2023 Year-End HR Checklist

Time flies when you work in HR, especially toward year-end—when, in addition to the usual suspects, certain annual activities require your attention. But with so much to do and so little time, it’s easy for tasks to fall off your radar. Enter Namely’s 2023 year-end HR checklist to keep you on your game!    

Year-end evaluations, benefits renewals, HR policy updates…with our end-of-year HR checklist, you won’t miss a thing. Prepare to wrap up 2023 with a bow—and start 2024 ready and rarin’ to go!

Download the full 2023 Year-End HR Checklist here.

1. Labor Compliance Checklist

• Review incoming 2024 federal, state, and local labor laws (including minimum wage); update your systems accordingly
• Verify that you have all required labor law posters for 2024
• Review your employee handbook and make policy updates if needed

2. Performance Checklist: Year-end Evaluations

• Conduct year-end evaluations, if applicable to your workforce
• Recognize your top performers and accomplishments
• Review your performance evaluation processes; update for 2024 if needed

3. HR Checklist: Benefits Renewal and Compensation Review

• Consider conducting a compensation review and adjusting salaries if indicated to remain competitive
• Review employees’ 2023 PTO status
  • Encourage employees to use their remaining 2023 PTO
  • Ensure proper year-end PTO carryover or employee payouts
• Finalize 2024 employee benefits plans and coverage, if the benefits renewal date is January 1
  • Confirm all employees received their health insurance ID cards
  • Verify that your Flexible Savings Account (FSA) and Health Savings Account (HSA) plan limits are updated for 2024:
    • FSA accounts: $3,200
    • HSA accounts: $4,150 individual; $8,300 family
  • If applicable, adjust your 401(k) plan to accept up to $23,000 in employee contributions (up from $22,500 in 2023, per the IRS) 

4. Payroll Processing Checklist

• Review/reconcile 2023 payroll processing records
• If you find uncashed paychecks, follow your state mandates re. unclaimed pay
• Verify year-end/holiday bonuses, if you provide them
• Update your payroll system to reflect the 2024 FICA taxable wage base of $168,600, effective 1/1/2024
• Confirm that 2024 benefit contributions will be factored into payroll processing
• Establish your 2024 payroll schedule/calendar and communicate to employees
• Remind employees to complete updated IRS W-4 tax documentation forms if needed

5. Payroll Tax Documentation and Filings Checklist

• Audit employee records for accuracy
  • Validate employee addresses and Social Security numbers                  
  • Check records for employees who terminated employment mid-year
• Prepare employee year-end tax documentation (due by January 31, 2024), including:
  • W-2 forms for employees
  • 1099 forms for independent contractors  
• Prepare Form W-3 (due to the IRS by January 31, 2024, along with W-2s)

6. Professional Development and Training Checklist

• Perform year-end reporting regarding 2023 training. Assess any unmet training needs/skills gaps; set goals for 2024
• Plan mandated training for 2024, such as:
  • State-mandated training (such as anti-harassment)
  • Industry-specific OSHA safety training
• Identify professional development programs to provide in 2024
• Review your onboarding and orientation processes for new hires; make improvements as needed

7. Start Your 2024 HR Calendar

Get the jump on the new year by tracking important dates, including:

• 2024 company holidays (be sure to share with employees)
• ACA forms
  • 1095-C forms - due to employees on March 1, 2024
  • 1094-C and 1095-C forms - due to the IRS on April 1, 2024
• Quarterly payroll forms
  • IRS Form 941 (FICA) – due April 30, July 31, October 31 and January 31
  • State payroll reports, if required
  • Local payroll reports, if required
• Annual payroll forms
  • IRS Form 940 (FUTA) – due by January 31, 2024

Get 2024 Off to A Great Start!

Once you wrap up 2023, we hope you’ll take some time to recharge and renew, so you can hit the ground running in 2024. At Namely, we’ll keep you ahead every step of the way, from compliance to tax documentation and year-end reporting.

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