It’s 2024, and HR departments continue to traverse complex challenges, with employee retention at the forefront amidst a dynamically changing workforce.
This year, more than ever, HR professionals are tasked with fostering a productive and engaging environment for employees and ensuring rigorous adherence to an evolving set of compliance requirements.
As the regulatory environment grows increasingly intricate, particularly for businesses operating across multiple states, it’s important to have a dependable guide through these complexities.
This article introduces a comprehensive 2024 HR compliance calendar designed to be your essential resource for meeting key deadlines.
What Does the Compliance Landscape Look Like in 2024?
The compliance landscape in 2024 is more dynamic than ever. As companies continue to adapt to post-pandemic realities and the rise of remote workforces, HR departments must stay vigilant to the ever-changing state, federal, and local regulations that impact various aspects of employee management.
This complexity is further heightened for businesses expanding their operations across multiple states, where each location brings its unique compliance challenges.
Compliance is a legal obligation and a significant component of effective payroll, registration, human resources, and tax management. A solid understanding and adherence to compliance regulations are essential for avoiding costly penalties and fostering a trustworthy corporate environment.
Here, Mosey comes into play as a game-changer — Mosey simplifies and streamlines the daunting task of compliance management. By automating the most complex aspects of compliance, Mosey allows HR departments to focus more on strategic initiatives rather than getting bogged down by the many nuances of regulatory adherence.
From identifying payroll account requirements in different states and localities to keeping track of changing labor laws, Mosey’s platform is designed to provide a seamless, integrated solution for all compliance-related needs.
January 2024 Compliance Deadlines
As the new year unfolds, January marks a critical time for HR departments to ensure compliance with several key reporting requirements. Understanding and meeting these deadlines is important for maintaining regulatory compliance and supporting your workforce effectively.
W-2 and 1099-MISC Distribution (January 31st)
A pivotal task for every HR department is the distribution of W-2 forms to employees and 1099-MISC forms to non-payroll workers such as freelancers and contractors.
The W-2 forms are essential for employees to report annual wages and taxes withheld, while 1099-MISC forms indicate non-payroll income and tax withholdings. Ensuring the timely distribution of these forms is important for your employees’ personal tax filings.
Quarterly Forms 941 & 720 (January 31st)
The IRS Form 941, due quarterly, is essential for reporting income taxes, Social Security, and Medicare taxes withheld from employee paychecks. Additionally, businesses handling goods and services subject to excise tax must prepare IRS Form 720. These forms play a critical role in maintaining accurate tax records and compliance.
1095-B & 1095-C Forms Distribution (January 31st)
For compliance with the Affordable Care Act, employers must distribute IRS Form 1095-B and 1095-C to employees. These forms provide important information about health insurance coverage and are crucial for verifying that employees and their dependents have the required minimum coverage.
Annual Form 940 and 1099-NEC Deadlines (January 31st)
The annual IRS Form 940, which reports the Federal Unemployment Tax Act (FUTA) tax, is due at the end of January. Additionally, the 1099-NEC form, used for reporting non-employee compensation, must be submitted to the IRS and recipients by this date.
February 2024 Compliance Deadlines
February continues the compliance momentum with its own set of deadlines, each playing a key role in maintaining a compliant and safe work environment.
OSHA Form 300A Posting (February 1st)
Employers are required to post the OSHA Form 300A, summarizing the total number of job-related injuries and illnesses that occurred in the previous year. This form must be displayed in a common area where notices to employees are usually posted.
Annual Form 940 and ACA Forms Deadlines (February 10th and 28th)
If the quarterly FUTA taxes were paid on time, the annual Form 940 is due on February 10th. Additionally, the deadline for filing ACA Forms 1094-C, 1095-C, and 1099-MISC (without NEC) to the IRS is February 28th if paper filing is used.
Form 8809 Paper Filing and Creditable Coverage Disclosure (February 28th and 29th)
Businesses must file IRS Form 8809 by February 28th to request an extension to file certain federal tax forms. Moreover, entities providing prescription drug coverage to Medicare Part D eligible individuals must disclose whether their coverage is “creditable” by February 29th.
March 2024 Compliance Deadlines
As we step into March, HR departments must be attentive to several important compliance deadlines. These tasks are essential for maintaining legal compliance and safeguarding employee rights.
HIPAA Breach Employee Notification (March 1st)
In the event of a breach of unsecured protected health information, HIPAA-covered entities and their business associates must notify affected employees by March 1st. This is a critical component of healthcare compliance, ensuring that employees are informed of their privacy rights and breaches thereof.
