Florida DOR Issues New Rules for Rounding Cash Transactions

The Florida Department of Revenue (DOR) published a tax information publication establishing new rules for rounding in-person cash transactions following the U.S. Treasury’s decision to end penny production. Under the new rules, businesses must round down cash transactions of amounts ending in 1-2 cents, round up transactions ending 3-4 cents to the nearest nickel, round down transactions ending in 6-7 cents to the nearest nickel, and round up to the nearest dime transactions ending 8-9 cents. The rounding applies only to the final amount due from customers and does not affect the underlying sales tax calculation, which must still be ...