As 2023 comes to a close, it’s important for HR professionals and business owners to prepare for 2024’s HR compliance deadlines. Compliance with federal regulations is crucial to avoid penalties and maintain the smooth operation of your organization.

In this article, we’ll provide a detailed overview of the HR compliance deadlines for January-April, July, and December 2024, offering insights into each deadline’s significance and their necessary steps. Please note that certain states may have additional deadlines, and you should consult with your tax professional to not miss important reporting.  

JANUARY 2024 HR COMPLIANCE DEADLINES

January is a critical month for HR compliance, with several IRS deadlines and employee-related forms due:

• Form 940: The Employer’s Annual Federal Unemployment (FUTA) Tax Return, must be filed for the previous tax year by January 31st. This form is needed for calculating and paying federal unemployment taxes.
• Form 941: The Employer’s Quarterly Federal Tax Return for the fourth quarter of 2023 needs to be submitted by January 31st. It reports information on employees’ wages, tips, and withheld taxes.
• Form 943: Agricultural employers must file the Employer’s Annual Federal Tax Return for Agricultural Employees, for the previous tax year by January 31st.
• Form 945: The Annual Return of Withheld Federal Income Tax, for the previous tax year must be submitted by January 31st. This form reports withheld federal income tax from non-payroll payments.
• Form W-2/W-3 to Employees: Employers are required to provide their employees with Form W-2 (Wage and Tax Statement) by January 31st, summarizing their earnings and tax withholdings for the previous year. Employers must also submit copies of these forms to the IRS along with Form W-3.
• Form 1099 to Contractors and Vendors: If your organization works with independent contractors, vendors, or other non-employee service providers, you must send them Form 1099 by January 31st. This form reports payments made to these individuals for the previous year.

The importance of meeting these deadlines cannot be overstated. Timely filing and distribution of these forms ensure that employees, contractors, and the IRS receive accurate information about income, taxes, and benefits, preventing potential legal and financial issues on your end.

FEBRUARY 2024 HR COMPLIANCE DEADLINES

February may provide a brief respite, but if you are filing paper forms, February 28th is an IRS deadline to be aware of:

• Forms 8922: Used to report any missing, incorrect, or late recipient statements for Form 1097, 1098, 1099, 3921, 3922, or W-2G.
• Forms 1094 and 1095: Forms for the Affordable Care Act (ACA) must be submitted to provide information about the health insurance coverage offered to employees.

• Forms 8027: These forms are used by employers in the food and beverage industry to report tip income.

Meeting these February deadlines ensures that your organization remains compliant with IRS regulations related to reporting various financial and healthcare-related information.

MARCH 2024 HR COMPLIANCE DEADLINES

March brings a new set of compliance obligations:

• Form M-1: Employers sponsoring health and welfare benefit plans are required to file this form by March 1st.
• Form 300A: Large businesses with 250 employees or more are legally obligated to post the previous year’s OSHA Summary of Injuries and Illnesses form by March 2nd. This requirement aims to enhance workplace safety and transparency.
• Forms 1094-B and 1095-B (Electronic): March 31st marks the deadline for self-insured entities that are not considered Applicable Large Employers (ALE) to submit information about the health benefits offered and employees’ enrollment status.  Additionally, this date is the deadline for EEO-1 reports, which provide data on workforce diversity.

March deadlines underscore the importance of maintaining transparency in workplace safety and healthcare benefits administration while meeting federal reporting requirements.

APRIL 2024 HR COMPLIANCE DEADLINES

April kicks off the second quarter with one critical deadline:

• Electronic IRS Returns for 2023: By April 1st, electronic IRS returns for the tax year 2023 must be filed.

Transitioning to electronic filing is more efficient, and accurate, compared to paper filing and it streamlines your HR compliance processes, reduces errors, and ensures timely submission of required documents.

JULY 2024 HR COMPLIANCE DEADLINES

July brings a unique compliance requirement related to healthcare:

• Patient-Centered Outcomes Research Institute (PCORI) Fee: The Affordable Care Act imposes a fee on issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans to help fund PCORI. This fee must be reported once a year on the second-quarter Form 720, which is due by July 31st.  

Compliance with this deadline ensures that your organization continues to support essential healthcare research initiatives while adhering to the ACA’s requirements.

DECEMBER 2024 HR COMPLIANCE DEADLINES

December marks the end of the year with a critical financial deadline:

• Final Deadline for Repaying Deferred Payroll Tax Contributions: Employers have until December 31st to repay the remaining 50% of deferred mandatory payroll tax contributions from 2020, as per the CARES Act.  

This deadline is significant, as failure to repay these deferred taxes could result in penalties and additional financial burdens.

Conclusion

The HR compliance deadlines for 2024 outlined in this article encompass a wide range of responsibilities, from tax reporting and healthcare compliance to workplace safety and financial obligations.

To ensure a smooth and compliant HR operation in 2024, mark these deadlines on your calendar and establish processes that enable timely and accurate submission of the required forms and reports. Proactive compliance helps avoid penalties and contributes to the efficiency and reputation of your organization.

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