Form M-1 Filing and OSHA Form 300A Submission (March 1st and 2nd)
Employers involved in multiple employer welfare arrangements (MEWAs) are required to file Form M-1 by March 1st. The electronic submission of OSHA Form 300A, summarizing workplace injuries and illnesses, is due by March 2nd. These forms are essential for reporting and maintaining workplace safety standards.
Tax Returns and Form 2553 Deadlines (March 15th)
Corporate tax returns for S Corporations (Form 1120-S) and Partnerships (Form 1065) are due by March 15th. Furthermore, businesses wishing to elect S corporation status must file Form 2553 by this deadline. Timely submission of these forms is important for tax compliance.
April to June 2024 Compliance Deadlines
As we progress into the second quarter of the year, HR departments face other significant deadlines:
Tax Day and Forms Filing Deadlines (April 15th)
April 15th is a key date for all HR departments, known as Tax Day, the deadline for filing personal tax returns and C corporation tax returns. Also due are Forms 7004 and 8928, relating to business tax extensions and employer self-reporting of COBRA administration failures.
Summary Plan Description Requirement (April 28th)
Employers must provide a Summary Plan Description (SPD) to employees in retirement plans or health benefit plans covered by ERISA by April 28th. This document is essential for communicating plan details to employees.
Note: There are no major HR compliance deadlines in June, offering an opportunity for HR departments to focus on internal audits and mid-year reviews.
July to September 2024 Compliance Deadlines
The third quarter of the year brings its own set of compliance obligations:
Quarterly Forms and Compliance Checks (July 31st)
The Quarterly Forms 941 and 720 are due again on July 31st. This month is also an ideal time for HR departments to conduct a mid-year compliance check, ensuring all regulations and policies are up to date.
Forms 5500 and 5558 Filing Deadline (July 31st)
Employers must file IRS Form 5500 to report information about a 401(k) plan’s financial condition and operations. Form 5558, requesting an extension for employee plan returns, is also due.
SAR Furnish to Participants Deadline (September 29th)
By September 29th, employers must furnish the Summary Annual Report (SAR) to participants of ERISA plans. This report provides a summary of the information in the plan’s Form 5500, ensuring transparency and compliance.
October to December 2024 Compliance Deadlines
The year’s final quarter is important for HR departments to wrap up annual compliance requirements and prepare for the upcoming year.
QSEHRA Notice and RDS Application (October 3rd)
For businesses offering a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA), notices must be sent out by October 3rd. Additionally, the Retiree Drug Subsidy (RDS) application is due on the same day for plans beginning on January 1, 2025.
Medicare Part D Notice and Quarterly Forms (October 15th and 31st)
Employers must deliver the Medicare Part D Notice of Creditable Coverage to plan participants by October 15th. The Quarterly Forms 941 and 720 are due again on October 31st, marking the last quarterly submission for the year.
End-of-Year Compliance Activities and Nondiscrimination Testing (November 1st and December 29th)
Remind employees to submit Flexible Spending Account (FSA) receipts by November 1st. Additionally, conduct nondiscrimination testing for 401K plans, Premium Only Plans (POP), and FSAs by December 29th. This period is also ideal for reviewing and updating employee handbooks and distributing the 2025 holiday calendar.
What Are Some Additional Compliance Considerations?
Apart from the specific deadlines, there are ongoing compliance activities that HR departments should continually manage:
Schedule Employee Safety Training: Regularly update and schedule employee safety training sessions, especially for those handling hazardous materials or working in environments with specific health and safety requirements.
Conducting an Annual Compliance Audit: Plan for an annual audit of your HR department in late summer or early fall. This helps identify and rectify any compliance issues well before the year-end.
Making an End-of-Year Checklist: As the year winds down, review all compliance deadlines met throughout the year, conduct a self-audit of the HR department, and update policies and procedures for the upcoming year.
Staying compliant in the ever-evolving landscape of HR regulations is a formidable challenge but essential for your business’s health and legal safety. This comprehensive compliance calendar for 2024 serves as a crucial tool in managing these obligations.
Choose Mosey for Compliance in 2024
We encourage you to consider Mosey as your partner in simplifying and streamlining your compliance management. With Mosey, you can automate and efficiently manage many tasks and deadlines, allowing you to focus more on strategic HR initiatives.
Explore Mosey and see how our platform can transform your approach to compliance management. With the right tools and planning, navigating HR compliance can be a smooth and stress-free journey.
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