Important 2020 HR Compliance Dates
Written by Hedley Lawson, Global Managing Partner, Aligned Growth Partners, LLC
As 2019 comes to a close and businesses prepare for a new year, there are several deadlines for business leaders and HR professionals to calendar for action. While not a comprehensive list, we have included some of the most important milestones.
- Jan. 31, 2020 – January is the deadline for all businesses to send out Form W-2 to employees and Form 1099-MISC to vendors and contractors. Employers who fail to file by the end of the month will face penalties for missing the deadline. The IRS advises employers to start preparing forms before the due date to allow time for correcting W-2 errors.
- March 2, 2020 – Large businesses are required to post the previous year's OSHA summary of injuries and illnesses (Form 300A) by March 2. If your organization has 250 or more employees, you're required to maintain company injury and illness records and submit them to OSHA at the beginning of the year.
Employers submit data electronically by completing an Injury Tracking Application (ITA). OSHA compiles injury information from large organizations to evaluate workplace safety and understand industry hazards to implement new strategies that prevent future injuries.
- Feb. 28, 2020 – All Applicable Large Employers (ALEs) are required to submit Forms 1094-C and 1095-C. Non-ALEs (employers with less than 50 full-time employees) must send in Forms 1094-B and 1095-B. These documents are essential as they help employees file their tax returns. Employees can complete the health coverage portion of the return after the employer's report minimum essential coverage compliance with the Affordable Care Act (ACA).
- March 1, 2020 – The Form M-1 must be submitted to the IRS no later than March 1, 2020 (unless March 1 is a Saturday, Sunday, or Federal holiday, in which case the form must be filed no later than the next business day.)
This annual report is used to document information concerning a Multiple Employer Welfare Arrangement (MEWA). A MEWA can be offered to employees as a welfare benefit plan. Each state regulates MEWAs differently, so HR professionals should get to know their specific responsibilities. All participating employers must file a Form M-1 electronically with the IRS.
- March 31, 2020 – The 2020 HR compliance date for EEO-1 reports is March 31. The federal statute and regulations mandate this compliance survey. The data compiles race, ethnicity, gender, and job categories of company staff. Federal agencies use this information to enforce civil rights and analyze employment patterns in different industries. If your company meets the requirements for EEO-1 filing, follow make sure to follow the submission steps outlined by federal statute.
- July 31, 2020 – Patient-Centered Outcomes Research Initiative (PCORI) payments are due by the end of July. The IRS collects a yearly research trust fund fee from issuers of specified health insurance policies. According to the IRS, payments are used to "assist, through research, patients, clinicians, purchasers, and policy-makers, in making informed health decisions by advancing the quality and relevance of evidence-based medicine." Find out if your organization is responsible for reporting and paying the PCORI fee.
- Oct. 14, 2020 – Employers must notify Medicare-eligible enrollees of creditable coverage for prescription drugs. If your organization offers prescription drug coverage, you must provide written notice of credibility to employees covered by a drug plan. Notices must be issued by October 14, 2020, before Medicare's annual enrollment period. Documents can be delivered electronically or by mail. If your company does not offer prescription drug coverage, notice is not required.