2018 is off and running – Do you have the items listed below on your “First of the Year To Do” list? These are among the many Action Items that require your attention:
- W-2s and 1099s are due out no later than January 31, 2018
- Affordable Care Act (ACA) information forms 1095-C or 1095-B must be distributed to employees. The IRS extended the deadline by 30 days—until March 2, 2018 as the new due date.
- The due dates for filing these forms with the IRS, however, were not extended and remain Feb. 28 for paper filers and April 2 for electronic filers.
- A reminder to NC employers that the new EFCA (Employee Fair Classification Act) law went into effect as of December 31, 2017 focusing on the appropriate classification of workers, employee vs independent contractor.
- Do you have your new posters?
- Starting with the 2018 reporting year, the IRS will require individuals’ tax returns to include health coverage information on their 2017 federal tax returns. This is related to the individual coverage mandate of the Affordable Care Act.
- Be sure you have your information with you when getting your 2017 taxes done this year.
- When you have closed out 2017, purge old files. Keeping company records including HR records past their required retention dates can be potentially detrimental should a lawsuit or audit occur. Out-dated files may contain old, incorrect, incomplete information. Proper record keeping is essential for every business. For example:
- Invoices, receivables, checks, payables = 5 years
- Audit reports and Annual Statement = permanently
- Payroll = 6 years
- HR Files = 3 years
- Insurance Records = 5 years
These are just a few of the Action Items that need to be on your list of “To Do’s” for the beginning of 2018. Be sure to keep your company records up-to-date and compliant.
If you have any questions or need assistance with any of the “To Do” items, Close HR Connections is happy to be a resource for guidance and counsel regarding your company HR needs. Visit us at: www.closehrconnections.com