There is so much we can say about the year ending, I know it is hard to believe we are a year wiser. As we wrap up and ramp up, seemingly at the same time, below are some considerations:
Good Bye 2016, Top Considerations:
- Be sure to distribute the Federal and California Earned Income Tax Credit (EITC) notices within one week of distributing W-2 forms to employees.
- Capture updated employee data and emergency contacts.
- Be sure the company obtained updated deduction authorization forms for any changed insurance premiums.
- Update the payroll system to reflect all changes, any in house checks, bonus or other payments made in 2016.
Hello 2017, Top Considerations:
- Ca Minimum Wage increases for employers with 26 or more employees on 1/1/2017 to $10.50/hour. As a result, these employers also need to be sure that their exempt staff wage base is a minimum of $3,640 per month equivalent to $43,680 per year (higher rates apply for the computer professional exemption and physicians and surgeons).
- Post updated employment posters. * Note that these are not yet available, but should be soon.
- Frontloaded Sick Leave plans with a calendar year designation must be updated/reloaded.
- Begin using the updated form I-9 no later than January 22, 2017 for all new hires.
- IRS Mileage rate for 2017 business travel is down to $0.535 per mile, update your reimbursement processing.
- Begin using 2017 form W-4, when available.
- Prepare OSHA 300A for posting February 1- April 30.
- Employers with 25 or more employees will be required upon hire and when requested, to provide written notice regarding protections for employees who are victims of domestic violence, sexual assault and/or stalking. This is not effective until the Labor Commissioner provides a sample notice. The new hire package will be updated when this becomes effective.
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