Do you have more than 10 employees? You may be required to post the OSHA form 300A – which is required to be posted for employees to see by February 1 each year. Check the OSHA website for SIC codes which are exempt from this requirement.
Is your company compliant with the various employment regulations and requirements? Would you pass an audit if required? Check back here often for tips on ensuring compliance.
On October 12, 2010, the IRS issued Notice 2010-69. This notice delays the requirement mandating that employers report the aggregate cost of group sponsored health coverage on employee’s 2011 W-2′s. The reporting of health insurance premium data on employee W-2′s will be voluntary for the 2011 tax year.
Are your employees properly classified as Exempt or Non-exempt (that is, over-time eligible)?
Did you know according to the Department of Labor website “The Labor Department – which has set new records for aggressive Wage and Hour enforcement – now has strong new standards in place to better protect workers’ pay.”
Employers that improperly classify employees as exempt are generally required to reimburse the improperly classified employees for the income lost due to the improper classification. Employers may also be subject criminal prosecution and fines up to $10,000 or $1,000 per violation depending on the willfulness of the violation.
Employers, how would you like a payroll tax holiday? The HIRE Act allows this for qualified employees who began work after 2/3/10 and were unemployed for 60 days prior to their start date. They must meet certain criteria and be willing to sign an affidavit stating they were unemployed for the period.
Do you offer Health Flexible Spending Accounts to your employees? Under the Obama Administration’s Health Care Reform, effective January 1, 2011 over-the-counter medicines or drugs are not eligible for reimbursement. As you near open enrollment, it’s crucial that employees understand this change for these “use it – or lose it” plans.
Employers – do you allow employees to access their personnel files? Did you know, some states require you do this? Virginia is one of them. We recommend you have a policy in your handbook which addresses this issue.
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Employers, do you have non-exempt hourly employees who are nursing mothers? A recent change to the Fair Labor Standards Act requires you to provide a “reasonable break time” for nursing mothers. For up to one year after her child’s birth, you must allow nursing moms breaks to express breast milk. Be sure to provide a private place, other than a bathroom, for the nursing moms.
Employers – if you have a 401k Account, you should be preparing for the new fee disclosure legislation! Talk to your broker to ensure you know who you should be getting notices from and how you will determine if the rates are reasonable.