The end of 2018 is quickly approaching, which means demanding and time-consuming Year End responsibilities for HR and payroll professionals. To help you efficiently and effectively manage those mounting tasks, we’ve compiled five tips to add to your Year End checklist:
1. Know Your Important Deadlines
• December 1, 2018: Required W-4 reminder
• December 31, 2018: Final date to process payroll in 2018
• January 31, 2019: Forms W-2 and 1099-MISC due
• February 15, 2019: Confirm W-4 information for exempt employees
• April 2, 2019: Forms 1095-C and 1094-C due to IRS
2. Update Employee Contact Information
Identify and correct errors (such as invalid SSNs or employees missing local tax witholding) that could delay filing or cause penalties. Employee Forms W-2 and 1095-C must match what is printed on social security cards. If not corrected, any inconsistencies, no matter how small, can add up to a large penalty imposed by the IRS.
3. Prepare for ACA Annual Reporting
If you had 50 or more full-time and full-time equivalent employees in the previous calendar year, you are aware of the obligation to file information reporting returns with the IRS and employees. Understanding which forms to use can be confusing, but in short, if you have:
• 50 or more employees—complete and file forms 1095-C and 1094-C
• Fewer than 50 employees (self-insured)—complete and file Forms 1095-B and 1094-B
• Fewer than 50 employees (fully-insured)—insurer is responsible for filing on behalf of the employer
• Fewer than 50 employees (no insurance)—reporting is not required
Note: Having a tool like Paylocity’s ACA Dashboard can make ACA reporting easier by tracking employee eligibility, affordability, and large employer status for your organization on an ongoing basis.
4. Update Your Retirement Plans
An important item to address during Year End is taking the time to update your retirement plans. Some of these updates may include:
• Modifying an existing match calculation
• Changes to earning or deduction codes
• Changes to your retirement benefits provider for the beginning of 2018
• Changes to your plan with your current provider
5. Utilize a Comprehensive Year End Tool
Taking advantage of a Year End management tool like Paylocity’s Year End Dashboard can help mitigate the burden of Year End responsibilities while avoiding unnecessary penalties due to inaccurate employee information or missing W-2 forms. Explore how our dashboard can set your company up for a successful Year End and keep you ahead of HR trends and policies.
Discover more about Paylocity’s powerful dashboard technology here.