Ah fall. Many enjoy the foliage (though not so much the leaf raking that goes with it).
In the world of HR, fall also means planning. There are budgets to be finalized and adopted, but there is also the need to identify the key compliance items to not lose sight of in the upcoming year.
What should be on your radar?
First, if you haven’t already done so employers MUST use the most recent Form I-9 (with the 8/1/2024 revision date). Older versions are no longer accepted as of November 1st. To view and download the 8/1/2023 Form I-9 – click here.
As far as 2024 is concerned, below are the key dates to remember:
January 31st:
- Distribute Form W-2 to employees (for reporting wages paid and taxes withheld during previous calendar year);
- Submit Form W-2’s electronically via the Social Security Administration’s Business Services Online (required for employers who have 250 or more Form W-2’s to file);
- File Form W-2’s in paper format (for other employers);
- Distribute Form 1099-MISC to other workers (for reporting payments and taxes withheld during previous calendar year);
- Submit quarterly form 941 (for reporting income taxes, Social Security and Medicare Taxes withheld from employee’s pay) for previous calendar quarter;
- Submit quarterly Form 720 (for paying excise taxes) for previous calendar quarter;
- Submit annual Form 940 (if quarterly FUTA taxes were not paid when due);
- [For Massachusetts employers] Distribute MA 1099-HC Form to employees;
February:
- February 1st: Post OSHA Form 300A Summary through April 30th (applicable to employers with 11 or more employees unless otherwise exempt);
- February 12th: Annual Form 940 Due (if quarterly FUTA taxes were paid when due);
- February 28th: ACA Forms Paper Filing Deadline with the IRS, including Forms 1095-B and 1095-C;
- February 28th: Submit Form 1099-MISC with the IRS (if filing on paper);
March:
- March 2nd: Submit OSHA Form 300A electronically to OSHA (applicable to employers with 250 or more employees or for those between 20-249 employees in certain industries with high rates of occupational injuries or illnesses as defined by OSHA);
- March 4th: Distribute 1095-B to employees (applicable to small employers with fewer than 50 employees and those small employers that offer self-insured health coverage);
- March 4th : Distribute 1095-C to employees (applicable to “applicable large employers” (ALE’s) with 50 or more employees);
April:
- April 1st: [For Massachusetts employers] File MA 1099-HC Forms with the Massachusetts Department of Revenue;
- April 1st : [For Rhode Island employers] File IRS 1094 and IRS 1095 B and C forms (as applicable) with the Rhode Island Department of Taxation;
- April 1st : Forms 1095-B, 1095-C, and 8809 E-Filing Deadline with the IRS;
- April TBD?: EEO-1 Data Collection Begins (Tentative) (Applicable to employers with 100 or more employees or federal contractors or first tier subcontractors with 50 or more employees and a federal contract or subcontract of $50,000 or more);
- April 30th: Submit quarterly Forms 720 and 941 – due for Q1
May:
- May 15th: Non-Profit Tax Returns Deadline for calendar year 2023, including Form 990;
- May TBD: EEO-1 Filing Deadline (Tentative)
July:
- July 31st: Submit Form 5500 for pension or welfare benefit plans with 100 or more participants (for calendar year plans) electronically (for non-calendar year plans, no later than the last day of the seventh month after the plan year ends) via the DOL EFAST2 system;
- July 31st: Submit Form 5558 (to seek a one-time extension of 2 ½ months to file the Form 5500 – for calendar year plans) via the mail to: Department of Treasury, IRS, Ogden, UT 84201-0045 (for non-calendar year plans, no later than the last day of the seventh month after the plan year ends);
- July 31st: PCORI fee due date with the IRS;
- July 31st: Submit quarterly Forms 720 and 941 – due for Q2
September:
- September 30th: Furnish a Summary Annual Report to covered participants (For plans with 100 or more plan participants), must be provided to participants within nine months after the plan year’s end. Applicant for 401(k) plans, pension plans, and for health welfare plans unless otherwise exempt.
October:
- (estimate) October 3rd: Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) Notice Deadline (for QSEHRAs that begin January 1, 2025) for employers offering QSEHRA’s. [Other plan years are to furnish notice at least 90 days before start of the plan year.]
- (estimate) October 3rd: Retire Drug Subsidy (RDS) Application Due to CMS (for plan years beginning January 1, 2025) [Other plan years are to furnish notice at least 90 days before start of the plan year.];
- October 15th: Medicare Part D Notice of Creditable Coverage Delivery to Plan Participants;
- October 31st: Submit quarterly Forms 720 and 941 – due for Q3;
December:
- December 15th: deadline to file the Massachusetts Health Insurance Responsibility Disclosure (HIRD) form electronically (via MassTaxConnect – required of employers with six or more employees).
There are also many other annual considerations that while not associated with a specific deadline are items that must be addressed by employers annually. These include the various mandatory federal benefit notice disclosures for insurance benefits (such as the Children’s Health Insurance Program (CHIP) notice, Women’s Health and Cancer Right Act notice) as well as the need to report to cms.gov no later than 60 days after the beginning of the plan year on creditable coverage status of a prescription drug plan.
For Massachusetts employers, there is the need to ensure updated Massachusetts Paid Family and Medical Leave notices and posters remain current. Connecticut employers must account for communicating and distributing to employees notice on their rights under the Connecticut Family and Medical Leave law.
So, as you can see, if you haven’t done so, make sure you grab a 2024 calendar and have it ready. It is now time to fill it up and plan for the coming year.