department of Revenue emphasizes that this applies to all employees covered by the federal Fair Labor Standards Act.

The wage increase requires employers to take several actions. Payroll systems must be updated to reflect new rates, and minimum wage notices need posting in the workplace. Employers must maintain accurate wage records and ensure compliance for all employees, including those receiving tips.

Local Business Tax Certificates

Annual renewal of local business tax certificates remains a crucial requirement for Florida businesses. While the Florida Department of Business and Professional Regulation oversees many business regulations, these certificates are managed at the local level. The requirements vary significantly by municipality, though most renewals fall due between July 1 and September 30.

Summary of Essential Florida Filing Requirements:

Annual reports to Division of Corporations by May 1
Local business tax certificate renewals
Updated wage compliance documentation
BOI reporting within required timeframes

Compliance Planning and Legal Requirements for Florida Businesses

Business owners should develop comprehensive compliance strategies for these new requirements. This includes reviewing employee compensation structures to accommodate the minimum wage increase while maintaining appropriate wage differentials. Local business tax certificate requirements need careful attention, as requirements and deadlines vary by location.

The BOI reporting requirement demands particular attention due to its complexity and potential penalties. Many businesses will benefit from legal counsel to ensure accurate reporting, especially those with complex ownership structures. Regular review of compliance obligations helps prevent oversights and maintains good standing with regulatory authorities.

Cost Impact and Budget Planning

These regulatory changes bring various financial implications. Beyond the direct impact of wage increases, businesses face costs for compliance administration, professional guidance, and local tax certificates. Creating a comprehensive budget that accounts for these expenses helps businesses maintain compliance while managing cashflow effectively.

South Florida Law

Given these complex requirements, professional guidance often proves invaluable. An experienced Florida legal counsel can assist with BOI reporting requirements and can provide valuable insight into compliance planning and implementation strategies.

When adapting to multiple regulatory changes each year, it is important to note that successful businesses rarely “go it alone”. South Florida law attorneys are familiar with Florida regulations for your industry as well as local Florida requirements. Our regular review of compliance obligations helps prevent oversights and maintains good standing with regulatory authorities. If your business requires careful planning and implementation of compliance-related items for your Florida-based business, reach out today via (954) 900-8885 or via our contact form.