January 1, 2020
Changes Across the United States
National Employment Law Changes
Retirement Contribution Limits
Retirement Plan Limits are on the rise for 2020. Please review your plan documents for more information.
Retirement Hardship Withdrawals
New Hardship Withdrawal Rules Effective Hardship withdrawals from employer-sponsored 401(k) and 403(b) retirement plans will be easier to make under the Bipartisan Budget Act.
Federal contractors must pay covered workers at least $10.60 per hour. The Secretary of Labor also gave notice that beginning January 1, 2019, covered tipped employees performing work on or in connection with covered contracts must be paid a cash wage of at least $7.40 per hour.
January 31, 2020 – W-2 and 1099 Deadline
Every employer engaged in a trade or business who pays remuneration, including noncash payments of $600 or more for the year (all amounts if any income, social security, or Medicare tax was withheld) for services performed by an employee must file a Form W-2 for each employee (even if the employee is related to the employer) from whom:
- Income, social security, or Medicare tax was withheld.
- Income tax would have been withheld if the employee had claimed no more than one withholding allowance or had not claimed exemption from withholding on Form W-4, Employee’s Withholding Allowance Certificate.
January 31, 2020 – Earned Income Tax Credit Notice Due
The Earned Income Credit is a refundable tax credit for certain workers. Federal and some state laws mandate employers provide notice of this tax credit to employees.
February 2, 2020 – OSHA Report Due?
?All employers required to keep Form 300, the Injury and Illness Log, must post Form 300A, the annual summary of job-related injuries and illnesses, in a workplace common area starting Feb. 1 through April 30. This year’s summary must include the total number of job-related injuries and illnesses that occurred in 2019.
Form 300A reports a business’s total number of fatalities, missed workdays, job transfers or restrictions, and injuries and illnesses as recorded on Form 300. It also includes the number of employees and the hours they worked for the year. If there were no recordable injuries or illnesses, a company must still post the form, with zeroes on the appropriate lines.
State Employment Changes