HCM Insights June 2023

HCM Insights June 2023

Upcoming Holidays

Juneteenth

flagThe upcoming Juneteenth Holiday will be observed on Monday, June 19, 2023.  While CBIZ HCM offices will be open this day, this is a Federal Reserve Bank Holiday, and payroll draft dates may need to be adjusted.

Important Payroll Deadlines

Check Date

Check Processing Date

Tuesday, June 20, 2023

Thursday, June 15, 2023   

Wednesday, June 21, 2023   

Friday, June 16, 2023

 


Independence Day

flagIn observance of Independence Day, CBIZ HCM offices will be closed on Tuesday, July 4, 2023. Independence Day is a Federal Reserve Bank Holiday, which means payroll draft dates may need to be adjusted.

Important Payroll Deadlines

Check Date

Check Processing Date

Wednesday, July 5, 2023    

Friday, June 30, 2023   

Thursday, July 6, 2023        

Monday, July 3, 2023


You can now access the CBIZ 2023 Holiday Schedule

 

Workers' Comp Pay-As-You-Go

Workers Comp

The traditional method of estimating annual payroll amounts for the purpose of allocating funds for workers' compensation premiums has become obsolete. Fortunately, the CBIZ Workers' Comp Pay-As-You-Go Program offers a more efficient solution. This program lets you pay your premium per the calculations made during every payroll run. This approach ensures accuracy and eliminates the need to make large estimated payments.


 

Uncovering the 2024 HSA & HDHP Limits

masks_on_clothes_line

Health Savings Account (HSA) and High Deductible Health Plan (HDHP) limits will increase in 2024, according to a recent announcement made by the Internal Revenue Service (IRS).

IRS Revenue Procedure 2023-23 disclosed the 2024 inflation-adjusted limits for HSAs and HDHPs, which include the maximum contribution limit for HSAs, the minimum deductible amount for HDHPs as well as the maximum out-of-pocket expense limit for HDHPs.


 

Form I-9 Inspection Deadline Extended

Form I-9 Review

Since March 2020, virtual inspections of identity and employment eligibility documents have been permitted when all employees work remotely due to COVID-19 or when a new employee was working remotely due to COVID-19 after April 1, 2021. Employers who verified I-9 eligibility virtually during the COVID-19 pandemic have until August 30, 2023, to complete the in-person inspection required for Form I-9.


 

What Are the 5 Stages of the Employee Experience?

Employee Experience

Attracting and retaining top talent is becoming more complex, so offering a positive employee experience that aligns with the employee lifecycle is essential. You can reduce turnover and strengthen long-term loyalty by creating an employee journey that helps individuals grow, connect with others, and thrive mentally, physically, and financially.



 

Submit Updated Fiscal Unemployment Insurance Rates

Rates

If your business operates in New Jersey, New Hampshire, Tennessee, and Vermont, you should expect an update to your Fiscal Unemployment Insurance (UI) Rate; when that happens, you need to forward that information to CBIZ.

Because some states have changed their process, we’ve compiled information about when and how you should expect to receive your rate information.

How you will receive updated Fiscal UI Rates

  • New Hampshire: Annual Tax Rate Determination Letters are scheduled to mail by September 1, 2023, for the period 7/1/2023 (Q3/2023) through 6/30/2024 (Q2/2024). 
  • Tennessee: Every quarter, approximately six weeks before each due date, employers will be mailed a letter reminding them of their filing obligation and the Premium Rate in effect for the quarter.
  • Vermont: Employer Rate Notices are mailed in mid-July and will indicate UI employer contribution rates for the 2023-2024 rate year (July 1, 2023, through June 30, 2024).
  • New Jersey: Each year, at the end of July, you may view and print your rate notice using Employer Access. If you have already registered for Employer Access, they will email you as soon as your notice is available for download. Please be sure you are registered, and your agency contact information is current.

Where to Send Rate Information

Forward this information to the CBIZ Tax Department via email, fax, or regular mail.

Email - [email protected]

Fax - 540-343-5279

Mailing Address
2797 Frontage Road NW
Suite 2000
Roanoke, VA 24017

 

In Your State

Click on blue text for more details on state-specific updates

Maryland - Amends Paid Family and Medical Leave Law

Minnesota - Joins the Paid Leave Bandwagon

Minnesota - Secure Choice Retirement Program

Washington - WA CARES: New Payroll Withholding Requirement


 

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The information contained in this HCM Insights is not intended to be legal, accounting, or other professional advice, nor are these comments directed to specific situations. This information is provided as general guidance and may be affected by changes in law or regulation. This information is not intended to replace or substitute for accounting or other professional advice. You must consult your own attorney or tax advisor for assistance in specific situations. This information is provided as-is, with no warranties of any kind. CBIZ shall not be liable for any damages whatsoever in connection with its use and assumes no obligation to inform the reader of any changes in laws or other factors that could affect the information contained herein.