Happy New Year! After family gatherings, company parties, school breaks and other celebrations, it’s time for most of us to get back into our regular routines. The start of the year is also a great time for employees to do an audit of their W2 address information and new benefit plans, as well as finalize any benefits spending from the previous year.
Here are a few suggestions that can benefit all employees at any employer.
W2 forms for 2018
The federal government requires all employers to mail or electronically provide W2s to current and former employees who worked for them in 2018 by January 31, 2019. For employees not signed up for an electronic W2, be sure to update your home addresses, if needed, with current and former employers.
BCN Services employees who use the online portal option can change their addresses online at any time. All others can email address changes to firstname.lastname@example.org, including their full name and the last 4 digits of their Social Security number. Every year, hundreds of W2s are returned to BCN Services due to outdated addresses. While it’s best to update the addresses before the W2s are sent, if an employee updates an address at a later time, we sent them right back out using the updated address.
Even with correct addresses, sometimes W2s don’t arrive at an employee’s home or they are misplaced. It’s important that employees wait long enough to give the U.S. Postal Service time to deliver them, but also not to wait until the tax deadline if they need an additional copy of the W2. BCN Services employees who don’t receive a W2 for any reason can contact BCN Services (email email@example.com) to receive a free re-print of their W2 between February 11 and March 7. If requesting a copy, include the full name of the employee and the last 4 digits of the Social Security number.
2018 Benefits – FSA
Employees who have Flexible Spending Account plans with money left from 2018 have until March 15, 2019 to incur reimbursable expenses and until March 30, 2019 to submit receipts for payment from their FSA account. In 2018, this process moved from paper to a more convenient online process for BCN Services’ employees. We encourage all BCN Services employees with FSA accounts to view their account balances and submit reimbursement requests through the website or Wage Works app (www.wageworks.com) prior to the March 15 and March 30 deadlines.
2019 Benefits Contributions
Many employees have updated their benefits elections as of January 1, 2019. It’s a good idea for all employees to review their pay stubs to ensure that deductions coming out of your pay match the elections you’ve made. For the final checks of 2018, employees should generally expect to see deductions that match the 2019 medical, dental and vision plan elections. Employees’ first paychecks of 2019 should reflect those plan elections, as well as 2019 FSA and Health Savings Account (HSA) contributions, Aflac supplemental insurance, life insurance and disability, and prepaid legal plans.
Not a BCN employer?
Taking these actions are excellent practices for all employees. This article highlights a few of the many services BCN Services offers to our clients. To learn more about the full package of services offered and for more information about how these can work for your business, call us at 734-994-4100.