From filing tax forms to ensuring compliance with new laws, the first quarter of 2025 is action-packed with responsibilities. Here's your checklist.
In the bustling metropolis of business, where regulations loom and deadlines strike without mercy, a team of HR superheroes rises to meet the challenge - The Propellers! Together with Propel HR, they serve as your ultimate allies for navigating the new year with confidence. Your mission? To check off the following tasks for Q1:
PAYROLL & TAX: Brought to you by Super Payroller
With an unwavering dedication to precision and justice, Super Payroller ensures no paycheck goes astray! Armed with superpowers of compliance mastery and tax expertise, this hero tackles payroll tasks with unmatched efficiency.
☑️File FICA and FUTA. IRS (FICA) Form 941 for Q4 payroll tax and federal unemployment tax (FUTA) Form 940 are due January 31, 2025. However, if you deposited all FUTA taxes when due, you have until February 10, 2025, to file.
☑️Prepare for Minimum Wage Increases. Twenty-three states have minimum wage increases on January 1, 2025. Check the Link #1Link #1Link #1Link #1Link #1Link #1Link #1Link #1Department of Labor's website to ensure your business complies with all state-specific requirements.
☑️File Forms W-2 and W-3. 2024 Forms W-2 and W-3 must be filed with the IRS and Social Security Administration, by paper or electronically, by January 31, 2025. Employers must also distribute Form W-2 to all employees by January 31, 2025.
☑️File Form 1099-NEC Non-employee Compensation. If you paid independent contractors or freelancers in 2024, you may have to file Form 1099-NEC, Non-employee Compensation, to report payments for services performed for your business. This also includes payments to a non-employee, partnership, estate, and corporation of at least $600 during the year. The deadline to file electronically or by paper and to distribute Form 1099-NEC is January 31, 2025. If filing by paper only, you must also include Form 1096, Annual Summary and Transmittal of U.S. Information Returns.
COMPLIANCE: Brought to you by Wonder Human
With a shield of labor law expertise and an eye for regulatory detail, Wonder Human keeps your business safe from compliance calamities.
☑️Prepare for Potential Immigration Reform. In 2025, changes in the U.S. immigration policies are likely, including stricter compliance checks. To prepare, conduct an internal audit, update I-9 forms, review systems and processes to handle immigration workflows, and invest in training for your HR teams.
☑️Update Federal and State Labor Posters. Review federal and state labor posters required for your business. Make sure posters are displayed prominently in your workplace and available to remote employees as well.
☑️Post OSHA Form 300A. Applicable employers must post OSHA Form 300A, Summary of Workplace Injuries and Illnesses, for 2024, in a visible location from February 1 through April 30, 2025. The deadline for electronically filing the completed summary is March 2, 2025.
☑️Check All Required Compliance Training. Aside from specific deadlines, there are a number of ongoing compliance requirements HR departments continually manage, such as compliance training. Review all federal, state, and industry workplace training requirements that apply to your business. For example, many states require certain workplace safety training and best practices for sexual harassment training.
☑️Audit FTEs and Prepare ACA Reporting. Under the Affordable Care Act (ACA), employers are responsible for providing affordable healthcare coverage, and the reporting requirements vary based on the number of full-time equivalent employees (FTEs).
To determine if your business is an Applicable Large Employer (ALE) and must comply with ACA's coverage, affordability, and reporting requirements in 2025, audit your FTEs for each month of 2024 to determine if you have reached or exceeded 50 full-time and/or full-time equivalent employees. ALEs that fail to provide full-time workers with minimum essential coverage that meets the affordability threshold are subject to two different penalties, which the IRS refers to as shared responsibility payments.
The deadline for applicable employers to distribute Form 1095-C to their full-time employees for the 2024 tax year is March 1, 2025. Forms 1094-C and 1095-C must be filed by February 28, 2025, if filing by paper, and April 1, 2025, if filing electronically. Also, check with your benefits broker for any reporting changes and ensure that required annual notices, such as Medicare Part D, HIPPA, and CHIPRA, are distributed to employees.
BENEFITS: Brought to you by Big Benny
Every superhero team needs a master negotiator, and Big Benny delivers! With a knack for crafting irresistible benefits packages, this hero ensures your team feels valued and motivated.
☑️Prepare ERISA Plan Report. Applicable employers are required to file an employee benefits plan report, Form 5500, with the Department of Labor (DOL) if, on the first day of an ERISA plan year (which is different than the policy year), 100 or more participants are enrolled in coverage.
☑️Prepare Medicare Part D Disclosure. Employers providing prescription drug coverage to Medicare-eligible individuals must also disclose whether the coverage is creditable or non-creditable to the Centers for Medicare and Medicaid Services (CMS).
This annual disclosure must be made 60 days after the beginning of each plan year and is required regardless of whether the coverage is primary or secondary to Medicare.
GENERAL HR: Brought to you by Captain Propeller
Leading The Propellers with strategy and foresight, Captain Propeller integrates every solution into one seamless system.
☑️Monitor State Laws. State laws can vary. If your business has locations and employees working in multiple states, track state-specific changes that may impact your business, such as minimum wage increases and paid leave requirements.
☑️Make Plans for Employee Appreciation Day. Take time to celebrate and show gratitude for your super team on Friday, March 7, 2025, Employee Appreciation Day.
✅Are You Ready for 2025?
The New Year is here! With Propel's squad of HR superheroes at your side, every deadline is manageable, and every challenge becomes an opportunity.
Let’s make 2025 your best year yet! 🚀Download your HR Checklist for Q1 2025 HERE
Meet The Propellers! The Mightiest HR Superheroes
Small Biz Warriors, Your Time Has Come!
Created by Propel HR, The Propellers are changing the game for businesses everywhere. Whether it's battling compliance chaos or streamlining your operations, The Propellers are on standby, ready to save your day (and your sanity). To learn more, head over to ThePropellers.com for the full scoop!
PLEASE NOTE: This information is for general reference purposes only. Because laws, regulations, and filing deadlines are likely to change, please check with the appropriate organizations or government agencies for the latest information and consult your employment attorney and/or benefits advisor regarding your responsibilities. In addition, your business may be exempt from certain requirements and/or be subject to different requirements under the laws of your state. (Updated December 18, 2024)
About Propel HR. Propel HR is an IRS-certified PEO that has been a leading provider of human resources and payroll solutions for more than 25 years. Propel partners with small to midsized businesses to manage payroll, employee benefits, compliance and risks, and other HR functions in a way that maximizes efficiency and reduces costs. Visit our new website at www.propelhr.com.