ACA Pay or Play Penalties Increase for 2024: HR Professionals Take NoteOctober 19, 2023
The end of the year is a busy time for everyone. Still, it's especially important for human resources professionals to make sure that all compliance-related matters have been addressed and that any loose ends are tied up before the start of the new year. This will help to ensure that the company starts 2024 off on the right foot and avoids any potential legal or financial penalties.
Here are just a few of the reasons why an end-of-the-year checklist is so important for HR professionals:
- Compliance: There are a number of compliance-related deadlines that fall at the end of the year, such as filing W-2 forms with the IRS and submitting employee benefits reports. Failing to meet these deadlines can result in fines and penalties for the company.
- Accuracy: An end-of-the-year checklist can help HR professionals to ensure that all employee records are accurate and up-to-date. This is important for a number of reasons, such as payroll processing, benefits administration, and compliance.
- Planning: An end-of-the-year checklist can help HR professionals to start planning for the new year. This includes tasks such as budgeting for employee benefits, setting goals for training and development, and developing new HR policies and procedures.
Here are some tips for creating an effective end-of-the-year checklist for HR professionals:
- Start early: Don't wait until the last minute to start working on your end-of-the-year checklist. Give yourself plenty of time to complete all of the tasks on your list.
- Be thorough: Make sure to include all of the relevant tasks on your checklist, including compliance-related tasks, recordkeeping tasks, and planning tasks.
- Delegate tasks: If you have a large team, consider delegating some of the tasks on your checklist to other members of your team. This will help you to get everything done more efficiently.
- Set deadlines: Set deadlines for each task on your checklist. This will help you to stay on track and avoid procrastinating.
By using an end-of-the-year checklist, HR professionals can ensure that they are addressing all of their compliance-related obligations and tying up any loose ends before the start of the new year. This will help to ensure that the company starts 2024 off on the right foot and avoids any potential legal or financial penalties.