Vida HR Year-End HR Checklist
As your HR partner, Vida HR manages most year-end tasks to keep you compliant and ready for the new year. Below is a checklist that includes items Vida HR will handle on your behalf, as well as areas where employees may need to verify their information.
Below is an Year-End HR Checklist that includes items to make sure you are up to date.
1. Business Information Confirmation
Employer Identification:
Vida HR ensures your state and federal employer identification numbers (EINs) and state unemployment account numbers are current and accurate in our records.
2. Set Compensation and Year-End Bonuses
Compensation Planning for 2025:
Vida HR will manage any required adjustments to minimum wage and exempt salary thresholds to ensure compliance with new regulations.
Year-End Bonuses:
Notify us promptly if you plan to issue bonuses so we can process them within the 2024 tax year.
3. Employee Information Verification
Address Confirmation:
Vida HR will send a notification through isolved for employees to verify or update their current address to ensure timely and accurate W-2 delivery.
Verification of Employee Status:
We will confirm termination statuses and process necessary updates to maintain accurate records.
4. W-2 and Tax Form Preparation
W-2 Preparation:
Vida HR will handle W-2 preparation and ensure taxable benefits, such as company vehicle use, are properly documented.
Form 1099-NEC for Contractors:
For contractors earning over $600, Vida HR will prepare and distribute 1099-NEC forms.
ACA Compliance:
For applicable employers, we will prepare Forms 1094-C and 1095-C, handling IRS submissions and distributing forms to eligible employees.
5. Payroll and Benefits for the New Year
Benefit Deductions from Open Enrollment:
Vida HR will update payroll records to reflect any benefit changes from open enrollment, effective January 1, 2025.
401(k) Contributions:
We’ll send reminders to employees to review and update their 401(k) contributions, if applicable, in line with 2025 limits.
6. Annual Employee Handbook Updates
Policy Updates:
Vida HR will update your employee handbook with relevant policy changes for 2025. Please review and approve promptly for timely distribution to employees.
7. EEO-1 Reporting for Eligible Employers
EEO-1 Reporting:
For employers with 100 or more employees, Vida HR will complete the EEO-1 filing to ensure compliance with federal reporting requirements.
8. Verify Tax Form Deadlines and Compliance
Forms W-2 and W-3:
Vida HR will submit W-2s and W-3s to the SSA and distribute employee copies by January 31.
FUTA, FICA, and Quarterly Form 941:
We handle these filings to ensure compliance with federal deadlines.
9. Total Compensation Statements
Total Compensation Review:
Your assigned HRBP will coordinate with you to discuss whether you’d like total compensation statements available for your employees. These statements provide a clear picture of the full value of employee benefits, enhancing transparency and engagement.
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