It’s the season again, our HR HeRoes! 

HR professionals may find year-end tax reporting to be a challenging task due to the evolving legislation and standards. It is essential to ensure accuracy and compliance. 

A seamless transition could mean a lot of headaches and throw-ins. Ensuring HR compliance is crucial for any business. If a business starts with this, everything will go smoothly because, without it, penalties and fines cannot be avoided. Statistically, 23% of businesses find it challenging to be non-compliant as it’s hard to maintain legal and regulatory compliance, while 25% of owners find it a lot more difficult in the year ahead. 

Having a year-end checklist is a great help. Remember, HR professionals, you can complete your end-of-year benefit reporting without a hitch. Keep in mind that the secret to a smooth year-end reporting process is meticulous planning and attention to detail. Make a smooth transition into the new year by remaining organized, knowledgeable, and ahead of the curve. If you are a client of ours, please reach out so we can help you create this year-end checklist. 

As year-end approaches, HR professionals must diligently review and update all changes made during open enrollment, ensuring accurate reflection on Form W-2 and ACA-related documents. It’s imperative to cross-check taxable benefits, remind employees about FSA balances and year-end deadlines, and calculate the value of annual fringe benefits. Collaborating with tax experts can provide guidance on any last-minute tax changes, and internal audits can ensure accurate reporting. Additionally, offering year-end benefit statements and educational resources can help employees understand the full value of their compensation and prepare for personal tax filings. This thorough year-end review ensures compliance and a seamless transition into the new year.

If you’re dreading putting up your annual financial reports, Lyceum Insurance Services can help. We can advise your company on everything from payroll to taxes. We got you!

We are here to help your company prepare for the new year. Contact us at [email protected] today!