With the end of the year upon us, it’s time to start preparing for 2020. As an HR professional or business owner, this means keeping important dates on your radar — from compliance deadlines to employee appreciation events and beyond. To help you start the year off on the right foot, here are the must-know dates on the 2020 HR calendar.
January
January 1, 2020
On the first of the year, the new Fair Labor and Standards Act (FLSA) overtime rule will go into effect. Based on the new rule, the salary level threshold for white-collar exemptions will increase to $684 a week from $455 a week. Unless they’re exempt, employees covered by the new rule must receive at least time and a half their regular pay rate if they’ve worked over 40 hours in a workweek. For more information and helpful next steps, review our article entitled “What Just Happened? Your Next Best Moves to the New Overtime Rules.”
January 31, 2020
The last day in January marks two significant events, including:
- The deadline to file Employer’s Quarterly Tax Return (Form 941) for Q4 2019. Employers are required to file Form 941 to report income taxes, social security tax, or Medicare tax withheld from employee’s paychecks.
- The last day to send out W-2 and 1099 forms. Employers are required to send W-2 forms to full-time employees and 1099 forms to contractors so they can report their 2019 wages for taxes.
February
February 1, 2020
From February 1 through April 30, employers with more than 10 employees are required to display the OSHA 300 log in a visible area for employees. The log is federally required and should include all applicable injuries and illnesses that occur in the workplace.
February 15, 2020
Employees who want to claim exempt from federal taxes must complete a new W-4 for 2020 by February 17, 2020. On Dec 4, 2019, the IRS announced that the final 2020 W-4 is available. Learn more here.
March
March 2, 2020
Two significant events occur on the first Monday in March, including:
- The deadline for employers to electronically report their OSHA Form 300A data for calendar year 2019.
- The deadline to provide Form 1095-B and 1095-C to employees. If they offer health coverage, employers with up to 50 full-time employees are required to provide Form 1095-B to members of their health insurance plans. Employers with more than 50 full-time employees are required to provide Form 1095-C to members of their health insurance plans.
March 6, 2020
The start of March also kicks off Employee Appreciation Day, which is a great opportunity to recognize employees for their hard work and effort throughout the year. It’s no secret that good employees are hard to find — and keep, so this holiday is the perfect time to show appreciation and boost employee morale.
April
April 15, 2020
Tax day!
April 22, 2020
Each year, Administrative Professionals Day falls on the Wednesday of the last full week in April. This is a day to show recognition for the important role administrative professionals play across all sectors.
April 30, 2020
This is the deadline to file Form 941 for Q1 of 2020.
May
May 31, 2020
Employers with 100 or more employees are required to submit their workforce data with the EEO-1 report. Employers with 50 or more employees are also required to submit the report if they have a federal contract amounting to $50,000 or more. Have EEO-1 questions? Checkout this handy article.
July
July 31, 2020
The last day in July marks the following:
September
September 4 - 6, 2020
Lest we forget, the start of September brings National Payroll Week! This is an opportunity to show payroll professionals appreciation for the critical work they do. If you’re wondering how to celebrate the week, here are some ideas.
October
October 15, 2020
If employers sponsor a plan that offers prescription drug coverage, they’re required to provide notice of "creditable" or "non-creditable" coverage to Medicare-eligible individuals by October 15. This ensures employees have it before each year's Medicare Part D annual enrollment period. Prescription drug coverage is creditable when it is at least equivalent to Medicare's standard Part D coverage. It is non-creditable when it does not provide, on average, as much coverage as Medicare's standard Part D plan.
October 31, 2020
Along with Halloween comes the deadline to file Form 941 for Q3 2020.
Start the year off right.
We hope this roundup of key dates is helpful as you head into the new year. If there are additional dates that are important to you and your organization, make sure to account for those too.
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