Staying Compliant: Your Guide to the July 2023 Deadlines

21 of June, 2023

You made it through the first half of 2023, congrats! But don’t get too comfortable just yet. July is knocking on your door and with it comes a whole new set of compliance deadlines to keep your company in good standing.

Between EEO-1 reporting, employee handbook updates, and 401(k) notices, you’ve got a full plate this month. But don’t stress, we’ve got you covered.

In this guide, we’ll walk you through all the key deadlines in July 2023 so you can keep your company compliant and avoid any costly penalties. Just follow along and check each deadline off your list – your future compliant self will thank you.

Now, grab your calendar and a strong cup of coffee, it’s going to be a busy month! Make sure your document management is sorted and ready for all the compliance ahead. Let’s start!

Compliance Documents Due July 3: Quarterly 941, 940, and 944 Returns

Come July, it’s going to be a busy month for compliance. As an HR manager or business owner, you’ll want to make sure you’ve got all your ducks in a row to avoid potential penalties.

• Compliance Documents Due July 3: Quarterly 941, 940, and 944 Returns

You’ll need to submit IRS Forms 941, 940, and 944 for the previous quarter by July 3. These forms report wages paid to employees, federal unemployment taxes owed, and any tax withholdings.

• ACA Reporting Deadline July 31

The deadline to provide health insurance coverage information for the previous year to the IRS is July 31. As an employer, you’ll need to submit details on the healthcare plans and coverage offered to full-time staff. Again, an HR platform can help generate the necessary ACA reporting forms.

• New State Labor Law Posters

Several states release updated employment law posters in July with changes effective October 1. Be sure to replace outdated posters in your workplace to comply with the latest regulations on topics like minimum wage, workplace safety, and discrimination.

Staying on top of compliance deadlines and requirements is key to avoiding headaches down the road. By making the necessary filings, updating posters, and leveraging helpful software, you can ensure your company follows all laws and regulations to the letter. The effort will be well worth the peace of mind.

Compliance Documents Due July 15:

Come July 15th, you’ll need to make sure you’ve submitted all the necessary compliance documents to avoid penalties. As an HR manager or business owner, staying on top of deadlines is critical.

First up are your OSHA injury and illness records. You must compile your 300A, 300, and 301 forms with details on any recordable injuries or illnesses at your company over the past year. You’ll need to submit these to OSHA by July 15.

You’ll also want to double check that your Summary of Benefits and Coverage or SBC is up to date and compliant. Any changes to your company’s health plans must be reflected in a revised SBC, distributed to employees, and submitted to the Department of Labor.

In some states, July 15 is the deadline for submitting wage reports and unemployment tax returns. Log into your state’s workforce agency website to check if any wage or tax filings are due for your company. Failure to submit can result in penalties, so make this a priority.

For government contractors, SF 294 and SF 295 subcontracting reports may be due July 15. Check with your contracting officers to confirm deadlines and submit any required diversity and subcontracting data on time.

To stay on track of everything due in July and ensure a compliant year, utilize software like Sesame that provides an easy to follow compliance calendar. Delegate responsibilities and set reminders to guarantee all your ducks are in a row. The effort will be well worth avoiding costly fines and damaged relationships with government agencies. With the right system in place, meeting compliance requirements can be a breeze.

Compliance Documents Due July 31: Form 5500 and Summary Annual Report

Form 5500

As an HR manager or business owner, one of your key responsibilities in July is filing Form 5500, the Annual Return/Report of Employee Benefit Plan. Form 5500 discloses information about your company’s employee benefit plans, like retirement plans, health plans, and other welfare benefit plans. The form must be filed electronically by July 31. Failure to file can result in penalties, so make sure it’s submitted on time.

To complete Form 5500, you’ll need details on your employee benefit plans like the number of participants, assets, liabilities, income, expenses, and any changes from the prior year. Be prepared to report on health and welfare plans, as well as retirement plans like 401(k)s. Take time in June to review plan documents, financial statements, and records to ensure you have all the necessary information. Double check that any third party administrators have provided their portions of the required reporting.

Once filed, Form 5500 becomes public information. Participants, beneficiaries, and competitors can view aspects of your benefit plans. Be aware of how the information reported can impact employee relations and your competitive position. Consider consulting legal counsel on any sections you have questions on.

Summary Annual Report

In addition to Form 5500, you must provide participants with a Summary Annual Report (SAR) summarizing details of the information in the annual report. The SAR must be distributed within 9 months of the plan year end, so aim for July 31 distribution for calendar year plans. The SAR should be written in a manner calculated to be understood by the average plan participant and must include specific content regarding plan assets, liabilities, contributions, and expenses.

Review and proofread the SAR for accuracy before distributing to employees. Provide printed copies for those without computer access. Be transparent and address any significant changes to the benefit plans. The SAR is an important part of keeping employees informed and building trust in your company’s benefit programs.

Conclusion

So there you have it, your guide to staying on top of all the compliance requirements coming at you in July. By following this schedule, you’ll be able to keep your company in good standing and avoid any nasty fines or legal issues.

July may be an unusually busy month this year, but if you start preparing now and tackle each deadline systematically, you’ll breeze through it, especially with the help of Sesame HR. Before you know it, August will be here and you can take a quick beach vacation to celebrate making it through the compliance gauntlet.

Stay organized, don’t procrastinate, and lean on your team for help if you need an extra set of hands. You’ve got this! July will be over in the blink of an eye if you just take it day by day.