Staying on top of compliance deadlines is essential for employers, especially when it comes to health coverage, tax filings, and other regulatory requirements. In October 2024, businesses must meet several important deadlines to remain compliant with federal laws. Here’s a detailed overview of the key dates and what actions employers need to take.
If your company offers a group health plan for retirees eligible for Medicare Part D, but they have opted not to enroll in the program, you may qualify for the Retiree Drug Subsidy (RDS). This subsidy helps reduce the cost of prescription drug benefits provided to retirees.
To take part in the RDS program, employers must apply to the Centers for Medicare & Medicaid Services (CMS) before the beginning of the plan year. For calendar-year plans starting on January 1, 2025, the deadline to apply is October 2, 2024. CMS typically allows an extension of 30 days, but this must be granted upon request.
Employers offering Individual Coverage Health Reimbursement Arrangements (ICHRAs) need to inform their employees about the coverage at least 90 days before the plan year begins. ICHRAs provide employees with reimbursement for health insurance premiums and out-of-pocket medical expenses.
For those on a calendar-year schedule, the notice for the 2025 plan year must be distributed by October 3, 2024. Fortunately, there is a model notice provided by CMS, which can help streamline this process.
Similarly, if your business offers a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA), you must provide notice to eligible employees regarding their coverage.
Like the ICHRA notice, this must be distributed at least 90 days before the new plan year. For calendar-year plans, the deadline to provide the QSEHRA notice for the 2025 plan year is October 3, 2024.
Employers that offer prescription drug coverage as part of their health plans must inform Medicare-eligible individuals whether the coverage is “creditable” or “non-creditable.” Creditable coverage means that the prescription drug coverage is expected to pay as much as or more than a standard Medicare Part D plan.
The deadline to provide this notice is October 14, 2024. This notice is crucial as it affects participants’ decision-making regarding whether to enroll in Medicare Part D. CMS provides model notices that can be used to meet this requirement.
Form 5500 is required for certain employee benefit plans, and it provides the Department of Labor (DOL) with information about the plan's financial condition and operations.
For employers who requested an automatic 2.5-month extension, the new deadline for filing Form 5500 is October 15, 2024. Ensure all relevant documentation is prepared and filed correctly, as failure to meet this deadline can result in significant penalties.
Employers must report federal income tax, Social Security, and Medicare tax withheld from their employees’ pay during the third quarter of 2023 (covering July, August, and September).
The IRS requires Form 941 to be filed by October 31, 2024. However, if you’ve made timely deposits of all required taxes, you have an additional 10 calendar days to file, extending the deadline to November 10, 2024. Since this date falls on a Sunday, the deadline moves to the next business day, which is November 11, 2024.
October 2024 is packed with critical compliance deadlines for employers, particularly those related to health coverage and tax reporting. Staying on top of these dates is vital to avoid penalties and ensure your business remains compliant. Be sure to mark your calendars for these key deadlines:
By meeting these deadlines, your business will stay in line with federal regulations and continue providing valuable employee benefits.
Call us at 909.466.7876 to learn more about your Payroll and HR department.
Also, check out the September 2024 Compliance Calendar's Important Dates and find out about the latest News Brief: Employers Plan to Raise Wages 3.9% in 2025.