As 2019 comes to a close and businesses prepare for a new year, there are several deadlines for HR professionals to keep in mind. Mark your calendar for these 2020 HR compliance dates and start the new year with a bang. This isn’t a comprehensive list, but we’ve included some of the most important milestones.
January 31, 2020
January is the deadline for all businesses to send out Form W-2 to employees and Form 1099-MISC to vendors and contractors. Employers who fail to file by the end of the month will face penalties for missing the deadline. The IRS advises employers to start preparing forms before the due date to allow time for correcting W-2 errors. Need help preparing the W-2 and 1099? Here’s a step-by-step guide.
March 2, 2020
Large businesses are required to post the previous year’s OSHA summary of injuries and illnesses (Form 300A) by March 2. If your organization has 250 or more employees, you’re required to maintain company injury and illness records and submit them to OSHA at the beginning of the year.
Employers submit data electronically by completing an Injury Tracking Application (ITA). OSHA compiles injury information from large organizations to evaluate workplace safety and understand industry hazards to implement new strategies that prevent future injuries.
February 28, 2020
All Applicable Large Employers (ALEs) are required to submit Forms 1094-C and 1095-C. Non-ALEs (employers with less than 50 full-time employees) must send in Forms 1094-B and 1095-B. These documents are essential as they help employees file their tax returns. Employees can complete the health coverage portion of the return after the employer’s report minimum essential coverage compliance with the Affordable Care Act (ACA).
March 2, 2020
The Form M-1 must be submitted to the IRS no later than March 2, 2020.
The deadline for Form M-1 is March 1, unless that date falls on a Saturday, Sunday, or Federal holiday, in which case the form must be filed no later than the next business day. In 2020, March 1 lands on a Sunday, thus allowing an extra day to file.
This annual report is used to document information concerning a Multiple Employer Welfare Arrangement (MEWA). A MEWA can be offered to employees as a welfare benefit plan. Each state regulates MEWAs differently, so HR professionals should get to know their specific responsibilities. All participating employers must file a Form M-1 electronically with the IRS.
March 31, 2020
The 2020 HR compliance date for EEO-1 reports is March 31. The federal statute and regulations mandate this compliance survey. The data compiles race, ethnicity, gender, and job categories of company staff. Federal agencies use this information to enforce civil rights and analyze employment patterns in different industries. If your company meets the requirements for EEO-1 filing, follow these submission steps.
July 31, 2020
Patient-Centered Outcomes Research Initiative (PCORI) payments are due by the end of July. The IRS collects a yearly research trust fund fee from issuers of specified health insurance policies. According to the IRS, payments are used to “assist, through research, patients, clinicians, purchasers, and policy-makers, in making informed health decisions by advancing the quality and relevance of evidence-based medicine.” Find out if your organization is responsible for reporting and paying the PCORI fee.
October 14, 2020
Employers must notify Medicare-eligible enrollees of creditable coverage for prescription drugs. If your organization offers prescription drug coverage, you must provide written notice of credibility to employees covered by a drug plan. Notices must be issued by October 14, 2020, before Medicare’s annual enrollment period. Documents can be delivered electronically or by mail. If your company doesn’t offer prescription drug coverage, notice is not required. Explore this overview of credible coverage issues for plan sponsors and the coverage guide for more help.
For a complete list of 2020 HR compliance dates, request a Zenefits demo.
As aforementioned, this article is intended to be informational, but not exhaustive. Download the compliance calendar below or reach out to a Zenefits advisor for more details.