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January 2018 - New Year Checklist

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COMPLIANCE CORNER

 

New Year Checklist

With the period of craziness for Year-End reconciliation and filings upon us, it is easy to forget to stay current with your new year updates!  To ensure your first payroll and reporting periods of 2018 are correct, it would be helpful to review the following.

 

Rate Changes

Many tax, payroll and account rates are updated on an annual period – whether it be calendar or your fiscal year.  Here are a few rates housed within Avionte that should be reviewed at the beginning of each new year.

 

State Unemployment:  Your company’s 2018 state unemployment rates get set for you in November.  It is best practice to end date your old rate, and add a new rate for the 01/01/2018 to 12/31/2018 period in the Admin Tools > Employer > Tax > Tax Rate tab.

 

Minimum Wage: Eighteen states updated their minimum wages on January 1st.  You can add these new rates in Admin Tools > Employer > Locality/Country tab.

 

                2018 state MW: https://www.laborlawcenter.com/state-minimum-wage-rates/

 

Workers Compensation Codes: Depending on the Workers Compensation policy your company has, your rates may update on a calendar or account renewal period.  Again, it is best practice to end date your old rate, and add a new rate in the Admin Tools > Employer > WC Code tab.

 

Verifications

 

Additionally, there are a number of employment law legislations that passed last year and go into effect in 2018.  Below are a few aspects of your system setup to review for compliance with the 2018 year.

 

Sales Tax:  Sales tax laws are constantly changing across the United States, with a number of new updates in the first quarter of 2018.  You can review your Sales Tax settings in the Admin Tools > System > Sales Tax config tab.

 

Accrual Plans: Many of the state and city-level accrual laws get updated at the year and half year (July 1st) mark.  It would be especially beneficial to review the new Sick Leave laws enacted all over the country throughout 2017, to see if you have any updates that need to be made to your accrual plans for 2018.  The parameters for your active accrual plans can be reviewed in the Admin Tools > Employer > Accrual Plan tab.

 

Certifications: As many employee and client documents expire throughout the year, the new year is a great time to review any out-of-date certifications you may have on file.  The Expiring Employee Certification counter is a great resource to review to gather a list of documents you may need re-submitted.

 

For a full review of some of the laws and statues expected to come within the 2018 year, click here.

 

Compliance Questions or Suggestions?  Email us at Compliance@avionte.com


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