If a business fails to file timely reports, what is the penalty for each month the Florida Unemployment Compensation Report is overdue?

The penalty for each month that the Florida Unemployment Compensation Report is overdue is $25. This amount is set to enforce compliance and encourage employers to submit their reports on time. Timely reporting is crucial for the proper functioning of unemployment insurance systems, as it ensures that accurate data is available for government administration and for the calculation of benefits. Late submissions can create administrative burdens and inaccurate accounting of employer contributions to unemployment funds, which is why maintaining deadlines is emphasized with these penalties.