FAMLI Updates

Headcount Update Required

Here are a few important points regarding the annual requirement to update your employee headcount with the state of CO for FAMLI.

• You must update your headcount in the Employer FAMLI+ dashboard starting on December 10th
• The employee headcount has a direct impact of the employer FAMLI premium rate
• If less than 10 employees, there is NO employer premium and only the employee contributes .45% of their pay to FAMLI.
• If 10 or more employees, the employer must match to .45% FAMLI premium so this is an added expense to your business
• The update this year is even more important because if you do not update your headcount by Feb 28, 2025, CO will assume you have 10 or more employees
• Click the link below for more information on how to count employees (it is based upon a 20 week period...)

Unemployment Updates

CO going digital and Annual Rate Notice

Digital Update

• Beginning in Quarter 1, 2025, unless you have a US mail waiver in place, all CO employers are required to send and receive UI communications, by email and in MyUI Employer+.
• Click the link below for more information on this communication change.

2025 UI Rate Updates

• CO recently sent out the annual rate notices. Make sure you provide your UI rate notice to you payroll provider or, if doing your own payroll, update the UI rate for 2025 to make sure you remit the correct amount to CO
• Remember, your UI rate can go up or down each year based upon the premiums you have paid and how many UI claims have been made against you.

Minimum Wage and Overtime Updates

2025 Rate Changes

Make sure you payroll system (or payroll provider) has been updated for the new minimum wage rates that go into effect Jan 1, 2025.

CO Minimum Wage

• The state minimum wage for CO will increase from $14.42 to $14.81 (a 2.7% increase) on January 1st.
• The minimum wage for tipped employees will also increase from $11.40 to $11.79 (a 3.4% increase).



Denver Minimum Wage

• Given the number of clients that operate in Denver, please note the minimum wage in Denver will increase to $18.81 from $18.29 (a 2.8% increase)
• For tipped employees, the Denver minimum wage will increase to $15.79 from $15.27 (a 3.4% increase)

Overtime Exemption

Generally speaking, in order for an employee to be exempt from overtime, they must meet certain duties tests (referred to as EAP for executive, administrative and professional duties) as well as be paid a minimum weekly salary.

• You will see recent coverage in the press about a proposed federal law change that would have increased the minimum salary requirement to $1,128/week (from $684 previously). This proposed increase was blocked by a federal judge in Texas.
• However, CO has it own state mandated minimum salary requirement and for 2025 that is $1,086.25 or $56,485 annually (it was $1,057.69 in 2024 $54,000 annually)
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BOI Updates

Call to Action

As we near year end, you will hear more and more about the new BOI (Beneficial Ownership Information) reporting requirement. This is also referred to as the Corporate Transparency Act.

You must complete your BOI filing no later than December 31,2025 or be subject to substantial fines and penalties

• This filing requirement is not an IRS or tax reporting requirement. It is required by the Financial Crimes Enforcement Network (FinCEN) and is designed to help combat money laundering, child trafficking and terrorism.
• The BOI filing will ask if you want to establish a FinCen ID - this is not required and is simply an option to simplify the filing process for those that have multiple LLC they must file for
• If you had an active LLC at any point in 2024, you must comply with this requirement (even if you closed the LLC in 2024)
• Do not fear the BOI filing - it is very simple to do and essentially requires you to upload a current driver's license or passport along with other identifying information (SS#).
• We continue to encourage clients to complete BOI on their own (use the link below to do so) but we can also complete this for a $200 fee per filing if interested.
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