Stay up to date with important changes and deadlines related to payroll, benefits, compliance, and general HR. Here are a few important tasks to take care of in the coming months.
PAYROLL & TAX
File Quarterly Forms 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, 2023.
Conduct Internal Audits. Audit activity is expected to increase as part of the Inflation Reduction Act to modernize the IRS and will focus on executive compensation, fringe benefits, and employment tax compliance. Prepare now by reviewing payroll and employment tax administration practices to identify potential compliance risks. Also, conduct an employment tax audit to identify any issues with employment tax, tax information reporting, fringe benefits, and executive compensation.
Review Updated EEOC Guidance on COVID Laws. The EEOC’s recent updates to COVID laws focus on inquiries and examinations, confidentiality requirements, and reasonable accommodations based on disability, including Long COVID or religious beliefs. Employers should understand their responsibilities and update their policies and practices to ensure compliance with federal anti-discrimination laws. This revised guidance only addresses federal law, and employers should also review applicable state and local laws.
Review ERISA New Reporting Rule. Applicable employers must report retirement plans, such as a 401(k), for every year the plan holds assets. Earlier this year, the DOL revised the requirements for auditing 401(k) financial statements. Under the new rule, an employer would have to count only those with account balances for plan years beginning on or after Jan. 1, 2023. Employers that satisfy the new reporting threshold benefit by saving the cost of an annual audit and are able to file Form 5500-SF, Annual Return/Report of Employee Benefit Plan. The filing deadline is the last day of the seventh month following the end of the plan year or July 31 for calendar year plans.
Update New FLSA & FMLA Posters. Covered employers are required to update their Fair Labor Standards Act (FLSA) minimum wage poster to reflect new accommodation obligations under the Providing Urgent Maternal Protections for Nursing Mothers (PUMP) Act. In addition, the Family and Medical Leave Act (FMLA) poster has been updated to clarify which organizations qualify as covered employers. Also note, a new Equal Employment Opportunity Commission (EEOC), “Know Your Rights: Workplace Discrimination is Illegal” poster is expected to be released in June 2023. It includes new information about the Pregnant Workers Fairness Act, which goes into effect on June 27, 2023.
Prepare EEO-1 Component 1 Data Collection (Employer Information Report). Follow the EEOC for updates on requirements for covered employers to report 2022 EEO-1 Component 1 data collection, tentatively scheduled to open in mid-July 2023.
Submit Form VETS 4212. 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, 2023.
Review Updates for Form 1-9 Compliance. The exemption allowing virtual examination of new remote hires or continuing remote employees ends on July 31, 2023. Employers have until Aug. 30, 2023, to perform all required physical examinations of identity and employment eligibility documents for individuals hired on or after March 20, 2020.
Submit PCORI Fees. The Affordable Care Act imposes an annual fee on issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans to help fund the Patient-Centered Outcomes Research Institute (PCORI). The fee applies to policy or plan years ending on or after Oct. 1, 2012, and before Oct. 1, 2029. IRS Form 720 PCORI fee for 2022 is due July 31, 2023.
Review Your Employee Benefits Plan. With the annual renewal period approaching, check with your benefits broker for updates, deadlines, and any changes in reporting. Also, verify that all healthcare reform requirements are met. To find out how your plan compares with others nationwide, watch our 2023 Benefits Benchmark Report to learn more about the latest trends in employee benefits. Watch HERE.
Review All Insurance Policies. Do you have all the policies in place to protect your business? National Insurance Awareness Day is June 28, 2023, and an annual reminder to review your insurance policies. Determine if changes in your work environment or staff work assignments may impact your current exposure and codes on your account. Also, check with your Workers’ Comp insurance broker to determine if you need to make any adjustments to cover additional exposure, including remote workers.
Encourage Employee Wellness. June is National Employee Wellness Month and an opportunity for employers to enhance existing wellness programs and encourage employees to take proactive steps to improve their physical, mental, and emotional well-being.
Review State & Federal Guidance for Hiring Teens. Hiring teens can be a great option for small businesses that need additional help during the summer months. Before adding to your staff, review federal and state guidelines and regulations regarding both pay and tasks. Every state has laws specific to workers, and employers must also comply with applicable state laws in the state where employees are working.
Need Help? Depending on the type of business and industry, your checklist may be different and even more complex. If so, give us a call at (800) 446-6567. By partnering with an IRS-certified PEO, like Propel HR, you gain access to a team of experts to help you navigate the complexities specific to your business and stay compliant.
We are here to help your business stay up-to-date with a helpful one-page HR Checklist. On it, you will find important changes related to payroll, benefits, compliance, and general HR. Download your one-page HR Checklist for Q3 HERE.
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 14, 2023)
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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 mid-sized 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