Year-End Legal Matters: A Handy Checklist
Dec. 15, 2015
By Bob Dunlevey, PHCC of Ohio Legal Counsel
2015 is coming to an end and, for most of you, that means the end of your fiscal year as well. Don’t let the holiday season frenzies cause you to neglect important year-end business affairs. Here is a handy checklist of some things you need to consider:
- Are your benefit plans, such as retirement, profit sharing, medical reimbursement, Section 125 or 401(k) plan, appropriately documented within the corporate records and in full compliance with the law? Are the summary plan descriptions you give to employees up-to-date? Are you strategizing about the impact of healthcare reform?
- Have you consulted with your CPA regarding year-end matters, such as tax incentives for such things as equipment purchases, you still may wish to take advantage of before year-end?
- Have you evaluated the cost of your workers’ compensation program? Have you shopped for enrollment in a workers’ comp group that provides good savings (discounts) and effective third-party administration? Have you gone online and looked at your claims history to identify your major claims? Have you met with your workers’ comp attorney to devise a plan to eliminate costly claims from your experience and reduce your premiums?
- For those key employees hired this year, do you have employment agreements in place addressing such things as non-disclosure of confidential information and non-competition? It’s not too late.
- Have you reviewed your general liability insurance and other business coverages with your agent to ensure proper, cost-effective coverage?
- Are your licenses to do business in various locales current?
- Have you reviewed the exempt and non-exempt wage-hour status of your employees to ensure wages and applicable overtime are being paid properly and records maintained appropriately?
- Your personnel policies and practices may require modification due to recent NLRB decisions applicable to non-union employers; is your employee handbook up-to-date?
- Remember to run the numbers on your OSHA 300 logs and to prepare the 300A for posting in February if you are a covered employer.
- Ensure your health plan complies with all new Affordable Care Act provisions, and prepare IRS Forms 1094 and 1095, which have to be distributed by some employers in January.
Dust off those corporate records and make sure that everything is ready for 2016. For more information, contact Bob Dunlevey at Dunlevey, Mahan & Furry, 937-223-6003.