New regulations, reporting requirements and filing deadlines are only a few of the important HR-related tasks small businesses need to stay on top of in the coming months. Here’s your HR checklist for third quarter 2022.
PAYROLL & TAX
File Quarterly Form 941. Employers who withhold income taxes, social security tax, or Medicare tax from employee's paychecks or who must pay the employer's portion of social security or Medicare tax must file Form 941 by July 31, 2022.
Submit PCORI Fee. The Patient-Centered Outcomes Research Trust Fund (PCORI) is a fee on issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans that helps to fund the Patient-Centered Outcomes Research Institute. The fee is calculated based on the average number of people covered under a specified health insurance policy. Fees are due July 31, 2022.
▶️▶️Read More: Choosing the Right Health Plan for Your Small Business
GENERAL HR
Review State and Federal Guidance for Hiring Teens. Small businesses that need additional help during the summer months, hiring teens can be an ideal option. Before adding teens to your staff, review federal and state guidance and regulations regarding for both pay and tasks. Every state has laws specific to youth workers, and employers must comply with applicable federal and state laws.
COMPLIANCE
Review Compliance for Extended I-9 Flexibilities Deadline. The Department of Homeland Security (DHS) has extended the flexibility in complying with requirements related to Form I-9, Employment Eligibility Verification, to Oct. 31, 2022.
Employers are encouraged to begin in-person verification of identity and employment eligibility documentation for employees who were hired on or after March 20, 2020, and who presented such documents for remote inspection in reliance on the flexibilities first announced in March 2020. Employers should also review all I-9 files and processes to ensure continued compliance as well as continue to track all employees that require an updated Form I-9 upon returning to work in person.
Submit Form VETS 4212 for Federal Contractors. Applicable employers with a contract or subcontract with the Federal Government must file an annual Form VETS 4212 to report affirmative action efforts in employing protected veterans. The deadline to file Form VETS 4212 is Sept. 30, 2022.
BENEFITS
Review New DOL Guidance on Mental Health. The Department of Labor (DOL) recently released new guidance on mental health leaves. Review updates on how protective leave is covered under the Family and Medical Leave Act (FMLA).
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 for ERISA Annual Report Form 5500 is the last day of the seventh month following the end of the plan year or July 31 for calendar year plans.
Review Requirements for Health Plan Transparency Disclosures. In 2021, the IRS, Department of Health and Human Services, and Department of Labor released the Transparency in Coverage rules which requires group health plan and health insurance sponsors to make public disclosures regarding in-network and out-of-network rates beginning July 1, 2022. Therefore, employers should review all health plan service agreements and related contracts to make sure all required disclosures are included and in compliance with the final rule.
Review Health Plans and Employee Benefits Package. Now is a good time for a mid-year check-in with your employees to determine if adjustments need to be made to your employee benefits and health insurance plan in advance of a new plan year.
▶️▶️Read More: Choosing the Right Health Plan for Your Small Business
Need Help? 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 an IRS-certified PEO, you gain access to a team of experts to help you navigate the complexities specific to your business as well as stay compliant. To learn more, visit www.propelhr.com, and to download this helpful one-page HR Checklist for Q3 2022, visit www.mypropelpro.com/checklist.
About Propel HR. Propel HR is an IRS-certified PEO that has been a leading provider of human resources and payroll solutions for more than 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. Visit our new website at www.propelhr.com.
PLEASE NOTE: This information is for general reference purposes only. As we continue to work during an active pandemic, 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 company may be exempt from certain requirements and/or be subject to different requirements under the laws of your state. (Updated June 20, 2022)
