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Update: Florida Issues Further Guidance Relating to Recent Unemployment Tax Legislation

By April 27, 2021January 17th, 2022COVID-19, Tax Implications

As most of you know, we recently issued a bulletin relating to legislation passed in Florida pertaining to unemployment taxes.  If you didn’t receive our prior article, you can read it here.

As a follow up, the Florida Department of Revenue has issued further guidance relating to SB 50 today.  You can access the entire Tax Information Publication (“TIP”) from the Department here.

In short, this recent TIP reiterates information covered in SB 50:

  • Tax rates for 2021 will be retroactively adjusted and revised tax rate notices will be issued. The revisions will exclude all benefit charges from the second quarter of 2020 and prevents the application of the positive adjustment factor, which normally increases when the trust fund balance decreases.
  • Tax payment extensions for the first quarter of 2021 remain in effect due to Executive Order #21-80. The payment deadline for first quarter 2021 is May 28, 2021.
  • Tax rates for 2022-2025 will exclude benefit charges from the second, third, and fourth quarters of 2020 and all benefit charges paid as a direct result of a government order to close or reduce capacity of a business due to COVID-19. It will also exclude the application of the positive adjustment factor.  And lastly, benefit charges from the first and second quarters of 2021 may be decreased if total tax collection for rate year 2022 exceeds $475.5 million.
Josh Kendall

Author Josh Kendall

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