4 Compliance Areas Businesses Should Review at Year End

The year’s end is a crucial time for businesses to ensure that they’re in legal compliance while they still have a window of opportunity to identify and address any red flags. Below is a checklist of the key compliance areas to evaluate:

Tax Compliance:

  • Review the year’s tax filings for accuracy and make any corrections or adjustments if needed.
  • Plan for final year-end tax deadlines and verify all forms and payments will be both correct and timely.
  • Be aware of any tax implications for any remaining year-end business transactions such as asset sales, large acquisitions, etc. and plan accordingly.

Employment Law Compliance:

  • Audit employee records to ensure compliance with minimum wage, overtime, and local labor laws.
  • Verify employee benefits such as health insurance, time off, and retirement plans have been applied correctly.
  • Review the employee handbook and policies and make any necessary updates to ensure compliance with local labor regulations.

Regulatory Compliance:

  • Review relevant laws and regulations for any updates or changes that may affect your business’s compliance.
  • Check in with your legal counsel to ensure your business is operating in compliance.
  • Ensure your company’s plan for ongoing regulatory monitoring and reporting is sufficient.

Intellectual Property:

  • Review any patents, trademarks, copyrights, etc. to ensure the proper protections are in place and make note of any that are nearing expiration.
  • Depending on your business’s industry, size, and location, there will be additional areas of compliance that will need to be reviewed and addressed at the end of the year. Consulting with a legal professional is the best way to ensure your business is in full compliance and to prevent any unwelcome surprises.
  • The experienced attorneys at Messner Reeves LLP can evaluate your business and identify compliance areas that need addressing, as well as create a plan to correct any shortcomings. Find your Corporate attorney and set up a free consultation today.

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