ConsultStu

Checklist of 2024 New Year HR and Payroll updates

It’s almost 2024, so now is the time to review and update your company’s HR and payroll practices and documents for the new year. With 2023 ending, there are several human resources and payroll items to review and update for January. Here is Consultstu’s 10 point HR and Payroll checklist for 2024 – start now to complete the needed HR and payroll updates.
1. Update the new hire packet with 2024 documents. Replace your W4 with the 2024 version. Optional – send the new W4 to existing employees in January to see if they would like to make changes for 2024.
2. Check to ensure you are using the latest Form I-9 (expiration date for 2026). Use E-verify to take advantage of the remote document review process.
3. Go through terminated employee I9s and purge old I9 forms. The I9 retention rule is a minimum of 3 years or 1 year after termination, whichever is longer.
4. If group insurance plans renew on January 1, update the DOL Healthcare Exchange form (mandated by ACA) with current group health insurance renewal information (contribution cost and eligibility) and add to page 2
5. Check the Florida and federal workplace posters to ensure the latest versions are posted. See the Florida Department of Economic Opportunity webpage for free versions.
6. Review, update and post the updated observed holiday schedule for 2024 (here is the 2024 federal holiday schedule) and add to the Employee Handbook. It’s also a Leap year!
7. Review recruiting and retention strategies for 2024 to stay current with the labor market conditions. Check the trending labor rates for key positions and obtain current compensation data to validate existing salary bands. Florida DEO publishes quarterly salary data.
8. For 2024, 401k plan contribution limits will increase in 2024 to $23,000 by the Internal Revenue Service. The catch-up contribution limit for employees aged 50 and over who participate in 401(k) remains the same at $7,500. Read more about it.
9. Check minimum wage rates (Florida MW rate increased to $12.00 per hour on September 30, 2023). The federal DOL plans to raise the minimum salary level for exempt employees to $1,059 per week (starting April 2024) – a 55% increase, so be prepared.
10. Update your travel policy to adjust to the new IRS 2024 mileage rates. If your company provides mileage reimbursement, review the new rates effective January 1st, 2024. The rate increases to 67 cents per mile (up 1.5 cents per mile).
Here is one last recommendation. To prepare accurate W2s and 1099 forms at the end of January, obtain employee consent to electronic delivery of their W2 forms. Per IRS regulations, employers need affirmative consent from an employee in order to deliver Forms W2 electronically.

Happy new Year!

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