Your 2024 Business Compliance Checklist

As we usher in the New Year, businesses must gear up for another cycle of compliance obligations. Staying on top of business requirements is crucial for maintaining legal standing and fostering long-term success. Whether you’re a seasoned entrepreneur or a startup business owner, this list will help you stay on course.

√ Annual Reports and Filings

Kick off the year by reviewing and updating your company’s annual reports and filings. Ensure all required documents are accurate, up-to-date, and submitted on time, including:

• Financial statements
• Shareholder reports
• Annual reports
• Registered agent documentation
• Business permits and licenses
• Sales tax permits
• DBAs
• Beneficial Ownership Information (BOI) reporting: Starting January 1, 2024, many small businesses will be required to file a? Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department.?
• And any other required filings.

√ Tax Compliance

Stay ahead of tax deadlines to avoid penalties and maintain a smooth financial operation. Remember to mark key dates for filing corporate income tax returns, payroll taxes, and any other tax obligations your business may have. Be aware of changes in tax laws that could impact your filing requirements.

√ Employment Regulations

Review and update your employee handbook to align with any changes in employment laws. Ensure your business complies with minimum wage requirements, overtime regulations, and employee benefits or leave policy updates. Stay informed about new labor laws scheduled to go into effect in 2024. For example, the minimum wage in California increases to $16 an hour on January 1, 2024.?

√ Data Protection and Privacy

With the increasing focus on data security and privacy, ensure your business complies with data protection regulations. Review and update privacy policies, implement cybersecurity measures, and train employees on data protection practices.?

√ Environmental Compliance

If your business operates in an industry with environmental regulations, make sure you comply with all applicable laws. This may include waste disposal regulations, emissions standards, and environmental impact assessments. Stay proactive in adopting sustainable practices. You may want to invest in pollution liability insurance to protect your business.

√ Industry-Specific Regulations

Different industries have unique compliance requirements. Stay informed about any updates or changes to regulations specific to your industry, including licensing requirements, safety standards, or necessary certifications.

√ Contractual Agreements and Renewals

Review all contractual agreements, leases, and licenses to identify any upcoming renewal or expiration dates. Ensure that your business complies with the terms of these agreements and take proactive steps to negotiate renewals or updates as needed.

√ Other Necessary Tasks

The beginning of the year is also an excellent time to review the following:

• Review and update corporate bylaws, hold required meetings, and maintain accurate records of corporate decisions.?
• Update safety practices, conduct training sessions, and ensure your workplace complies with local health and safety standards.
• Talk to your CPA and/or attorney to determine if an entity conversion is a good business decision for your organization. Converting your business structure may reduce your tax obligations, open up investment opportunities, and reduce compliance requirements.

Resolving to be proactive about maintaining business compliance requirements is an excellent way to start the New Year right and lay the foundation for a successful and profitable year. For information and advice, CorpNet is here to help. Contact us today!?

Checklist stock image by?Timepopo/Shutterstock