New regulations, frequently changing labor laws, and filing deadlines make managing Human Resources more challenging than ever before. To help, we’ve made it easy with a checklist of some of the most important HR-related tasks to check out and check off during Q3.
PAYROLL & TAX
Review ARPA Provisions for Employee Retention Credits. Under the American Rescue Plan Act of 2021 (ARPA), eligible employers can claim tax credits for paying qualified wages to employees through Dec. 31, 2021.
Review ARPA Provisions for Employer Tax Credits for Paid Sick and Family Leave. The American Rescue Plan Act of 2021 provides tax credits for employer-provided paid sick and family leave from April 1, 2021 to Sept. 30, 2021.
The new law also expands the paid leave credits to cover Covid-19 vaccinations, recovering from vaccination side-effects and wait times for test results. It also provides reimbursement for contributions made to certain pension plans and apprenticeship programs.
Review Deferred Tax Responsibilities Under the CARES Act. If you took advantage of the CARES Act’s employer Social Security tax deferral for 2020, you must pay the first 50 percent of your deferred taxes by Dec. 31, 2021. The remaining 50 percent is due Dec. 31, 2022.
Review Staffing Plans. Take a fresh look at staffing plans as your needs may have changed as a result of the pandemic.
Submit EEO-1 Component 1 Data. Applicable employers are required to submit information, including the number of employees organized by job category, race, ethnicity, and gender. The deadline for submitting data is July 19, 2021.
Review All Insurance Policies. As you begin to bring employees back into your workplace, determine if adjustments need to be made on liabilities to cover additional exposure. Also, check with your Workers’ Compensation broker to determine if any changes in your work environment or staff work assignments affect your exposure and codes on your account.
Train Temporary Workers. OSHA mandates applicable employers provide temporary workers the same safety orientation and training opportunities available to full-time workers.
Submit VETS 4212 for Federal Contractors. Applicable contractors and subcontractors must file annually FormVETS-4212to report affirmative action efforts in employing veterans. The deadline to file is Sept. 30, 2021.
File ERISA Annual Report Form 5500. Applicable employers must report retirement plans, such as a 401(k), for every year the plan holds assets. The filing deadline is the last day of the 7th month following the end of the plan year or July 31 for calendar year plans.
Review Requirements for New COBRA Premium Subsidy. Under the American Rescue Plan Act of 2021, the federal government will pay 100 percent of COBRA insurance premiums for employees who lost their jobs, and their covered relatives, through Sept. 30, 2021. The subsidy applies to involuntary reductions of hours and involuntary terminations of employment.
COBRA subsidies apply from April 1 through Sept. 30, 2021. Employers must give eligible employees notice of their right to a new election and meet certain obligations. Eligible individuals must be allowed at least 60 days after receiving the new election notice to make that election. Check the Dept. of Labor for further guidance on complying with the new COBRA subsidy law.
Review Health Plan Benefits. Now is a good time for a mid-year check-in to review your employees needs and to determine if adjustments need to be made to your health plan.
Depending on the type of business and industry, your HR Checklist may be different and even more complex. If so, just contact us. By partnering with a certified PEO (CPEO), like Propel HR, you gain access to a team of HR experts to help you navigate the complexities of HR as well as stay compliant. Download your one-page checklist for Q3 2021 now: www.mypropelpro.com/checklist
Propel HR President Lee Yarborough was recently elected Chair of the National Association of Professional Employer Organizations (NAPEO) Board of Directors.
About Propel HR. Propel HR is an IRS-certified PEO that has been a leading provider of human resources and payroll solutions for 25 years. Propel partners with small to midsized businesses to manage payroll, employee benefits, compliance and risks, and other HR functions in a way that maximizes efficiency and reduces costs.
PLEASE NOTE: This information is for general reference purposes only. Because laws, regulations, and filing deadlines are likely to change, please check with the appropriate organizations or government agencies for the latest information and consult your employment attorney and/or benefits advisor regarding your responsibilities. In addition, your business may be exempt from certain requirements and/or be subject to different requirements under the laws of your state. (Updated June 10, 2021)