HR To Do List for December & 2023 Updates
December has arrived with a flurry of record cold weather! Santa may still have time to check his list to see who’s naughty and nice, but with a shortened time frame between the holidays this year, you’ll want to make sure you check these HR tasks off your list early this month
· Make updates on 2023 limits to 401(k), pension plans, HSA, FSA & Mileage amounts. The Internal Revenue Service (IRS) has announced some inflation adjustment for the tax year of 2023.
· Review employee handbook. As the new laws going into effect on January 1, 2023 it is time to review the your employee handbook to see if it needs any updates. Please check on new state regulations effective in the states that you have employees in. Review employee handbook and policies. Update information to match new employment laws, regulations, or company policies.
· Review employee records, information, and I-9 forms. Verify employee and contractor names, Social Security numbers (SSN), and addresses are correct for W-2s and 1099s to be sent out. If employees need to submit a new W-4, allow them to do so. Properly archive outdated files or applications. Update I-9s if the documents listed have expired. Ensure your employees’ files and protected information are correctly and safely stored or maintained.
· Go through year-end payroll checklist. Make sure you have completed the tasks on our End-of-Year Payroll Checklist before your last payroll of the calendar year. If any pay adjustments needs to be made, now would be the time to do so before W-2s are tallied and finalized.
· Prepare payroll tax and employment forms. FICA and FUTA forms (Form 941 and Form 940 respectively) are due to the IRS on January 31, 2023, for Q4 .
· Distribute bonuses and prepare wage forms properly. If you are offering your employees a bonus, decide if you will distribute it in December or January.
· Check minimum wage rates for your state and locality; they may increase at the start of the coming year.
· Confirm your full-time equivalent (FTE) employees for Family Medical Leave Act (FMLA) and ACA compliance. Employers with 50 or more FTEs must comply with these regulations. Prepare ACA reports and complete 1095-Cs for distribution.
· The IRS Mileage Rate for 2023 remains at the same levels, currently being: § 62.5 cents per mile for business purposes § 22 cents per mile for medical and moving purposes § 14 cents per mile for charitable purposes
This checklist is intended to remind you of some of the essential to-do items but is not exhaustive. Every business is different, so work with your HR team to ensure everything is taken care of.