It’s hard to believe the 4th Quarter of 2016 is already upon us. As we approach the busyness of the holiday season and start to look towards the new year, we need to take a moment and consider all of the ways we need to make sure our business is compliant. Take a look below at the compliance checklist we compiled that includes many of the items you’ll want to review before the beginning of 2017.
The Fair Labor Standards Act (FLSA) establishes minimum wage, overtime pay, recordkeeping, and youth employment standards affecting employees in the private sector and in Federal, State, and local governments. There have been some recent changes that go into effect by the end of the year so it is critical that you are aware of them and have a plan in place to ensure compliance.
Affordable Care Act
For businesses that fall around the 50 employee mark and have all types of employees (Full-time, Part-time, and Seasonal), it can be difficult to know whether or not you are required to provide affordable healthcare options under the law. Your amount of full time and full-time equivalent workers must be diligently tracked on a monthly basis to ensure compliance. Advantage can help secure your business’ 2017 Affordable Care Act compliance with our comprehensive ACA Reporting Service.
There are a lot of laws regarding how employees must be treated. The majority of small business owners do not have a trained Human Resources professional. Some questions to ask yourself are:
- Are you providing all employees with a clear, accurate, updated handbook?
- Are your employees all classified correctly?
- Do you provide employees with the proper documents at the time of hire and termination?
- If you employ individuals with work authorizations, are you managing that properly?
- Do you know if your state or industry requires certain training under state employment regulations?
Advantage offers a variety of HR Management options for every need and budget. If you’re concerned about your HR practices, take our Free 3-minute HR Audit today. You’ll get some feedback on how you’re doing and learn more about how your practices can be improved.
Pay-As-You-Go Workers’ Compensation
The regulations on when it is required vary from state to state, but most employers are required to have workers’ compensation insurance. Our sister company ICG offers a unique and hassle-free approach to paying for workers’ compensation insurance. Rather than paying for insurance up to a year in advance and tying up vital cash, premiums are paid as you go one payroll period at a time! Workers’ compensation policies typically require you to pay 25% down each year and then pay monthly or quarterly payments. Pay-as-you-go eliminates down payments and large end-of-year billing adjustments that are the result of incorrect estimates.
Compliance Poster Service