Inside the Anthros Compliance Process
Staying up-to-date with laws and regulations that are constantly changing and often hard to understand is a challenge for even the most experienced business owners. For small business owners, the burden of managing business functions while navigating compliance can be even greater.
Compliance concerns are a top reason many businesses choose to work with a Professional Employer Organization (PEO) like Anthros. For our team, compliance is a year-long responsibility and process. We work closely with clients throughout the year to ensure they remain in compliance with labor and tax regulations. By partnering with a PEO, employers can rely upon the expertise of tax, risk management and Human Resources professionals and focus on running their business.
So, what are some of the compliance areas we monitor for clients throughout the year?
Tax Deductions. We know what a hassle it can be for small business owners to deduct the correct federal, state and local taxes from employees’ paychecks. We do this for you. At the end of the year 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 the new year.
Employee Classification. Are employees correctly classified as exempt or nonexempt? We advise our clients in the correct classifications for their employees.
OSHA Compliance. Do you know what Occupational Safety and Health Administration (OSHA) reporting requirements are? We notify clients when OSHA Form 300 summaries must be posted in the workplace, and the requirements for retaining OSHA records at each worksite.
ACA & Healthcare Reporting. Has healthcare legislation changed? What are the current ACA reporting requirements? Every year clients come to us with these questions. We monitor legislation, and we 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.
Employee Handbooks. 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.
Compliance Posters. Do you have updated compliance posters and are they posted in a conspicuous place at every worksite location as required by the Department of Labor?
Minimum Wages. Twenty states raised their minimum wage in 2019. On top of that, many cities have additional minimum wage requirements of their own. All of these new requirements are updated in our HR and payroll platform as part of our end-of-year-compliance process.
With our team’s expertise in tax and labor regulations, and the automated functions of our HR platform, we are able to monitor compliance year round and take the stress out of compliance for our clients.
Questions about compliance? Get in touch with our team.
About the Author
Bailey Brasol is the Office and Compliance Manager at Anthros.