February 2024 Compliance Calendar's Important Dates

In the dynamic world of compliance regulations, staying on top of key deadlines is essential for businesses to avoid penalties and maintain a smooth operational workflow. This article will provide an overview of crucial deadlines in 2024 that employers need to be aware of to ensure compliance with federal requirements. Each deadline has its unique significance and understanding them is vital for the seamless functioning of your organization.

1- Post-OSHA Form 300A (Summary of Work-related Injuries and Illnesses)

Meeting the OSHA Form 300A Deadline - A Must for Employers

Post-OSHA Form 300A by Feb. 1, 2024, in an area in the workplace where employee notices are customarily posted. This form, which summarizes workplace data for 2023, must remain on display until April 30, 2024. This requirement does not apply to companies with 10 or fewer employees or employers in a partially exempt industry.

2- Forms W-4 That Claim Exemption from Withholding for 2023 Expire

Updating Forms W-4 - Ensuring Accurate Tax Withholding

Feb. 15, 2024, marks the expiration date for Form W-4 which claimed an exemption from income tax withholding in 2023 and wishes to do so again for 2024. If the employee doesn't provide a new Form W-4, you should withhold taxes as if the employee is single or married, filing separately, without any allowances.

3- File ACA Forms 1094-C and 1095-C (Paper Filing Deadline)

Transition to Electronic Filing for ACA Forms 1094-C and 1095-C

Feb. 28, 2024, is the deadline for applicable large employers (ALEs) to file Affordable Care Act (ACA) Forms 1094-C and 1095-C on paper with the IRS. Please note that this deadline exclusively applies to paper filing; the electronic filing deadline is April 1, 2024. Starting in 2024, most employers subject to ACA reporting are mandated to file their returns electronically. Paper filing remains an option solely for very small employers, those who file fewer than 10 information returns annually. If needed, a hardship waiver can be requested from the electronic filing requirement by submitting Form 8508 to the IRS. Reporting entities are encouraged to submit Form 8508 at least 45 days before the return due date.

4- File ACA Forms 1094-B and 1095-B (Paper Filing Deadline)

Shifting to Electronic Filing: ACA Forms 1094-B and 1095-B

Feb. 28, 2024, is also the deadline for non-ALEs with self-insured health plans to file Forms 1094-B and 1095-B on paper with the IRS. Like the previous deadline, this applies solely to paper filing; electronic filing should be completed by April 1, 2024. Starting in 2024, most employers subject to ACA reporting will be required to file their returns electronically. As with the previous deadline, paper filing is an option only for very small employers, those who file fewer than 10 information returns during the year. Employers seeking an exemption from electronic filing can do so by submitting Form 8508 to the IRS, and it is advisable to submit this form at least 45 days before the return's due date.

5- Submit the Medicare Part D Disclosure to CMS (Calendar-year Plans Only)

Annual Medicare Part D Disclosure - Don't Miss the Leap Year Deadline

For calendar-year health plans, the deadline for submitting the annual Medicare Part D Disclosure to the Centers for Medicare and Medicaid Services (CMS) is typically March 1. However, due to the leap year in 2024, the deadline is Feb. 29, 2024. Employers should ensure that they submit the online form within 60 days after the beginning of the plan year, indicating whether their health plan's prescription drug coverage is creditable or non-creditable.

Conclusion

Adhering to these crucial deadlines is of utmost importance for employers to maintain compliance with federal regulations in 2024. Failing to meet these deadlines could lead to penalties and other complications. By staying informed and acting proactively, businesses can ensure a smooth and compliant year ahead.

Staying compliant with your business should be your top priority, so, how can you stay up to date with all the changes and regulations every month? By keeping in touch with a TPG Payroll & HR Specialist! Just call 909.466.7876 today and get the help you need!

Also, want to check out the January 2024 Compliance Calendar's Important Dates? Or learn How to Create an EDD Account for Your Business? Visit our blogs/resources page now!