Have you made your list and checked it twice?

By Georganne Weeks
Concept H.R.

Tis the season to check lists of all sorts but for business owners and managers it’s time to “reset” and start a New Year. It makes sense that you are more likely to have a smooth transition and a successful start to the New Year if you are organized and prepared to take on the many tasks and responsibilities associated with closing out one year and beginning the next. This transition encompasses many responsibilities associated with payroll processes, end of year tax processes, benefits administration, and labor law compliance that may seem endless and overwhelming.

A first step may be to unclutter and to organize your desk, as well as your desktop. Take the time to review and organize your electronic files and purge what you can. Sort and file those stacks of paperwork and shred or discard what you don’t need, while keeping in mind what you are legally required to retain. You should also encourage your staff to do the same. We believe that taking this first step will make the challenge of accomplishing the list of responsibilities below much easier.

Payroll 

• Review your vacation and/or paid time off rollover policies and banks
• Review company-wide salaries, including the exempt employees for compliance
• Review your salary rates to be sure you are meeting all Fair Labor Standards Act minimum wage and overtime requirements
• Compare your salaries to ensure they are competitive
• Before issuing bonuses check the Fair Labor Standard Act guidelines
• Distribute all updated federal and state forms [W4, Tax Withholding forms, I-9 forms, etc.]
• Confirm the new year payroll schedule
• Prepare to process W-2s and 1099s
• Remind employees to update information (addresses, tax documents, etc.)

Human Resources

• Research new state, city, or federal labor laws
• Prepare for any regulatory updates that go into effect January 1
• Review your policies and procedures for changes and review with employees
• Conduct an HR audit, preferably with a third-party
• Review your I-9 files to be sure all forms have been completed correctly and in a timely manner
• Review record retention guidelines and dispose of appropriate records before the New Year
• Update all federal and state posters
• Add critical HR filing and reporting deadlines to your calendar
• Prepare to update OSHA logs that must be posted
• Distribute annual notices to employees, e.g. ERISA
• Move terminated personnel files to storage and/or purge files that can be deleted
• Update job descriptions
• Prepare for annual anti-harassment training for management and staff

Benefits

• Ensure your benefits package is competitive  and updated
• Finalize employee open enrollment details
• Verify employee dependent coverage
• Distribute new health insurance summary plan descriptions
• Distribute new cards to employees
• Prepare for ACA compliance responsibilities, including: calculating  number of Full-Time Employees (FTEs)
• Perform Affordability Test on your benefits offerings
• Double-check status of grandfathered plans to see if they can carry over
• Distribute Health Insurance Marketplace Notices to employees
• Prepare for reporting Forms 1094-C and 1095-C to the IRS
• Prepare to distribute written statements to your employees

We hope that this checklist is helpful and that it will better prepare you to accomplish a smooth and successful transition into 2018.  We wish you and yours a Happy and Prosperous New Year!!

Georganne Weeks is currently PHR and SHRM-CP certified and has more than 25 years of human resource management experience.  She has conducted numerous training seminars and has supported hundreds of clients for Concept H.R. for over nine years.  Concept H.R. has solutions to many common human resource issues including payroll, benefits, 401(k) and risk management administration unique to the dynamics of a diverse workforce.  You can find the expertise needed to maintain compliance with employment labor laws and regulations on a federal, state, and local level, all given with the highest personal customized care.