Capitol Benefits Group News & Updates
January National Health Observances
National Health Observances (NHOs) are special days, weeks, or months dedicated to raising awareness about important health topics. Each month, state and federal agencies like the U.S. Department of Health and Human Services, Wellness Council of America, and Centers for Disease Control and Prevention feature select National Health Observances (NHOs) to support missions to improve health across the United States.
A lack of awareness of diseases or knowledge of options for screening and treatment is a serious barrier to good health. It can often mean the difference between life and death, particularly with a disease like cancer.
That is why public awareness is important and why employers are encouraged to take an active role in raising awareness with their employees.
In January, we’re talking about National Eye Care Month also known as National Glaucoma Awareness Month! This means it may be time for employees to schedule their annual eye exam especially if it’s been 12 months or more since their last screening. It is important, at any age, to have your eyes checked.
In addition to National Eye Care Month, there are other important observances taking place this month. Refer to the 2024 National Health Observances Calendar for an entire year of campaign opportunities for your business.
Additional content and digital media for your company newsletters are available at your fingertips from the Capitol Benefits Group client portal. If you are looking to promote a specific topic or issue, please also feel free to reach out to your broker representative if you’d like personalized help organizing information. We are here to supplement your efforts and support your health and wellness strategies!
New Form W-4 for the State of Iowa
For 2024, the Iowa withholding formula and the IA W-4 have been revised to accommodate certain changes enacted by the Iowa legislature in 2023 under Senate File 565. Regarding withholding, SF 565 replaced "number of allowances" with "amount of allowances" to be in line with federal withholding.
Based on guidance from the Iowa Department of Revenue, it is not mandatory for employers to obtain updated Form W-4 documents from all active employees following the update of the Form W-4. Per their guidance:
“Employees who have furnished Form W-4 in any year before 2024 are not required to furnish a new form, but are encouraged to complete a new form. Employers will continue to compute withholding based on the information from the employee's most recently furnished Form W-4, but must make the following modification: Multiply the number of allowances claimed on line 6 of the pre-2024 W-4 by $40. For example, if an employee claims 6 total allowances on a 2023 IA W-4, when calculating the 2024 Iowa withholding the employer should use $240 (6 x $40) of total allowances.”
Again, while not required, employers are encouraged to ask their Iowa employees to submit a new Form W-4 using the redesigned version of the form. As part of the request, employers should explain that employees are not required to furnish a new Form W-4, and if they do not furnish a new Form W-4, withholding will continue based on a valid form previously submitted.
If you require any assistance securing updated Form W-4 documents on behalf of your organization, please reach out please contact your Capitol Benefits Group team directly for assistance.
ACA reporting under Sections 6055 and 6056 for the 2023 calendar year is due in early 2024
Attached are the applicable deadlines for the 2023 tax year period and a cheat sheet for deadlines and penalties.
In recent past years, groups with under 250 employees were able to file their 1094/1095s using regular postal service. Updated IRS rules have effectively removed the paper option and a majority of groups, including small group non-ALE entities sponsoring level-funded plans, will now need to file electronically. Reporting entities can file up to 10 returns on paper under the new filing threshold.
Should you need additional information or support to ensure compliance with ACA reporting requirements, please contact your Capitol Benefits Group team directly for assistance.
2024 HR Compliance Calendar
An HR compliance calendar is a valuable tool to help your business stay on track with key employment-related deadlines throughout the year. Use this calendar to keep track of important compliance tasks for 2024.
On Dec. 14, 2023, the IRS announced the 2024 optional standard mileage rates, which are used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.
DOL Issues Independent Contractor Final Rule
On Jan. 9, 2024, the U.S. Department of Labor released a final rule, effective March 11, 2024, revising the agency’s guidance on how to analyze who is an employee or independent contractor under the Fair Labor Standards Act. This final rule rescinds the current independent contractor rule that was published on Jan. 7, 2021.
The content herein is provided for general information purposes only, and does not constitute, legal, tax, or other advice or opinions on any matters. This information has been taken from sources which we believe to be reliable, but there is no guarantee as to its accuracy.
Upcoming Webinar
Top Workplace Compliance Issues for 2024
As we head into 2024, there are a number of compliance and HR issues for employers to consider. In this webinar, our legal content attorneys will review key compliance topics that will affect employers in the upcoming year and address frequently asked questions.
Register HERE.