Overview: Employers must remain compliant with the various federal and state laws and regulations that impose reporting requirements. While many of these requirements vary depending on an employer's industry or its contractual relationships, most employers must comply with equal employment opportunity (EEO) reporting requirements. In addition, the Occupational Safety and Health Administration (OSHA) requires a number of reports depending on the employer's particular circumstances. Regarding environmental protections, employers in certain states may have additional requirements than those imposed by the federal Environmental Protection Agency (EPA). Employers in the pharmaceutical industry have different reporting requirements than those in the transportation sector. However, reporting of new hires, retirement benefits and health and welfare plans are subject to strict regulatory rules across industries.
Although some employers may view such requirements as costly and onerous, proper recordkeeping practices and sound internal audit procedures will lessen the possibility of future fines and penalties.
Trends: Due to several high-profile corporate frauds, reporting requirements in the financial sector have increased in the past decade. Various stakeholders continue to track the rising costs of additional reporting requirements under the Sarbanes-Oxley Act of 2002 (SOX) and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank).
Author: Marta Moakley, JD, Legal Editor
Updated to reflect forthcoming FLSA overtime exemption requirements. This resource is also under review in light of the federal Defend Trade Secrets Act, effective May 11, 2016.
Updated to reflect reporting of flex credits, health reimbursement arrangement amounts and opt-out payments.
Affordable Care Act information-reporting due dates for 2015 have been extended.
On December 29, 2015, the IRS issued Notice 2016-4, which extends the time an employer has to provide employees with Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, or Form 1095-B, Health Coverage. The deadline for filing the forms (also required under the Affordable Care Act (ACA)) with the IRS has been extended, as well.
The IRS has launched a helpful new resource on its website chock full of information for employers that qualify as applicable large employers (ALEs) under the Affordable Care Act - ACA Information Center for Applicable Large Employers (ALEs).
The IRS has released the final 2015 versions of Forms 1094-B, 1095-B, 1094-C and 1095-C, and instructions that an employer may use for fulfilling Affordable Care Act annual information-reporting requirements.
Updated to reflect the extension of reporting and filing due dates for 2015.
An employer may apply for an extension of time for filing IRS information returns.
HR guidance on reporting requirements.