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Corporate Officers of a Construction Business: Corporations involved in the construction industry will still be allowed to exempt up to 3 corporate officers, but the exemptions will only be valid for residential construction projects. The exemptions will not be valid on any commercial building project (see definition above) valued at $250,000 or greater. The corporation will have to purchase workers’ compensation for the officers if and when they are working on commercial building projects.

Sole Proprietors and Partners in a Construction Business: Sole proprietors and partners will still be allowed to exempt themselves from workers’ compensation, but only when they are performing residential work. Their exemptions will not be valid on commercial construction jobs valued at $250,000 or greater. When they work on commercial jobs, they will have to have a workers’ compensation policy to cover them .

This new law is extremely confusing, but the end result is clear: everyone working on a commercial building project that is valued at $250,000 or greater must have workers’ compensation coverage. No exemptions (for anyone) will be valid on these jobs after July 1, 2002.

POSTER UPDATE

Part of the new workers’ compensation law discussed above is the requirement that businesses post an anti-fraud poster at their workplace. Even though this requirement is supposed to begin July 1, 2002, the state has not yet drafted the poster. FUBA is currently working with state officials to provide you with this poster at either no charge or a nominal charge, but right now we do not have anything to send you. As soon as we have the posters available, we will let you know both through the newsletter and through our website at www.fuba.org.

While we are on the subject of posters, please do not be tricked into buying unnecessary employment posters! You probably receive weekly solicitations to purchase expensive employment posters from various companies. These solicitations usually look somewhat “official” and use threatening language like “You Can Be Fined Up to $7,000!” These companies usually charge from $40 to $80 for these posters.

PLEASE be assured that FUBA keeps you up to date on ALL required state and federal employment

posters that you need to have posted at your workplace. When you join FUBA, you receive one free poster that contains all required postings, and it is guaranteed to be accurate for one year. After that, if anything changes, we provide you with the new individual posters at either no charge or a nominal charge. This is one of the most important benefits of being a FUBA member.

If the poster you have now is pretty old and you would like to order a new one, they are only $10 plus tax and shipping. We make no profit from these because we only charge our members enough to cover our printing charges. Please call the FUBA offices if you wish to order a new poster or if you have any questions about which posters are required.

DID YOU REMEMBER TO FILE YOUR INTANGIBLE TAX RETURN?

The Florida intangible tax, which applies to stocks, bonds, mutual funds and certain other assets, is due no later than June 30th. Individual taxpayers are allowed to exempt the first $20,000 in taxable assets from the tax and pay the tax on any assets they have over that amount. Couples filing jointly may exempt the first $40,000 in taxable assets.

The minimum payment threshold is $60. If you owe less than $60, you are not required to pay the intangible tax. This means businesses may own up to $60,000 in taxable assets before they are required to pay intangible tax. Individual taxpayers (i.e., not corporations), can own up to $80,000 in stocks and bonds before they are required to pay the tax.

One new change for businesses this year is that corporations who are not required to pay the intangible tax are not required to submit a tax return. Also, corporations are not required to provide stock value information to their shareholders or to the Department of Revenue. In the future, the only time a corporation must file an information report is when the corporation is paying the intangible tax as an agent for its shareholders.

If you have any questions about the intangible tax, please contact your local accountant or tax professional.

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