7 HR Compliance Dates to Know in the 2020 Calendar
The end of the year signifies many things for businesses, but especially the wrap up of another hopefully successful quarter. However, as every year comes to a close, it means new HR compliance deadlines to be aware of for the upcoming year. Therefore, to help organize your calendar, the professionals at Sackett & Associates Insurance Services have selected the seven most important dates of the 2020 calendar year.
1. January 31st
The end of January 2020 is an important date for all businesses because the 31st is the deadline for the delivery of W-2 and 1099-MISC forms. Therefore, to avoid penalties, make sure that these documents are sent out by the deadline. In fact, it is better to send the forms out earlier to allow for corrections.
2. February 28th
1094-C and 1095-C forms must be completed and submitted by all Applicable Large Employers by February 28, 2020. Also, 1094-B and 1095-B forms must be completed by all employers with less than 50 full-time employees. These forms help employees when filing taxes, and these forms are essential to reporting minimum compliance with the Affordable Care Act.
3. March 1st or 2nd
While the typical deadline for form M-1 is March 1st, the date falls on a Sunday in 2020, which means the form must be submitted no later than the following business day, March 2, 2020. This form is essential to the Multiple Employer Welfare Agreement, which is a welfare benefit that can be offered to employees. However, check state regulations to understand specific responsibilities.
4. March 2nd
Company illness and injury records are required of companies with 250 or more employees. The summary of this report for 2019 is compiled in form 300A and needs to be submitted to OSHA no later than March 2, 2020. The data can be submitted electronically through the completion of an ITA, or Injury Tracking Application.
5. March 31st
To aid in the enforcement of civil rights across different industries, the federal government requires the completion of compliance survey EEO-1 by March 31, 2020. This report compiles information about the race, gender, ethnicity and job categories of all company staff.
6. July 31st
Some organizations are required to make their contributions to the Patient-Centered Outcomes Research Initiative by July 31, 2020. This yearly trust fund fee is collected from the issuers of some health insurance policies to aid in the research of evidence-based medicine and the distribution of information to patients, purchasers, clinicians and policymakers. Again, not all organizations are required to report to or contribute to this fund.
7. October 14th
Does your organization offer prescription drug coverage? If so, then you need to provide written notice to all Medicare-eligible enrollees. This notification must be sent out no later than October 14, 2020, which is before the annual enrollment period for Medicaid.
While the dates listed above are not extensive and do not cover every 2020 deadline, they are some of the most significant. If you would like more information about essential dates this coming year, then contact Sackett & Associates Insurance Services.