As the end of the year approaches, employers must be mindful of important deadlines and prepare for...
As the new year begins, businesses must remain vigilant in meeting critical compliance deadlines and ensuring adherence to updated employment laws. January is particularly crucial, as several filing and furnishing obligations must be fulfilled to maintain regulatory compliance. This guide outlines the key deadlines for January 2025 and provides compliance reminders to help your organization start the year on the right track.
Key Deadlines
January 31, 2025—File and Furnish Forms W-2
Employers must file Forms W-2 with the Social Security Administration (SSA) by January 31, 2025. A 30-day extension can be requested using Form 8809, but approval is limited to extraordinary circumstances or catastrophes. Additionally, Forms W-2 must be furnished to employees no later than January 31, 2025.
January 31, 2025—File and Furnish Forms 1099-NEC (Nonemployee Compensation)
If your business made payments totaling $600 or more to nonemployees (e.g., independent contractors) in 2024, you must file Forms 1099-NEC with the IRS by January 31, 2025. Similar to W-2 filings, a 30-day extension can be requested using Form 8809 under limited conditions. Nonemployees must also receive their copies of Form 1099-NEC by January 31, 2025.
January 31, 2025—File Form 941, Employer’s Quarterly Federal Tax Return
Form 941 must be filed with the IRS to report federal income tax, Social Security tax, and Medicare tax withheld from employees’ wages during the fourth quarter of 2024 (October–December). The filing deadline is January 31, 2025. However, if all taxes were deposited on time, the deadline is extended to February 10, 2025.
January 31, 2025—File Form 940, Employer’s Annual FUTA Tax Return
Employers are required to file Form 940 with the IRS by January 31, 2025, to report taxable wages under the Federal Unemployment Tax Act (FUTA) for 2024. For businesses that timely deposited all FUTA taxes, the filing deadline was extended to February 10, 2025.
Compliance Reminders
In addition to meeting filing deadlines, January is a good time to review your organization’s compliance with employment laws at the federal, state, and local levels. Key areas to assess include:
- Workplace Posters: Ensure all required workplace posters are current.
- Wage Requirements: Verify compliance with updated minimum wage, overtime regulations, and withholding wage base limits.
- Employee Leave Policies: Confirm that leave policies align with federal, state, and local requirements.
- Fair Employment Protections: Incorporate any new legal protections into employee training programs.
- Employee Handbook Updates: Revise the employee handbook and employment policies as needed.
- Workplace Training: Plan and schedule required training sessions, such as sexual harassment prevention training.
- Recruitment and Compensation Practices: Evaluate these practices for compliance with pay transparency and related laws.
Conclusion
Staying ahead of compliance obligations requires careful planning and execution. By addressing the key January 2025 deadlines and conducting a comprehensive compliance review, your organization can ensure a smooth start to the new year while minimizing the risk of penalties and legal challenges. As regulations continue to evolve, maintaining vigilance and adaptability will be critical to your success.
Reach out to a TPG Payroll & HR Specialist today for even more information on this year's compliance requirements for payroll and hr. Just give us a call at 909.466.7876!
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