We appreciate our business relationship throughout the year and wish everyone a very Happy & Prosperous New Year!
Notifications:
- 01/01/2024: State UI Rates: Each year you are mailed a notice from the various states you file payroll in of the updated unemployment rate for the new year. We have downloaded these notices from the various states with our login to your company and updated these rates in your payroll as of 01/01/2024.
- 01/16/2024 – Make sure to pay your estimated tax payments (if due) for 2023 – you will find these with your 2022 tax returns from your CPA with amounts due.
- 01/31/2024: 1099 Form Filing: If we have filed 1099 forms for you in the past – We are working on making sure we have W-9 forms and all the information required to file your 1099-NEC/INT/MISC forms by January 31st .
- 02/28/2024: City of LA Business Tax: We will be working diligently on getting 2023 reconciled and closed so we can have your numbers ready for filing your CA City of LA Business tax returns due 02/28/2024 if you are required to file. Please ask for your P&L if we don’t file this report for your business. Also, keep in mind if your company does not have nexus in the State, you are not required to register or file.
- We monitor during the year when your various State Secretary of State filings are due to file and pay and will notify your company when due.
2024 New Business & Employment Law changes – in order of importance:
California:
California Increased the mandatory sick days for all employees from 3 days a year to 5 days a year, with a requirement to cap and carry over 80 hours per year.
We have updated all payroll Sick Leave policies as of 01/01/2024 that were not already in compliance. If you have an employee manual, you will want to make sure this is updated.
Federal:
Several types of businesses are required by 12/31/2024 to register with FINCEN (the Financial Crimes Enforcement Network) and to file and send personal information and identifying documents of the Beneficial Owners of the company. We highly suggest you contact your legal team to determine if you are required to file and have them file or supply the required information for your company to file. Since this is a legal matter CPA’s and bookkeepers are not allowed to make this determination for your company.
- https://www.forbes.com/sites/kellyphillipserb/2023/12/12/what-companies-including-small-businesses-need-to-know-about-a-new-federal-law/?sh=63dcfc3f72a2
- https://www.fincen.gov/boi-faqs#A_3
- https://www.fincen.gov/boi/small-entity-compliance-guide
Exempt employee salary requirements by state increases as of 01/01/2024:
2024 Other New Laws by State including Non-Compete agreements CA:
- https://www.littler.com/publication-press/publication/employment-law-update-2024-new-employment-laws-new-year
- https://ogletree.com/insights-resources/blog-posts/californias-new-employment-laws-for-2024-a-roundup-of-new-laws/
01/01/2025 Mandatory California Retirement Requirement
1-4 employees (not required if you are the owner of the company and the only employee on payroll).
Let us know if you have any questions or need assistance.
