Inside Our End-of Year-Compliance Process

 In Blog

 

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?

Minimum Wages. Did you know that 20 states are raising their minimum wage requirement in 2019? Plus, many cities have additional minimum wage requirements of their own. All of 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. Then we provide updated Labor Law Posters to clients in states affected.

Tax Changes. 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 2019.

Final Payroll and Payroll Review. To prepare for the first payroll of 2019, we must resolve any outstanding payroll issues. We make any necessary year-end adjustments, verify employee wage and benefits information, and confirm that all employee checks have been collected.

Employee Information. 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, 2019, as required by the IRS, and will also be available to employees at that time through our secure online self-service platform.

ACA Reporting. 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?

Employee Classification. Are employees correctly classified as exempt or nonexempt? We advise our clients in the correct classifications for their employees.

OSHA Compliance. We notify clients when OSHA Form 300 summaries must be posted in the workplace, and the requirements for retaining OSHA records at each worksite.

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?

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.

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