2022 END-OF-YEAR COMPLIANCE CHECKLIST
As the end of the year approaches, Anthros works closely with our clients to ensure they remain in compliance with labor and tax regulations.
For many business owners, compliance concerns are a top reason they choose to work with a Professional Employer Organization (PEO) like Anthros. By partnering with a PEO, companies can avoid the headache of staying up to date with regulations that are constantly changing and often hard to understand.
So, what are some of the things on our End-of-Year Checklist?
Did you know that over 20 states are raising their minimum wage requirement in 2023? These new requirements are updated in our HR and payroll platform and will be reflected in the first payroll after the new wage requirements take effect. Plus, we provide updated Labor Law Posters to clients in states affected.
We review changes in federal, state, and local taxes, and update our HR and payroll platform so employee deductions are accurate for the first payroll of 2023.
Final Payroll and Payroll Review
To prepare for the first payroll of 2023, we must resolve any outstanding payroll issues. We make any necessary year-end adjustments, verify employee wage and benefits information, and review that all employee checks have been collected.
To ensure W-2s are issued without delay to employees, we work with clients to help their employees update their personal information and tax withholding settings. W-2s are mailed no later than January 31, 2023, as required by the IRS, and will also be available to employees at that time through our secure online self-service platform.
Every year clients want to know if and how ACA reporting has changed. We monitor changing regulations, and complete and file 1095-C forms on behalf of our clients. We also provide communications that clients can pass on to their employees about what information they will be required to provide to the IRS.
Compliance needs may be greater at the end of the year, but the truth is that remaining in compliance is a year-long responsibility and process for our team. What are some of the other compliance areas we monitor for clients throughout the year?
We notify clients when OSHA Form 300 summaries must be posted in the workplace, and the requirements for retaining OSHA records at each worksite.
Are employees correctly classified as exempt or nonexempt? We advise our clients on the correct classifications for their employees.
Does your handbook reflect your current policies and procedures, as well as changes in employment law that have been made since your last update? The Anthros legal team works with clients to make sure their handbooks are complete and in compliance.
Do you have updated compliance posters and are they posted in a conspicuous place at every work location as required by the Department of Labor?
If you are an employer and the burdens of compliance and back-office human resources take you away from core business functions and growing your business, learn more about outsourcing your HR to a team of experts.
Anthros monitors compliance year-round and takes the stress out of compliance for our clients.
If you have questions about compliance or would like to learn more about how Anthros relieves compliance burdens for employers, get in touch with our team.
About the Author
Bailey Brasol is the Compliance Manager at Anthros.