Happy New Year! Hopefully, you've had time to reflect on a year of growth, learning, and team building as we head into the new year. As an HR professional, you know that starting a new calendar year brings various important tasks and deadlines. To ensure that you and your team are prepared and start the year off on an organized note, here is a list of items to review and tasks to complete before January 31st, 2023!
January Tasks
Before your first payroll in 2023, there are a few items you need to check off your list.
Review all W-2s and 1099s BEFORE January 14th, 2023 (This will help ensure accuracy when filing in the new year)
Clear PTO accrual balances for year-end so that employees can start fresh in 2023
Update employee deductions
Obtain your state’s new W-4 form (if applicable)
Stop retirement plan catch-up contributions (if applicable)
Review the ACA (if applicable)
Review 2023 state minimum wage changes
Review 2023 state unemployment insurance changes
Mid-January Tasks
Prepare communications for payroll impacts around Martin Luther King Jr. Day (i.e., employees might receive payment earlier than usual in order to accommodate the extra day off, or certain deadlines might be moved up).
Tell employees/contractors to download their W-2s and 1099s (if applicable). You may also want to provide additional information about tax credits or tax deductions available to them at this time.
End of January Tasks
File your 1099s, including the new Form 1099-NEC. This form must be distributed to independent contractors by this date as well.
Distribute W-2s and 1099s to employees/contractors no later than January 31st so they have time to prepare their taxes.
Provide Earned Income Tax Credit (EITC) information if necessary so employees can take advantage of any available credits or deductions for which they qualify before filing taxes in April 2021.
The beginning of a new year is always a busy time in the HR world, ensuring that all payroll and tax paperwork is in order. However, by taking the time to review items like state minimum wage changes, unemployment insurance changes, and other pertinent information, you can help your team stay ahead of the game and avoid any potential headaches down the road. Additionally, providing employees with information about available tax credits or deductions can help them save money come tax season. RJR wishes you all the best as we run head-on into 2023!
Due of the holidays, the website has been delayed a bit further. While we will have the design team queue this up for the blog, I may have to offer it up to the sales team for an email blast due to it being time sensitive. Thank you!
